Mirae Asset Global Investments Co. Ltd. Increases Stake in Prologis, Inc. (NYSE:PLD)

Mirae Asset Global Investments Co. Ltd. lifted its stake in Prologis, Inc. (NYSE:PLD) by 19.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 116,985 shares of the real estate investment trust’s stock after purchasing an additional 19,193 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Prologis were worth $13,898,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. CWC Advisors LLC. purchased a new position in shares of Prologis in the 3rd quarter valued at approximately $220,000. Lake Street Advisors Group LLC raised its position in shares of Prologis by 2.1% in the 3rd 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 during the last quarter. Tandem Capital Management Corp ADV raised its position in shares of Prologis by 1.6% in the 3rd 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 during the last quarter. Ballentine Partners LLC raised its position in shares of Prologis by 8.5% in the 3rd quarter. Ballentine Partners LLC now owns 15,268 shares of the real estate investment trust’s stock valued at $1,928,000 after purchasing an additional 1,199 shares during the last quarter. Finally, Freedom Day Solutions LLC purchased a new position in shares of Prologis in the 3rd quarter valued at approximately $208,000. 93.50% of the stock is owned by hedge funds and other institutional investors.

Prologis Price Performance

Prologis stock opened at $117.54 on Friday. The company’s fifty day moving average price is $125.06 and its 200 day moving average price is $117.44. Prologis, Inc. has a 1 year low of $96.64 and a 1 year high of $137.52. The stock has a market capitalization of $108.82 billion, a P/E ratio of 34.37, a P/E/G ratio of 3.05 and a beta of 1.07. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.36 and a current ratio of 0.36.

Prologis (NYSE:PLD) last released its quarterly 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). Prologis had a net margin of 36.37% and a return on equity of 4.88%. The company had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.91 billion. During the same period in the prior year, the business posted $1.30 EPS. Prologis’s revenue was up 6.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Prologis, Inc. will post 5.42 earnings per share for the current fiscal year.

Prologis Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were paid a $0.96 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.84 dividend on an annualized basis and a yield of 3.27%. Prologis’s dividend payout ratio is currently 112.28%.

Analyst Ratings Changes

A number of equities analysts have issued reports on PLD shares. Scotiabank reduced their price target on shares of Prologis from $142.00 to $136.00 and set a “sector outperform” rating for the company in a research report on Friday. Argus raised their price target on shares of Prologis from $120.00 to $135.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Barclays reduced their price target on shares of Prologis from $142.00 to $131.00 and set an “overweight” rating for the company in a research report on Thursday, October 10th. Wells Fargo & Company raised their price target on shares of Prologis from $142.00 to $146.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 28th. Finally, StockNews.com raised shares of Prologis from a “sell” rating to a “hold” rating in a research report on Thursday, July 18th. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Prologis presently has a consensus rating of “Moderate Buy” and a consensus target price of $131.12.

Insider Activity at Prologis

In related news, CIO Joseph Ghazal sold 5,200 shares of Prologis stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $129.07, for a total value of $671,164.00. Following the sale, the executive now owns 13,187 shares of the company’s stock, valued at approximately $1,702,046.09. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.50% of the stock is owned by corporate insiders.

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.