Veracity Capital LLC Cuts Position in Prologis, Inc. (NYSE:PLD)

Veracity Capital LLC trimmed its holdings in shares of Prologis, Inc. (NYSE:PLD) by 15.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 2,340 shares of the real estate investment trust’s stock after selling 426 shares during the period. Veracity Capital LLC’s holdings in Prologis were worth $263,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. True Wealth Design LLC bought a new stake in Prologis in the fourth quarter worth $27,000. Optimum Investment Advisors bought a new position in Prologis in the 1st quarter worth about $26,000. JFS Wealth Advisors LLC grew its position in Prologis by 254.5% during the 4th quarter. JFS Wealth Advisors LLC now owns 234 shares of the real estate investment trust’s stock valued at $31,000 after purchasing an additional 168 shares during the last quarter. Clear Investment Research LLC increased its stake in Prologis by 188.1% during the 4th quarter. Clear Investment Research LLC now owns 242 shares of the real estate investment trust’s stock valued at $32,000 after purchasing an additional 158 shares in the last quarter. Finally, Central Valley Advisors LLC purchased a new position in Prologis in the second quarter worth about $29,000. 93.50% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on PLD shares. Barclays increased their price target on shares of Prologis from $123.00 to $142.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. JPMorgan Chase & Co. reduced their target price on Prologis from $143.00 to $128.00 and set an “overweight” rating for the company in a report on Thursday, April 25th. Robert W. Baird lowered their price target on Prologis from $137.00 to $117.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. Royal Bank of Canada downgraded shares of Prologis from an “outperform” rating to a “sector perform” rating and raised their price target for the company from $124.00 to $127.00 in a report on Monday, August 5th. Finally, Argus lifted their price target on shares of Prologis from $120.00 to $135.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Seven equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $131.75.

Prologis Stock Performance

Prologis stock traded up $0.32 during trading on Wednesday, reaching $124.47. The company had a trading volume of 2,086,037 shares, compared to its average volume of 3,676,927. The firm has a market capitalization of $115.24 billion, a price-to-earnings ratio of 36.39, a price-to-earnings-growth ratio of 3.02 and a beta of 1.06. The company has a current ratio of 0.36, a quick ratio of 0.29 and a debt-to-equity ratio of 0.52. The firm’s 50-day simple moving average is $118.40 and its 200 day simple moving average is $119.21. Prologis, Inc. has a 52 week low of $96.64 and a 52 week high of $137.52.

Prologis (NYSE:PLD) last posted its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.92 EPS for the quarter, missing the consensus estimate of $1.33 by ($0.41). The company had revenue of $2.01 billion during the quarter, compared to the consensus estimate of $1.86 billion. Prologis had a return on equity of 4.88% and a net margin of 36.37%. The firm’s quarterly revenue was down 18.1% compared to the same quarter last year. During the same period last year, the business earned $1.83 EPS. Sell-side analysts forecast that Prologis, Inc. will post 5.43 earnings per share for the current fiscal year.

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.