Groesbeck Investment Management Corp NJ Trims Stake in Prologis, Inc. (NYSE:PLD)

Groesbeck Investment Management Corp NJ trimmed its stake in Prologis, Inc. (NYSE:PLD) by 25.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,965 shares of the real estate investment trust’s stock after selling 1,320 shares during the period. Groesbeck Investment Management Corp NJ’s holdings in Prologis were worth $501,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased its stake in Prologis by 19.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 116,985 shares of the real estate investment trust’s stock worth $13,898,000 after buying an additional 19,193 shares in the last quarter. CWC Advisors LLC. purchased a new position in shares of Prologis during the third quarter valued at about $220,000. Lake Street Advisors Group LLC grew its position in shares of Prologis by 2.1% during the third quarter. Lake Street Advisors Group LLC now owns 9,171 shares of the real estate investment trust’s stock valued at $1,158,000 after purchasing an additional 188 shares in the last quarter. Tandem Capital Management Corp ADV grew its position in shares of Prologis by 1.6% during the third quarter. Tandem Capital Management Corp ADV now owns 19,427 shares of the real estate investment trust’s stock valued at $2,530,000 after purchasing an additional 310 shares in the last quarter. Finally, Ballentine Partners LLC grew its position in Prologis by 8.5% in the third quarter. Ballentine Partners LLC now owns 15,268 shares of the real estate investment trust’s stock worth $1,928,000 after acquiring an additional 1,199 shares in the last quarter. 93.50% of the stock is currently owned by hedge funds and other institutional investors.

Prologis Stock Down 2.4 %

Shares of PLD traded down $2.85 during midday trading on Friday, reaching $117.54. The stock had a trading volume of 3,247,349 shares, compared to its average volume of 3,646,511. The company’s fifty day simple moving average is $125.17 and its two-hundred day simple moving average is $117.56. The company has a market cap of $108.82 billion, a price-to-earnings ratio of 34.36, a PEG ratio of 3.05 and a beta of 1.07. Prologis, Inc. has a 1-year low of $96.64 and a 1-year high of $137.52. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.36 and a quick ratio of 0.36.

Prologis (NYSE:PLD) last announced its earnings results on Wednesday, October 16th. The real estate investment trust reported $1.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.29). The business had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.91 billion. Prologis had a return on equity of 4.88% and a net margin of 36.37%. The business’s revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the business posted $1.30 earnings per share. Equities research analysts expect that Prologis, Inc. will post 5.42 earnings per share for the current year.

Prologis Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were given a dividend of $0.96 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.27%. Prologis’s dividend payout ratio (DPR) is presently 112.28%.

Insider Transactions at Prologis

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 shares were sold at an average price of $129.07, for a total transaction of $671,164.00. Following the transaction, the executive now directly owns 13,187 shares in the company, valued at approximately $1,702,046.09. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. The Goldman Sachs Group reiterated a “neutral” rating and issued a $132.00 price target (down previously from $142.00) on shares of Prologis in a research report on Monday, October 21st. Truist Financial boosted their price objective on shares of Prologis from $125.00 to $137.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Barclays cut their price target on shares of Prologis from $142.00 to $131.00 and set an “overweight” rating on the stock in a report on Thursday, October 10th. Morgan Stanley boosted their price objective on shares of Prologis from $132.00 to $133.00 and gave the company an “overweight” rating in a report on Wednesday, August 14th. Finally, Scotiabank dropped their price objective on shares of Prologis from $142.00 to $136.00 and set a “sector outperform” rating on the stock in a report on Friday. Eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $131.12.

Prologis 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.