MIG Capital LLC Takes $16.85 Million Position in Prologis, Inc. (NYSE:PLD)

MIG Capital LLC acquired a new stake in shares of Prologis, Inc. (NYSE:PLD - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 159,400 shares of the real estate investment trust's stock, valued at approximately $16,849,000. Prologis makes up approximately 1.7% of MIG Capital LLC's portfolio, making the stock its 20th largest position.

Other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Prologis in the 4th quarter worth $951,263,000. Raymond James Financial Inc. purchased a new position in shares of Prologis during the 4th quarter valued at about $254,876,000. Barrow Hanley Mewhinney & Strauss LLC lifted its position in Prologis by 83.8% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,779,830 shares of the real estate investment trust's stock worth $399,528,000 after buying an additional 1,723,129 shares during the last quarter. CIBC Private Wealth Group LLC boosted its stake in Prologis by 59.5% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,584,288 shares of the real estate investment trust's stock worth $272,642,000 after buying an additional 964,454 shares in the last quarter. Finally, Jennison Associates LLC raised its stake in shares of Prologis by 395.3% during the fourth quarter. Jennison Associates LLC now owns 1,039,333 shares of the real estate investment trust's stock worth $109,858,000 after acquiring an additional 829,504 shares in the last quarter. Hedge funds and other institutional investors own 93.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PLD. Royal Bank of Canada lifted their target price on shares of Prologis from $125.00 to $128.00 and gave the stock a "sector perform" rating in a research report on Monday, January 27th. BTIG Research decreased their price objective on Prologis from $154.00 to $134.00 and set a "buy" rating on the stock in a report on Friday, January 17th. Scotiabank restated a "sector underperform" rating and set a $97.00 target price (down from $133.00) on shares of Prologis in a report on Monday. Baird R W raised Prologis from a "hold" rating to a "strong-buy" rating in a research note on Monday, January 6th. Finally, Wolfe Research dropped their price objective on Prologis from $135.00 to $128.00 and set an "overweight" rating for the company in a research note on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $126.78.

Prologis Stock Down 0.2 %

Shares of NYSE PLD traded down $0.19 on Friday, reaching $94.70. 2,107,350 shares of the company's stock traded hands, compared to its average volume of 4,128,152. The business's 50 day simple moving average is $113.79 and its two-hundred day simple moving average is $114.26. Prologis, Inc. has a 12 month low of $85.35 and a 12 month high of $132.57. The company has a market cap of $87.79 billion, a price-to-earnings ratio of 23.65, a price-to-earnings-growth ratio of 2.70 and a beta of 1.20. The company has a quick ratio of 0.43, a current ratio of 0.75 and a debt-to-equity ratio of 0.53.

Prologis Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Tuesday, March 18th were paid a dividend of $1.01 per share. This is a boost from Prologis's previous quarterly dividend of $0.96. The ex-dividend date of this dividend was Tuesday, March 18th. This represents a $4.04 dividend on an annualized basis and a yield of 4.27%. Prologis's payout ratio is presently 101.00%.

Insiders Place Their Bets

In other news, CIO Joseph Ghazal sold 10,997 shares of Prologis stock in a transaction dated 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 owns 7,977 shares of the company's stock, valued at $947,188.98. The trade was a 57.96 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.56% 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.