Heard Capital LLC Boosts Position in Prologis, Inc. (NYSE:PLD)

Heard Capital LLC boosted its holdings in shares of Prologis, Inc. (NYSE:PLD) by 15.9% during the second quarter, HoldingsChannel reports. The fund owned 685,717 shares of the real estate investment trust’s stock after purchasing an additional 94,172 shares during the quarter. Prologis comprises 6.4% of Heard Capital LLC’s holdings, making the stock its 5th largest position. Heard Capital LLC’s holdings in Prologis were worth $84,089,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. RB Capital Management LLC boosted its stake in shares of Prologis by 14.7% in the 1st quarter. RB Capital Management LLC now owns 3,004 shares of the real estate investment trust’s stock valued at $485,000 after purchasing an additional 385 shares during the last quarter. Blair William & Co. IL boosted its stake in shares of Prologis by 5.3% in the 1st quarter. Blair William & Co. IL now owns 21,612 shares of the real estate investment trust’s stock valued at $3,490,000 after purchasing an additional 1,092 shares during the last quarter. Sequoia Financial Advisors LLC boosted its stake in shares of Prologis by 87.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 3,382 shares of the real estate investment trust’s stock valued at $546,000 after purchasing an additional 1,580 shares during the last quarter. Baird Financial Group Inc. boosted its stake in shares of Prologis by 41.8% in the 1st quarter. Baird Financial Group Inc. now owns 241,219 shares of the real estate investment trust’s stock valued at $38,952,000 after purchasing an additional 71,112 shares during the last quarter. Finally, Zions Bancorporation N.A. boosted its stake in shares of Prologis by 38.8% in the 1st quarter. Zions Bancorporation N.A. now owns 2,078 shares of the real estate investment trust’s stock valued at $336,000 after purchasing an additional 581 shares during the last quarter. 90.90% of the stock is owned by institutional investors.

Prologis Stock Up 0.3 %

PLD traded up $0.28 during trading on Monday, hitting $110.35. 1,138,888 shares of the company’s stock were exchanged, compared to its average volume of 2,978,103. Prologis, Inc. has a fifty-two week low of $96.64 and a fifty-two week high of $136.67. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.47. The stock has a market cap of $101.96 billion, a P/E ratio of 33.97, a PEG ratio of 2.31 and a beta of 1.02. The business’s 50 day moving average is $109.32 and its two-hundred day moving average is $118.50.

Prologis (NYSE:PLD) last posted its earnings results on Tuesday, October 17th. The real estate investment trust reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.04. Prologis had a net margin of 38.24% and a return on equity of 5.21%. The firm had revenue of $1.78 billion during the quarter, compared to analyst estimates of $1.72 billion. During the same quarter in the prior year, the business posted $1.73 EPS. The business’s revenue was up 53.8% compared to the same quarter last year. As a group, equities analysts expect that Prologis, Inc. will post 5.6 earnings per share for the current fiscal year.

Prologis Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Monday, September 18th were paid a $0.87 dividend. The ex-dividend date of this dividend was Friday, September 15th. This represents a $3.48 annualized dividend and a dividend yield of 3.15%. Prologis’s payout ratio is 107.41%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on PLD shares. Mizuho reaffirmed a “buy” rating and issued a $140.00 price objective on shares of Prologis in a research note on Wednesday, September 13th. Evercore ISI dropped their target price on shares of Prologis from $132.00 to $125.00 in a research report on Monday, October 9th. Raymond James dropped their target price on shares of Prologis from $145.00 to $130.00 and set a “strong-buy” rating on the stock in a research report on Monday, October 23rd. Truist Financial dropped their target price on shares of Prologis from $135.00 to $120.00 and set a “buy” rating on the stock in a research report on Tuesday, October 24th. Finally, Barclays dropped their target price on shares of Prologis from $159.00 to $153.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 17th. Three analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $139.60.

About Prologis

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At September 30, 2023, 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 (114 million square meters) in 19 countries.