State of New Jersey Common Pension Fund D Sells 13,923 Shares of Prologis, Inc. (NYSE:PLD)

State of New Jersey Common Pension Fund D lowered its stake in shares of Prologis, Inc. (NYSE:PLD - Free Report) by 1.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 787,662 shares of the real estate investment trust's stock after selling 13,923 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.09% of Prologis worth $99,466,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. ASB Consultores LLC boosted its stake in Prologis by 3.7% in the third quarter. ASB Consultores LLC now owns 2,423 shares of the real estate investment trust's stock valued at $306,000 after acquiring an additional 86 shares during the last quarter. Arbor Capital Management Inc. ADV boosted its position in shares of 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 last quarter. CX Institutional grew its stake in shares of 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 period. Mitchell Sinkler & Starr PA increased its holdings in 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 purchasing an additional 90 shares during the last quarter. Finally, Destination Wealth Management lifted its stake 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 valued at $228,000 after buying an additional 92 shares during the period. Institutional investors and hedge funds own 93.50% of the company's stock.

Insider Transactions at Prologis

In related news, CIO Joseph Ghazal sold 5,200 shares of the firm's stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $129.07, for a total value of $671,164.00. Following the completion of the transaction, the executive now directly owns 13,187 shares of the company's stock, valued at approximately $1,702,046.09. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.50% of the company's stock.

Prologis Stock Up 1.4 %

Shares of PLD stock traded up $1.62 during trading on Friday, reaching $115.83. The company's stock had a trading volume of 3,250,928 shares, compared to its average volume of 3,856,753. The company has a market cap of $107.28 billion, a price-to-earnings ratio of 34.99, a price-to-earnings-growth ratio of 2.98 and a beta of 1.08. Prologis, Inc. has a one year low of $101.11 and a one year high of $137.52. The business has a fifty day moving average price of $122.69 and a 200-day moving average price of $117.67. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.56.

Prologis (NYSE:PLD - Get Free Report) last issued its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $1.08 EPS for the quarter, missing the consensus estimate of $1.37 by ($0.29). The business had revenue of $1.90 billion for 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 company's quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the firm earned $1.30 earnings per share. Analysts anticipate that Prologis, Inc. will post 5.45 earnings per share for the current year.

Prologis Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 3.32%. The ex-dividend date of this dividend was Monday, September 16th. Prologis's dividend payout ratio (DPR) is 116.01%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PLD. Royal Bank of Canada downgraded shares of Prologis from an "outperform" rating to a "sector perform" rating and increased their price target for the company from $124.00 to $127.00 in a research report on Monday, August 5th. JPMorgan Chase & Co. reduced their price target on shares of Prologis from $138.00 to $131.00 and set an "overweight" rating on the stock in a research report on Monday, October 21st. Evercore ISI upped their price objective on shares of Prologis from $124.00 to $128.00 and gave the company an "in-line" rating in a research report on Monday, September 16th. Bank of America reiterated a "neutral" rating and set a $128.00 target price on shares of Prologis in a report on Monday, August 12th. Finally, StockNews.com upgraded Prologis from a "sell" rating to a "hold" rating in a report on Thursday, July 18th. Eight investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $131.12.

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.