Sweeney & Michel LLC Trims Stake in Prologis, Inc. (NYSE:PLD)

Sweeney & Michel LLC lowered its stake in Prologis, Inc. (NYSE:PLD) by 10.0% during the third quarter, Holdings Channel.com reports. The institutional investor owned 19,445 shares of the real estate investment trust’s stock after selling 2,163 shares during the period. Prologis makes up approximately 0.9% of Sweeney & Michel LLC’s portfolio, making the stock its 22nd largest position. Sweeney & Michel LLC’s holdings in Prologis were worth $2,382,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Nordea Investment Management AB lifted its stake in shares of Prologis by 380.0% during the 1st quarter. Nordea Investment Management AB now owns 333,022 shares of the real estate investment trust’s stock worth $43,046,000 after purchasing an additional 263,649 shares during the period. Swedbank AB lifted its stake 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 worth $561,805,000 after purchasing an additional 420,687 shares during the period. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Prologis by 36.1% during 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 lifted its stake in shares of Prologis by 6.5% during the 1st quarter. US Bancorp DE now owns 676,912 shares of the real estate investment trust’s stock worth $88,148,000 after purchasing an additional 41,469 shares during the period. Finally, Centersquare Investment Management LLC lifted its stake in shares of Prologis by 5.7% during the 1st quarter. Centersquare Investment Management LLC now owns 6,840,176 shares of the real estate investment trust’s stock worth $890,728,000 after purchasing an additional 367,565 shares during the period. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Insider Buying and Selling at Prologis

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $129.07, for a total value of $671,164.00. Following the sale, the executive now owns 13,187 shares in the company, valued at approximately $1,702,046.09. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.50% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently commented on PLD. Barclays dropped their price objective on Prologis from $142.00 to $131.00 and set an “overweight” rating for the company in a report on Thursday, October 10th. Morgan Stanley upped their price objective on Prologis from $132.00 to $133.00 and gave the stock an “overweight” rating in a report on Wednesday, August 14th. Evercore ISI upped their price objective on Prologis from $124.00 to $128.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. The Goldman Sachs Group restated a “neutral” rating and set a $132.00 price objective (down from $142.00) on shares of Prologis in a report on Monday. Finally, Truist Financial upped their price objective on Prologis from $125.00 to $137.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $131.47.

Prologis Stock Performance

NYSE PLD traded up $0.24 during trading hours on Tuesday, reaching $118.01. The company’s stock had a trading volume of 140,537 shares, compared to its average volume of 3,626,865. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.52. The business has a 50-day simple moving average of $125.39 and a 200 day simple moving average of $117.56. Prologis, Inc. has a 52 week low of $96.64 and a 52 week high of $137.52. The stock has a market cap of $109.26 billion, a PE ratio of 34.44, a PEG ratio of 3.05 and a beta of 1.07.

Prologis (NYSE:PLD) last issued its earnings results on Wednesday, October 16th. The real estate investment trust reported $1.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.29). Prologis had a return on equity of 4.88% and a net margin of 36.37%. The business had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.91 billion. During the same period in the prior year, the business earned $1.30 EPS. The business’s revenue was up 6.9% on a year-over-year basis. Equities research analysts predict that Prologis, Inc. will post 5.42 earnings per share for the current fiscal year.

Prologis Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were paid a $0.96 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.84 annualized dividend and a dividend yield of 3.25%. Prologis’s payout ratio is currently 112.28%.

Prologis 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.