King Luther Capital Management Corp Grows Stake in Prologis, Inc. (NYSE:PLD)

King Luther Capital Management Corp lifted its position in shares of Prologis, Inc. (NYSE:PLD) by 48.9% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 22,202 shares of the real estate investment trust’s stock after acquiring an additional 7,287 shares during the quarter. King Luther Capital Management Corp’s holdings in Prologis were worth $2,494,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of PLD. Bridges Investment Management Inc. grew its stake in Prologis by 508.8% in the 2nd quarter. Bridges Investment Management Inc. now owns 132,325 shares of the real estate investment trust’s stock worth $14,861,000 after buying an additional 110,590 shares in the last quarter. Canada Pension Plan Investment Board increased its position in shares of Prologis by 12.7% in the second quarter. Canada Pension Plan Investment Board now owns 4,237,322 shares of the real estate investment trust’s stock valued at $475,894,000 after acquiring an additional 477,785 shares during the period. Benjamin F. Edwards & Company Inc. increased its holdings in Prologis by 81.2% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 14,750 shares of the real estate investment trust’s stock valued at $1,656,000 after purchasing an additional 6,611 shares during the period. Clifford Group LLC raised its holdings in shares of Prologis by 3.1% during the second quarter. Clifford Group LLC now owns 4,952 shares of the real estate investment trust’s stock valued at $556,000 after acquiring an additional 148 shares in the last quarter. Finally, Ieq Capital LLC increased its position in shares of Prologis by 1.2% during the second quarter. Ieq Capital LLC now owns 31,660 shares of the real estate investment trust’s stock valued at $3,556,000 after buying an additional 380 shares during the period. 93.50% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PLD has been the topic of a number of recent research reports. Argus upped their price objective on shares of Prologis from $120.00 to $135.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Scotiabank boosted their target price on shares of Prologis from $135.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Monday, August 26th. Bank of America reissued a “neutral” rating and set a $128.00 price objective on shares of Prologis in a research report on Monday, August 12th. Barclays raised their target price on Prologis from $123.00 to $142.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Finally, Wells Fargo & Company boosted their price target on Prologis from $142.00 to $146.00 and gave the company an “overweight” rating in a report on Wednesday, August 28th. Seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $133.35.

Insiders Place Their Bets

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

Prologis Price Performance

Shares of Prologis stock opened at $125.47 on Friday. The firm has a market cap of $116.17 billion, a PE ratio of 36.69, a PEG ratio of 3.36 and a beta of 1.07. The stock has a 50 day moving average of $125.48 and a 200 day moving average of $118.65. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.52. Prologis, Inc. has a 12 month low of $96.64 and a 12 month high of $137.52.

Prologis (NYSE:PLD) last posted its 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 business had revenue of $2.01 billion during 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% compared to the same quarter last year. During the same period last year, the business posted $1.83 earnings per share. On average, research analysts expect that Prologis, Inc. will post 5.42 EPS for the current fiscal year.

Prologis Announces Dividend

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

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.