Forward Management LLC reduced its stake in Prologis Inc (NYSE:PLD) by 21.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 32,358 shares of the real estate investment trust’s stock after selling 9,022 shares during the period. Forward Management LLC’s holdings in Prologis were worth $2,126,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. McKinley Carter Wealth Services Inc. purchased a new stake in Prologis during the first quarter worth about $106,000. Signaturefd LLC purchased a new stake in Prologis during the first quarter worth about $142,000. Summit Trail Advisors LLC increased its stake in Prologis by 6,714.8% during the first quarter. Summit Trail Advisors LLC now owns 144,950 shares of the real estate investment trust’s stock worth $145,000 after purchasing an additional 142,823 shares during the period. Smithfield Trust Co. increased its stake in Prologis by 85.5% during the second quarter. Smithfield Trust Co. now owns 2,319 shares of the real estate investment trust’s stock worth $152,000 after purchasing an additional 1,069 shares during the period. Finally, IFP Advisors Inc increased its stake in Prologis by 50.7% during the first quarter. IFP Advisors Inc now owns 2,809 shares of the real estate investment trust’s stock worth $177,000 after purchasing an additional 945 shares during the period. Hedge funds and other institutional investors own 94.18% of the company’s stock.
Shares of PLD stock traded down $0.28 during trading hours on Thursday, reaching $65.83. 32,878 shares of the stock were exchanged, compared to its average volume of 3,138,940. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.73 and a current ratio of 0.73. Prologis Inc has a 12-month low of $58.28 and a 12-month high of $67.53. The firm has a market capitalization of $35.00 billion, a price-to-earnings ratio of 23.48, a PEG ratio of 4.67 and a beta of 0.80.
A number of analysts have issued reports on PLD shares. Royal Bank of Canada set a $71.00 price target on shares of Prologis and gave the stock a “buy” rating in a research note on Wednesday, April 25th. Zacks Investment Research lowered shares of Prologis from a “buy” rating to a “hold” rating in a research note on Tuesday, July 3rd. ValuEngine lowered shares of Prologis from a “buy” rating to a “hold” rating in a research note on Thursday, July 19th. Citigroup upgraded shares of Prologis from a “neutral” rating to a “buy” rating and set a $72.00 target price on the stock in a research note on Friday, April 6th. Finally, Jefferies Financial Group restated a “$62.97” rating and set a $79.00 target price on shares of Prologis in a research note on Wednesday, July 18th. Three investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $70.20.
In related news, Director William D. Zollars sold 8,020 shares of the company’s stock in a transaction that occurred on Monday, July 23rd. The stock was sold at an average price of $62.45, for a total value of $500,849.00. Following the completion of the transaction, the director now directly owns 11,490 shares of the company’s stock, valued at $717,550.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Edward S. Nekritz sold 22,213 shares of the company’s stock in a transaction that occurred on Thursday, June 28th. The shares were sold at an average price of $64.87, for a total value of $1,440,957.31. Following the completion of the transaction, the insider now directly owns 124,201 shares of the company’s stock, valued at $8,056,918.87. The disclosure for this sale can be found here. Insiders have sold 56,890 shares of company stock worth $3,688,602 over the last 90 days. Insiders own 1.31% of the company’s stock.
Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of March 31, 2018, 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 683 million square feet (63 million square meters) in 19 countries.
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