Easterly Investment Partners LLC Sells 37,500 Shares of Prologis, Inc. (NYSE:PLD)

Easterly Investment Partners LLC cut its holdings in Prologis, Inc. (NYSE:PLD) by 36.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 65,765 shares of the real estate investment trust’s stock after selling 37,500 shares during the period. Easterly Investment Partners LLC’s holdings in Prologis were worth $7,386,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Prologis by 1.2% in the first quarter. Vanguard Group Inc. now owns 120,945,384 shares of the real estate investment trust’s stock worth $15,749,508,000 after purchasing an additional 1,460,229 shares during the last quarter. Valeo Financial Advisors LLC increased its position in shares of Prologis by 182,067.2% in the first quarter. Valeo Financial Advisors LLC now owns 48,877,279 shares of the real estate investment trust’s stock valued at $6,364,799,000 after acquiring an additional 48,850,448 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Prologis by 3.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,532,773 shares of the real estate investment trust’s stock valued at $1,670,621,000 after acquiring an additional 365,904 shares during the period. Principal Financial Group Inc. increased its position in shares of Prologis by 1.0% in the fourth quarter. Principal Financial Group Inc. now owns 12,325,559 shares of the real estate investment trust’s stock valued at $1,642,997,000 after acquiring an additional 123,902 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Prologis by 1.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 9,519,818 shares of the real estate investment trust’s stock valued at $1,268,992,000 after acquiring an additional 175,276 shares during the period. 93.50% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on PLD shares. Argus boosted their price objective on shares of Prologis from $120.00 to $135.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Royal Bank of Canada cut shares of Prologis from an “outperform” rating to a “sector perform” rating and boosted their price target for the company from $124.00 to $127.00 in a research report on Monday, August 5th. Bank of America reiterated a “neutral” rating and set a $128.00 price target on shares of Prologis in a research report on Monday, August 12th. The Goldman Sachs Group boosted their price target on shares of Prologis from $140.00 to $156.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Finally, Truist Financial boosted their price target on shares of Prologis from $125.00 to $137.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Seven investment 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 stock. Based on data from MarketBeat.com, Prologis has a consensus rating of “Moderate Buy” and a consensus price target of $131.75.

Prologis Stock Up 2.3 %

Shares of NYSE PLD traded up $2.88 during midday trading on Friday, hitting $128.86. The stock had a trading volume of 2,938,701 shares, compared to its average volume of 3,666,829. The business’s 50 day moving average is $119.24 and its 200-day moving average is $119.16. The company has a market cap of $119.30 billion, a P/E ratio of 37.68, a PEG ratio of 3.02 and a beta of 1.06. Prologis, Inc. has a 52 week low of $96.64 and a 52 week high of $137.52. The company has a quick ratio of 0.29, a current ratio of 0.36 and a debt-to-equity ratio of 0.52.

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

About Prologis

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.