NEXT Financial Group Inc increased its stake in Prologis Inc (NYSE:PLD) by 3,219.2% in the second quarter, Holdings Channel.com reports. The institutional investor owned 863 shares of the real estate investment trust’s stock after acquiring an additional 837 shares during the period. NEXT Financial Group Inc’s holdings in Prologis were worth $69,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Berman Capital Advisors LLC increased its stake in shares of Prologis by 105.3% during the first quarter. Berman Capital Advisors LLC now owns 388 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 199 shares in the last quarter. Thor Advisors LLC bought a new position in shares of Prologis during the first quarter valued at approximately $37,000. Hexavest Inc. bought a new position in shares of Prologis during the second quarter valued at approximately $42,000. Rational Advisors LLC increased its stake in shares of Prologis by 61.8% during the first quarter. Rational Advisors LLC now owns 618 shares of the real estate investment trust’s stock valued at $44,000 after purchasing an additional 236 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Prologis during the first quarter valued at approximately $57,000. 95.17% of the stock is owned by institutional investors.
In related news, Director Philip L. Hawkins sold 9,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $78.72, for a total value of $708,480.00. Following the sale, the director now owns 35,511 shares in the company, valued at $2,795,425.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas S. Olinger sold 13,051 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $82.25, for a total transaction of $1,073,444.75. Following the completion of the sale, the chief financial officer now owns 20,667 shares in the company, valued at approximately $1,699,860.75. The disclosure for this sale can be found here. Insiders sold 34,551 shares of company stock worth $2,803,425 in the last 90 days. 1.10% of the stock is currently owned by corporate insiders.
Prologis (NYSE:PLD) last issued its earnings results on Monday, July 15th. The real estate investment trust reported $0.60 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.76 by ($0.16). Prologis had a return on equity of 6.55% and a net margin of 55.04%. The company had revenue of $700.69 million during the quarter, compared to analysts’ expectations of $704.19 million. During the same quarter in the prior year, the business posted $0.71 EPS. The company’s revenue for the quarter was up 28.6% compared to the same quarter last year. On average, sell-side analysts forecast that Prologis Inc will post 3.28 EPS for the current year.
A number of research firms have recently commented on PLD. Morgan Stanley increased their price target on shares of Prologis from $75.00 to $78.50 and gave the company an “overweight” rating in a report on Monday, June 3rd. Zacks Investment Research cut shares of Prologis from a “buy” rating to a “hold” rating in a report on Thursday, May 16th. Deutsche Bank increased their price target on shares of Prologis from $74.00 to $82.00 and gave the company a “buy” rating in a report on Thursday, July 18th. BMO Capital Markets reiterated a “buy” rating and set a $85.00 price target on shares of Prologis in a report on Wednesday, July 17th. Finally, Citigroup set a $86.00 price target on shares of Prologis and gave the company a “buy” rating in a report on Thursday, June 6th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $77.13.
Prologis Company Profile
Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of December 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 768 million square feet (71 million square meters) in 19 countries.
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