Clearbridge Investments LLC Sells 79,234 Shares of Prologis, Inc. (NYSE:PLD)

Clearbridge Investments LLC reduced its position in Prologis, Inc. (NYSE:PLD - Free Report) by 15.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 434,667 shares of the real estate investment trust's stock after selling 79,234 shares during the quarter. Clearbridge Investments LLC's holdings in Prologis were worth $45,944,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new position in Prologis in the 4th quarter worth approximately $951,263,000. Raymond James Financial Inc. purchased a new stake in shares of Prologis during the fourth quarter worth $254,876,000. Janus Henderson Group PLC boosted its holdings in shares of Prologis by 145.0% in the third quarter. Janus Henderson Group PLC now owns 3,613,494 shares of the real estate investment trust's stock worth $456,320,000 after acquiring an additional 2,138,693 shares during the period. Barrow Hanley Mewhinney & Strauss LLC grew its position in shares of Prologis by 83.8% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,779,830 shares of the real estate investment trust's stock valued at $399,528,000 after purchasing an additional 1,723,129 shares in the last quarter. Finally, CIBC Private Wealth Group LLC raised its stake in shares of Prologis by 59.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,584,288 shares of the real estate investment trust's stock valued at $272,642,000 after purchasing an additional 964,454 shares during the period. 93.50% of the stock is currently owned by institutional investors.

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Insider Buying and Selling

In other Prologis news, CIO Joseph Ghazal sold 10,997 shares of the company's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $118.74, for a total transaction of $1,305,783.78. Following the completion of the sale, the executive now directly owns 7,977 shares in the company, valued at $947,188.98. This represents a 57.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.50% of the stock is owned by corporate insiders.

Prologis Price Performance

PLD traded down $3.49 during midday trading on Friday, hitting $98.10. The stock had a trading volume of 12,661,108 shares, compared to its average volume of 3,970,889. The company has a market cap of $90.94 billion, a P/E ratio of 24.53, a price-to-earnings-growth ratio of 2.70 and a beta of 1.20. Prologis, Inc. has a 1 year low of $95.34 and a 1 year high of $132.57. The business has a fifty day moving average of $116.86 and a 200 day moving average of $115.46. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.43 and a current ratio of 0.75.

Prologis Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Tuesday, March 18th were issued a dividend of $1.01 per share. The ex-dividend date of this dividend was Tuesday, March 18th. This represents a $4.04 annualized dividend and a dividend yield of 4.12%. This is a positive change from Prologis's previous quarterly dividend of $0.96. Prologis's dividend payout ratio (DPR) is currently 101.00%.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Baird R W raised Prologis from a "hold" rating to a "strong-buy" rating in a report on Monday, January 6th. Royal Bank of Canada boosted their price objective on shares of Prologis from $125.00 to $128.00 and gave the company a "sector perform" rating in a research note on Monday, January 27th. Truist Financial upped their target price on shares of Prologis from $121.00 to $123.00 and gave the stock a "buy" rating in a report on Monday, January 27th. Raymond James reissued a "market perform" rating on shares of Prologis in a report on Monday, February 3rd. Finally, BTIG Research reduced their price target on shares of Prologis from $154.00 to $134.00 and set a "buy" rating for the company in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Prologis presently has an average rating of "Moderate Buy" and a consensus target price of $128.78.

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.