PGGM Investments Sells 1,061,436 Shares of Prologis, Inc. (NYSE:PLD)

PGGM Investments lessened its stake in shares of Prologis, Inc. (NYSE:PLD) by 34.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,043,892 shares of the real estate investment trust’s stock after selling 1,061,436 shares during the quarter. Prologis makes up 3.3% of PGGM Investments’ holdings, making the stock its 4th biggest holding. PGGM Investments owned approximately 0.22% of Prologis worth $229,550,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Valeo Financial Advisors LLC grew its holdings in Prologis by 182,067.2% during the 1st quarter. Valeo Financial Advisors LLC now owns 48,877,279 shares of the real estate investment trust’s stock worth $6,364,799,000 after acquiring an additional 48,850,448 shares during the last quarter. Norges Bank acquired a new stake in Prologis in the fourth quarter valued at $1,074,648,000. Capital World Investors raised its position in Prologis by 1,252.9% during the 4th quarter. Capital World Investors now owns 7,305,582 shares of the real estate investment trust’s stock worth $973,834,000 after purchasing an additional 6,765,582 shares during the last quarter. Swedbank AB acquired a new position in Prologis during the 1st quarter worth about $596,614,000. Finally, Alphinity Investment Management Pty Ltd bought a new stake in shares of Prologis in the 1st quarter valued at about $465,659,000. 93.50% of the stock is currently owned by institutional investors and hedge funds.

Prologis Stock Up 0.6 %

Shares of Prologis stock traded up $0.75 during trading hours on Wednesday, reaching $123.43. The company’s stock had a trading volume of 2,182,071 shares, compared to its average volume of 3,720,736. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.29 and a current ratio of 0.36. The stock’s fifty day simple moving average is $117.33 and its two-hundred day simple moving average is $119.39. The company has a market capitalization of $114.28 billion, a P/E ratio of 36.09, a P/E/G ratio of 3.02 and a beta of 1.06. Prologis, Inc. has a one year low of $96.64 and a one year high of $137.52.

Prologis (NYSE:PLD) last issued its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.92 EPS for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.41). Prologis had a return on equity of 4.88% and a net margin of 36.37%. The company had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the prior year, the firm posted $1.83 earnings per share. The business’s revenue for the quarter was down 18.1% on a year-over-year basis. On average, research analysts forecast that Prologis, Inc. will post 5.43 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on PLD shares. BMO Capital Markets restated a “market perform” rating and set a $115.00 price objective on shares of Prologis in a research report on Monday, July 15th. Barclays upped their price objective on shares of Prologis from $123.00 to $142.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Scotiabank lifted their target price on shares of Prologis from $130.00 to $135.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, August 7th. Morgan Stanley upped their price target on shares of Prologis from $132.00 to $133.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, The Goldman Sachs Group increased their price target on Prologis from $140.00 to $156.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Seven equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $131.81.

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.