Heard Capital LLC Reduces Stake in Prologis, Inc. (NYSE:PLD)

Heard Capital LLC lessened its stake in Prologis, Inc. (NYSE:PLD) by 4.4% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,055,764 shares of the real estate investment trust’s stock after selling 49,136 shares during the period. Prologis comprises 7.5% of Heard Capital LLC’s investment portfolio, making the stock its 7th biggest position. Heard Capital LLC’s holdings in Prologis were worth $133,322,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. ASB Consultores LLC lifted its position in Prologis by 3.7% during the third quarter. ASB Consultores LLC now owns 2,423 shares of the real estate investment trust’s stock worth $306,000 after purchasing an additional 86 shares during the period. Arbor Capital Management Inc. ADV boosted its stake 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 purchasing an additional 87 shares during the period. CX Institutional lifted its stake in Prologis by 2.7% during the third quarter. CX Institutional now owns 3,347 shares of the real estate investment trust’s stock worth $423,000 after purchasing an additional 88 shares during the last quarter. Mitchell Sinkler & Starr PA increased its position in shares of Prologis by 5.1% in 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 acquiring an additional 90 shares during the period. Finally, Destination Wealth Management increased its stake in shares of Prologis by 4.7% in the 2nd quarter. Destination Wealth Management now owns 2,033 shares of the real estate investment trust’s stock worth $228,000 after acquiring an additional 92 shares in the last quarter. 93.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Truist Financial upped their price objective on Prologis from $125.00 to $137.00 and gave the stock a “buy” rating in a report on Monday, August 5th. 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, October 25th. Wells Fargo & Company upped their target price on shares of Prologis from $142.00 to $146.00 and gave the company an “overweight” rating in a report on Wednesday, August 28th. Royal Bank of Canada cut Prologis from an “outperform” rating to a “sector perform” rating and raised their price objective for the stock from $124.00 to $127.00 in a research note on Monday, August 5th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Prologis from $138.00 to $131.00 and set an “overweight” rating for the company in a report on Monday, October 21st. Eight equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Prologis currently has a consensus rating of “Moderate Buy” and a consensus price target of $131.25.

Prologis Stock Performance

Shares of PLD stock opened at $115.82 on Tuesday. Prologis, Inc. has a 12 month low of $101.11 and a 12 month high of $137.52. The company has a market cap of $107.27 billion, a P/E ratio of 34.99, a PEG ratio of 3.41 and a beta of 1.08. The firm has a fifty day moving average price of $118.70 and a 200 day moving average price of $118.80. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.56.

Prologis (NYSE:PLD) last issued its 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). The business had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.91 billion. Prologis had a return on equity of 5.34% and a net margin of 39.08%. The business’s revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.30 EPS. Sell-side analysts predict that Prologis, Inc. will post 5.45 earnings per share for the current fiscal year.

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.