Makena Capital Management LLC Increases Position in Prologis, Inc. (NYSE:PLD)

Makena Capital Management LLC increased its stake in shares of Prologis, Inc. (NYSE:PLD) by 16.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 102,363 shares of the real estate investment trust’s stock after buying an additional 14,818 shares during the quarter. Prologis comprises about 2.7% of Makena Capital Management LLC’s holdings, making the stock its 13th largest position. Makena Capital Management LLC’s holdings in Prologis were worth $11,496,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in PLD. MBB Public Markets I LLC lifted its position in Prologis by 1,903.9% in the second quarter. MBB Public Markets I LLC now owns 65,466 shares of the real estate investment trust’s stock valued at $7,352,000 after purchasing an additional 62,199 shares during the period. Eminence Capital LP purchased a new position in Prologis in the second quarter worth $25,458,000. Employees Retirement System of Texas boosted its position in shares of Prologis by 18.1% during the 2nd quarter. Employees Retirement System of Texas now owns 932,055 shares of the real estate investment trust’s stock worth $104,679,000 after purchasing an additional 142,600 shares in the last quarter. APG Asset Management N.V. grew its stake in shares of Prologis by 10.0% during the 2nd quarter. APG Asset Management N.V. now owns 2,046,774 shares of the real estate investment trust’s stock worth $214,484,000 after purchasing an additional 186,677 shares during the period. Finally, Alley Investment Management Company LLC increased its holdings in shares of Prologis by 23.6% in the 2nd quarter. Alley Investment Management Company LLC now owns 49,552 shares of the real estate investment trust’s stock valued at $5,565,000 after purchasing an additional 9,477 shares in the last quarter. Institutional investors and hedge funds own 93.50% of the company’s stock.

Insiders Place Their Bets

In other news, CIO Joseph Ghazal sold 5,200 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $129.07, for a total transaction of $671,164.00. Following the completion of the sale, the executive now directly owns 13,187 shares in the company, valued at $1,702,046.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.50% of the stock is currently owned by company insiders.

Prologis Price Performance

Shares of NYSE PLD opened at $125.24 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.36 and a quick ratio of 0.36. Prologis, Inc. has a 1-year low of $96.64 and a 1-year high of $137.52. The company has a market capitalization of $115.96 billion, a price-to-earnings ratio of 36.62, a PEG ratio of 3.25 and a beta of 1.07. The business has a 50-day moving average of $125.79 and a 200-day moving average of $118.54.

Prologis (NYSE:PLD) last released its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.92 earnings per share for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.41). The company had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $1.86 billion. Prologis had a return on equity of 4.88% and a net margin of 36.37%. The firm’s revenue was down 18.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.83 EPS. On average, equities analysts anticipate that Prologis, Inc. will post 5.42 EPS for the current fiscal year.

Prologis Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a $0.96 dividend. The ex-dividend date is Monday, September 16th. This represents a $3.84 dividend on an annualized basis and a yield of 3.07%. Prologis’s dividend payout ratio is currently 112.28%.

Analysts Set New Price Targets

PLD has been the subject of a number of research analyst reports. Morgan Stanley increased their target price on shares of Prologis from $132.00 to $133.00 and gave the company an “overweight” rating in a report on Wednesday, August 14th. Evercore ISI raised their price objective on Prologis from $124.00 to $128.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Wells Fargo & Company upped their target price on Prologis from $142.00 to $146.00 and gave the company an “overweight” rating in a report on Wednesday, August 28th. Bank of America reaffirmed a “neutral” rating and set a $128.00 price target on shares of Prologis in a research note on Monday, August 12th. Finally, The Goldman Sachs Group increased their price objective on shares of Prologis from $140.00 to $156.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Seven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $133.35.

Prologis Company Profile

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At March 31, 2024, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.2 billion square feet (115 million square meters) in 19 countries.