Red Cedar Investment Management LLC Acquires Shares of 9,738 Prologis, Inc. (NYSE:PLD)

Red Cedar Investment Management LLC bought a new position in Prologis, Inc. (NYSE:PLD) in the 3rd quarter, HoldingsChannel reports. The fund bought 9,738 shares of the real estate investment trust’s stock, valued at approximately $1,230,000.

A number of other institutional investors have also made changes to their positions in PLD. Norden Group LLC raised its stake in Prologis by 15.3% during the first quarter. Norden Group LLC now owns 5,008 shares of the real estate investment trust’s stock worth $652,000 after acquiring an additional 664 shares during the period. Nordea Investment Management AB raised its position in shares of Prologis by 380.0% during the 1st quarter. Nordea Investment Management AB now owns 333,022 shares of the real estate investment trust’s stock worth $43,046,000 after purchasing an additional 263,649 shares during the period. Haverford Trust Co lifted its holdings in shares of Prologis by 4.7% in the 1st quarter. Haverford Trust Co now owns 2,282 shares of the real estate investment trust’s stock worth $297,000 after purchasing an additional 102 shares during the last quarter. Salomon & Ludwin LLC boosted its position in Prologis by 1,125.0% during the 1st quarter. Salomon & Ludwin LLC now owns 637 shares of the real estate investment trust’s stock valued at $83,000 after purchasing an additional 585 shares during the period. Finally, Whittier Trust Co. grew its stake in Prologis by 0.8% during the 1st quarter. Whittier Trust Co. now owns 50,060 shares of the real estate investment trust’s stock worth $6,519,000 after buying an additional 410 shares during the last quarter. 93.50% of the stock is currently owned by institutional investors.

Prologis Stock Up 0.3 %

NYSE:PLD traded up $0.29 during trading hours on Monday, hitting $113.69. 461,030 shares of the company’s stock traded hands, compared to its average volume of 3,639,461. The stock’s fifty day moving average price is $124.01 and its two-hundred day moving average price is $117.41. The firm has a market cap of $105.30 billion, a P/E ratio of 34.71, a P/E/G ratio of 2.96 and a beta of 1.08. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.36 and a current ratio of 0.43. Prologis, Inc. has a twelve month low of $101.11 and a twelve month high of $137.52.

Prologis (NYSE:PLD) last released its earnings results on Wednesday, October 16th. The real estate investment trust reported $1.08 earnings per share for the quarter, missing the consensus estimate 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 net margin of 39.08% and a return on equity of 5.34%. The company’s revenue was up 6.9% compared to the same quarter last year. During the same period last year, the firm earned $1.30 EPS. On average, research analysts expect that Prologis, Inc. will post 5.45 earnings per share for the current fiscal year.

Prologis Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given 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 3.38%. Prologis’s payout ratio is 116.01%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on PLD shares. Argus raised their target price on Prologis from $120.00 to $135.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Bank of America reissued a “neutral” rating and issued a $128.00 price target on shares of Prologis in a research note on Monday, August 12th. StockNews.com upgraded shares of Prologis from a “sell” rating to a “hold” rating in a research note on Thursday, July 18th. Evercore ISI raised their target price on shares of Prologis from $124.00 to $128.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Finally, Morgan Stanley upped their price target on shares of Prologis from $132.00 to $133.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. Eight equities research 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. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $131.12.

Insider Buying and Selling at Prologis

In related news, CIO Joseph Ghazal sold 5,200 shares of Prologis stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $129.07, for a total transaction of $671,164.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.50% of the company’s stock.

Prologis Company 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.