Constitution Capital LLC Sells 3,000 Shares of Prologis, Inc. (NYSE:PLD)

Constitution Capital LLC cut its stake in shares of Prologis, Inc. (NYSE:PLD) by 27.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,000 shares of the real estate investment trust’s stock after selling 3,000 shares during the period. Prologis comprises approximately 0.5% of Constitution Capital LLC’s investment portfolio, making the stock its 24th largest holding. Constitution Capital LLC’s holdings in Prologis were worth $1,010,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Valeo Financial Advisors LLC boosted its holdings in shares of Prologis by 182,067.2% in the 1st quarter. Valeo Financial Advisors LLC now owns 48,877,279 shares of the real estate investment trust’s stock worth $6,364,799,000 after buying an additional 48,850,448 shares during the last quarter. Swedbank AB bought a new stake in Prologis in the first quarter worth about $596,614,000. Alphinity Investment Management Pty Ltd bought a new position in shares of Prologis during the 1st quarter valued at approximately $465,659,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Prologis during the 2nd quarter worth approximately $203,223,000. Finally, Vanguard Group Inc. raised its holdings in shares of Prologis by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 120,945,384 shares of the real estate investment trust’s stock worth $15,749,508,000 after purchasing an additional 1,460,229 shares during the period. 93.50% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PLD has been the subject of several research reports. Scotiabank increased their price objective on Prologis from $135.00 to $142.00 and gave the company a “sector outperform” rating in a report on Monday, August 26th. The Goldman Sachs Group boosted their price objective on Prologis from $140.00 to $156.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Wells Fargo & Company upped their price objective on shares of Prologis from $142.00 to $146.00 and gave the company an “overweight” rating in a report on Wednesday, August 28th. Bank of America reiterated a “neutral” rating and issued a $128.00 target price on shares of Prologis in a research note on Monday, August 12th. Finally, BMO Capital Markets restated a “market perform” rating and set a $115.00 price target on shares of Prologis in a research note on Monday, July 15th. Seven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $132.71.

Insiders Place Their Bets

In other news, CIO Joseph Ghazal sold 5,200 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $129.07, for a total transaction of $671,164.00. Following 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.50% of the stock is currently owned by insiders.

Prologis Price Performance

PLD traded down $0.20 during trading on Monday, reaching $120.04. The stock had a trading volume of 89,971 shares, compared to its average volume of 3,605,196. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.36 and a current ratio of 0.36. The business has a 50-day moving average of $125.23 and a 200-day moving average of $117.79. Prologis, Inc. has a one year low of $96.64 and a one year high of $137.52. The stock has a market cap of $111.14 billion, a PE ratio of 35.16, a PEG ratio of 3.05 and a beta of 1.07.

Prologis (NYSE:PLD) last released its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.92 earnings per share for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.41). Prologis had a return on equity of 4.88% and a net margin of 36.37%. The firm had revenue of $2.01 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter in the previous year, the firm earned $1.83 EPS. The business’s quarterly revenue was down 18.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Prologis, Inc. will post 5.42 EPS for the current fiscal year.

Prologis Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were given a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date of this dividend was Monday, September 16th. Prologis’s payout ratio is presently 112.28%.

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.