Covington Investment Advisors Inc. Reduces Stock Position in Prologis, Inc. (NYSE:PLD)

Covington Investment Advisors Inc. lessened its stake in Prologis, Inc. (NYSE:PLD) by 4.2% in the second quarter, HoldingsChannel reports. The firm owned 45,208 shares of the real estate investment trust’s stock after selling 1,959 shares during the period. Covington Investment Advisors Inc.’s holdings in Prologis were worth $5,077,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Nordea Investment Management AB increased its position in Prologis by 380.0% during the first quarter. Nordea Investment Management AB now owns 333,022 shares of the real estate investment trust’s stock valued at $43,046,000 after acquiring an additional 263,649 shares during the last quarter. Swedbank AB increased its position in shares of Prologis by 9.2% during the 2nd quarter. Swedbank AB now owns 5,002,274 shares of the real estate investment trust’s stock valued at $561,805,000 after purchasing an additional 420,687 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Prologis by 36.1% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 162,990 shares of the real estate investment trust’s stock worth $18,305,000 after purchasing an additional 43,235 shares during the period. US Bancorp DE boosted its holdings in shares of Prologis by 6.5% in the first quarter. US Bancorp DE now owns 676,912 shares of the real estate investment trust’s stock worth $88,148,000 after buying an additional 41,469 shares during the last quarter. Finally, Centersquare Investment Management LLC grew its position in Prologis by 5.7% during the first quarter. Centersquare Investment Management LLC now owns 6,840,176 shares of the real estate investment trust’s stock valued at $890,728,000 after buying an additional 367,565 shares during the period. 93.50% of the stock is currently owned by hedge funds and other institutional investors.

Prologis Stock Performance

PLD opened at $125.59 on Monday. The stock has a market capitalization of $116.28 billion, a price-to-earnings ratio of 36.72, a PEG ratio of 3.25 and a beta of 1.07. Prologis, Inc. has a fifty-two week low of $96.64 and a fifty-two week high of $137.52. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.36 and a current ratio of 0.36. The company has a fifty day moving average of $125.83 and a 200 day moving average of $118.26.

Prologis (NYSE:PLD) last issued its quarterly earnings data 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 firm had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $1.86 billion. Prologis had a net margin of 36.37% and a return on equity of 4.88%. The company’s revenue for the quarter was down 18.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.83 EPS. As a group, sell-side analysts forecast that Prologis, Inc. will post 5.42 earnings per share for the current fiscal year.

Prologis Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a dividend of $0.96 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.06%. Prologis’s dividend payout ratio is currently 112.28%.

Insider Buying and Selling

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $129.07, for a total transaction of $671,164.00. Following the completion of the transaction, the executive now owns 13,187 shares in the company, valued at $1,702,046.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.50% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Evercore ISI increased their price target on shares of Prologis from $124.00 to $128.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. StockNews.com raised Prologis from a “sell” rating to a “hold” rating in a report on Thursday, July 18th. Barclays boosted their price target on Prologis from $123.00 to $142.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $115.00 price objective on shares of Prologis in a research note on Monday, July 15th. Finally, Morgan Stanley lifted their price objective on Prologis from $132.00 to $133.00 and gave the company an “overweight” rating in a research report on Wednesday, August 14th. Seven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Prologis presently has an average rating of “Moderate Buy” and an average target price of $133.35.

About Prologis

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.