Lord Abbett & CO. LLC Buys 115,524 Shares of Prologis, Inc. (NYSE:PLD)

Lord Abbett & CO. LLC increased its stake in Prologis, Inc. (NYSE:PLD - Free Report) by 39.5% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 407,757 shares of the real estate investment trust's stock after acquiring an additional 115,524 shares during the quarter. Lord Abbett & CO. LLC's holdings in Prologis were worth $43,100,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Murphy & Mullick Capital Management Corp acquired a new position in shares of Prologis in the 4th quarter worth $26,000. Crowley Wealth Management Inc. purchased a new position in shares of Prologis during the fourth quarter valued at $27,000. Centricity Wealth Management LLC acquired a new position in Prologis during the fourth quarter valued at $30,000. Promus Capital LLC purchased a new stake in Prologis in the 4th quarter worth about $34,000. Finally, Whipplewood Advisors LLC acquired a new stake in Prologis during the 4th quarter worth about $34,000. 93.50% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PLD has been the subject of a number of research analyst reports. CJS Securities reduced their price target on shares of Prologis from $140.00 to $117.00 in a research report on Friday, April 11th. UBS Group increased their target price on shares of Prologis from $121.00 to $137.00 and gave the stock a "buy" rating in a research report on Tuesday, January 28th. BNP Paribas upgraded shares of Prologis to a "strong-buy" rating in a report on Wednesday, January 22nd. Mizuho cut their price objective on Prologis from $117.00 to $105.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Finally, Robert W. Baird boosted their target price on Prologis from $123.00 to $124.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $123.32.

Insider Transactions at Prologis

In related news, CIO Joseph Ghazal sold 10,997 shares of the firm's stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $118.74, for a total value of $1,305,783.78. Following the completion of the transaction, the executive now directly owns 7,977 shares of the company's stock, valued at $947,188.98. This trade represents a 57.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.57% of the stock is owned by insiders.

Prologis Stock Performance

Shares of NYSE:PLD traded up $1.19 during midday trading on Monday, hitting $103.43. The company's stock had a trading volume of 3,148,821 shares, compared to its average volume of 4,144,573. The stock has a market capitalization of $95.88 billion, a price-to-earnings ratio of 25.86, a PEG ratio of 2.70 and a beta of 1.20. The stock's 50 day simple moving average is $109.11 and its 200 day simple moving average is $112.36. Prologis, Inc. has a fifty-two week low of $85.35 and a fifty-two week high of $132.57. 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 (NYSE:PLD - Get Free Report) last issued its quarterly earnings results on Wednesday, April 16th. The real estate investment trust reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.04. The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.99 billion. Prologis had a return on equity of 6.44% and a net margin of 45.50%. As a group, research analysts anticipate that Prologis, Inc. will post 5.73 earnings per share for the current year.

Prologis Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Tuesday, March 18th were paid a $1.01 dividend. This represents a $4.04 annualized dividend and a dividend yield of 3.91%. The ex-dividend date of this dividend was Tuesday, March 18th. This is a boost from Prologis's previous quarterly dividend of $0.96. Prologis's dividend payout ratio (DPR) is presently 101.00%.

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.