Kayne Anderson Rudnick Investment Management LLC Lowers Stock Position in Prologis, Inc. (NYSE:PLD)

Kayne Anderson Rudnick Investment Management LLC lessened its holdings in Prologis, Inc. (NYSE:PLD) by 2.7% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 164,024 shares of the real estate investment trust’s stock after selling 4,638 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in Prologis were worth $18,422,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Arbor Capital Management Inc. ADV lifted its position in shares of Prologis by 0.8% in the 2nd quarter. Arbor Capital Management Inc. ADV now owns 11,602 shares of the real estate investment trust’s stock worth $1,299,000 after purchasing an additional 87 shares during the period. Mitchell Sinkler & Starr PA lifted its position in shares of Prologis by 5.1% in the 2nd quarter. Mitchell Sinkler & Starr PA now owns 1,860 shares of the real estate investment trust’s stock worth $228,000 after purchasing an additional 90 shares during the period. Destination Wealth Management lifted its position in shares of Prologis by 4.7% in the 2nd quarter. Destination Wealth Management now owns 2,033 shares of the real estate investment trust’s stock worth $228,000 after purchasing an additional 92 shares during the period. CVA Family Office LLC lifted its position in shares of Prologis by 21.4% in the 1st quarter. CVA Family Office LLC now owns 534 shares of the real estate investment trust’s stock worth $70,000 after purchasing an additional 94 shares during the period. Finally, Tiemann Investment Advisors LLC lifted its position in shares of Prologis by 2.4% in the 1st quarter. Tiemann Investment Advisors LLC now owns 4,218 shares of the real estate investment trust’s stock worth $549,000 after purchasing an additional 100 shares during the period. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Insider Transactions at Prologis

In other 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 value of $671,164.00. Following the sale, 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 can be accessed through this hyperlink. Company insiders own 0.50% of the company’s stock.

Analyst Ratings Changes

PLD has been the subject of several research reports. Bank of America reaffirmed a “neutral” rating and issued a $128.00 price target on shares of Prologis in a research report on Monday, August 12th. StockNews.com upgraded shares of Prologis from a “sell” rating to a “hold” rating in a research note on Thursday, July 18th. BMO Capital Markets reiterated a “market perform” rating and set a $115.00 price objective on shares of Prologis in a research note on Monday, July 15th. The Goldman Sachs Group boosted their price objective on shares of Prologis from $140.00 to $156.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Finally, Barclays boosted their price objective on shares of Prologis from $123.00 to $142.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Seven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $133.35.

Prologis Stock Down 2.4 %

NYSE:PLD opened at $125.47 on Friday. The firm has a market capitalization of $116.17 billion, a P/E ratio of 36.69, a PEG ratio of 3.36 and a beta of 1.07. Prologis, Inc. has a 1-year low of $96.64 and a 1-year high of $137.52. The company’s fifty day moving average price is $125.48 and its 200-day moving average price is $118.65. 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 (NYSE:PLD) last released 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 business had revenue of $2.01 billion during the quarter, compared to analyst estimates 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 previous year, the company earned $1.83 EPS. As a group, equities research analysts anticipate that Prologis, Inc. will post 5.42 EPS for the current year.

Prologis Dividend Announcement

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

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.