Mogy Joel R Investment Counsel Inc. Cuts Holdings in Prologis, Inc. (NYSE:PLD)

Mogy Joel R Investment Counsel Inc. lowered its holdings in Prologis, Inc. (NYSE:PLD) by 22.9% in the 3rd quarter, Holdings Channel reports. The firm owned 27,304 shares of the real estate investment trust’s stock after selling 8,130 shares during the period. Mogy Joel R Investment Counsel Inc.’s holdings in Prologis were worth $3,448,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Arbor Capital Management Inc. ADV raised its position in Prologis by 0.8% in the 2nd quarter. Arbor Capital Management Inc. ADV now owns 11,602 shares of the real estate investment trust’s stock worth $1,299,000 after buying an additional 87 shares during the last quarter. CX Institutional grew its stake in shares of Prologis by 2.7% in the third quarter. CX Institutional now owns 3,347 shares of the real estate investment trust’s stock worth $423,000 after acquiring an additional 88 shares during the period. Mitchell Sinkler & Starr PA raised its holdings in shares of Prologis by 5.1% during the second quarter. Mitchell Sinkler & Starr PA now owns 1,860 shares of the real estate investment trust’s stock valued at $228,000 after purchasing an additional 90 shares during the last quarter. Destination Wealth Management boosted its holdings in Prologis by 4.7% in the second quarter. Destination Wealth Management now owns 2,033 shares of the real estate investment trust’s stock worth $228,000 after purchasing an additional 92 shares during the last quarter. Finally, Tiemann Investment Advisors LLC grew its position in Prologis by 2.4% in the 1st quarter. Tiemann Investment Advisors LLC now owns 4,218 shares of the real estate investment trust’s stock worth $549,000 after purchasing an additional 100 shares during the period. 93.50% of the stock is owned by institutional investors.

Prologis Trading Down 0.2 %

Shares of PLD stock opened at $122.50 on Friday. Prologis, Inc. has a fifty-two week low of $96.64 and a fifty-two week high of $137.52. The firm has a market capitalization of $113.42 billion, a P/E ratio of 35.82, a PEG ratio of 3.05 and a beta of 1.07. The stock’s fifty day moving average is $125.43 and its two-hundred day moving average is $117.72. 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 data on Wednesday, October 16th. The real estate investment trust reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.29). The company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.91 billion. Prologis had a return on equity of 4.88% and a net margin of 36.37%. The business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period last year, the firm posted $1.30 EPS. Research analysts expect that Prologis, Inc. will post 5.42 earnings per share for the current fiscal year.

Prologis Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a $0.96 dividend. The ex-dividend date was Monday, September 16th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.13%. Prologis’s payout ratio is presently 112.28%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. BMO Capital Markets reaffirmed a “market perform” rating and set a $115.00 price target on shares of Prologis in a research report on Monday, July 15th. The Goldman Sachs Group upped their target price on shares of Prologis from $140.00 to $156.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Wells Fargo & Company lifted their price target on shares of Prologis from $142.00 to $146.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 28th. Argus upped their price objective on Prologis from $120.00 to $135.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Finally, Morgan Stanley raised their target price on Prologis from $132.00 to $133.00 and gave the stock an “overweight” rating in a report on Wednesday, August 14th. Seven investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Prologis presently has a consensus rating of “Moderate Buy” and a consensus price target of $132.71.

Insider Activity at Prologis

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $129.07, for a total transaction of $671,164.00. Following the sale, the executive now directly owns 13,187 shares in the company, valued at $1,702,046.09. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.50% of the company’s stock.

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.