Klingenstein Fields & Co. LLC trimmed its position in Prologis Inc (NYSE:PLD) by 9.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 177,911 shares of the real estate investment trust’s stock after selling 18,387 shares during the quarter. Klingenstein Fields & Co. LLC’s holdings in Prologis were worth $12,800,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also recently modified their holdings of PLD. Vanguard Group Inc lifted its stake in shares of Prologis by 17.4% in the third quarter. Vanguard Group Inc now owns 81,760,597 shares of the real estate investment trust’s stock worth $5,542,552,000 after buying an additional 12,095,509 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Prologis by 118.2% in the third quarter. JPMorgan Chase & Co. now owns 17,082,538 shares of the real estate investment trust’s stock worth $1,158,026,000 after buying an additional 9,255,117 shares during the last quarter. Norges Bank acquired a new stake in shares of Prologis in the fourth quarter worth $314,275,000. Oregon Public Employees Retirement Fund lifted its stake in shares of Prologis by 5,700.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 4,003,295 shares of the real estate investment trust’s stock worth $68,000 after buying an additional 3,934,273 shares during the last quarter. Finally, Cohen & Steers Inc. lifted its stake in shares of Prologis by 12.7% in the third quarter. Cohen & Steers Inc. now owns 22,528,009 shares of the real estate investment trust’s stock worth $1,527,174,000 after buying an additional 2,533,383 shares during the last quarter. Institutional investors and hedge funds own 94.95% of the company’s stock.
NYSE:PLD traded down $0.28 during trading hours on Wednesday, hitting $76.55. 1,111,600 shares of the company traded hands, compared to its average volume of 2,402,715. The stock has a market cap of $48.46 billion, a P/E ratio of 25.26, a PEG ratio of 4.26 and a beta of 1.03. Prologis Inc has a twelve month low of $55.21 and a twelve month high of $78.56. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.36 and a quick ratio of 0.36.
Prologis (NYSE:PLD) last released its earnings results on Tuesday, April 16th. The real estate investment trust reported $0.73 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.01. The firm had revenue of $696.80 million during the quarter, compared to analysts’ expectations of $687.21 million. Prologis had a net margin of 56.56% and a return on equity of 6.83%. The business’s quarterly revenue was up 25.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.80 EPS. As a group, equities research analysts anticipate that Prologis Inc will post 3.22 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Thursday, June 13th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 2.77%. The ex-dividend date is Wednesday, June 12th. Prologis’s dividend payout ratio (DPR) is presently 69.97%.
In other Prologis news, insider Edward S. Nekritz sold 30,671 shares of the business’s stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $75.01, for a total value of $2,300,631.71. Following the sale, the insider now owns 21,121 shares of the company’s stock, valued at approximately $1,584,286.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Edward S. Nekritz sold 16,059 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $71.86, for a total transaction of $1,153,999.74. Following the completion of the sale, the insider now directly owns 51,792 shares in the company, valued at approximately $3,721,773.12. The disclosure for this sale can be found here. Insiders own 1.10% of the company’s stock.
A number of brokerages have recently weighed in on PLD. Zacks Investment Research cut shares of Prologis from a “buy” rating to a “hold” rating in a research note on Thursday, May 16th. Goldman Sachs Group began coverage on shares of Prologis in a research note on Wednesday, May 15th. They issued a “conviction-buy” rating for the company. Citigroup set a $86.00 price objective on shares of Prologis and gave the stock a “buy” rating in a research note on Wednesday, May 8th. KeyCorp set a $79.00 target price on shares of Prologis and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Finally, BMO Capital Markets reiterated a “buy” rating and set a $70.00 target price on shares of Prologis in a research note on Sunday, April 21st. Four 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 company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $74.15.
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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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