Red Cedar Investment Management LLC Acquires New Position in Prologis, Inc. (NYSE:PLD)

Red Cedar Investment Management LLC bought a new position in shares of Prologis, Inc. (NYSE:PLD) during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund bought 9,738 shares of the real estate investment trust’s stock, valued at approximately $1,230,000.

A number of other large investors have also modified their holdings of the business. Arbor Capital Management Inc. ADV boosted its holdings in Prologis by 0.8% during the second quarter. Arbor Capital Management Inc. ADV now owns 11,602 shares of the real estate investment trust’s stock worth $1,299,000 after buying an additional 87 shares in the last quarter. CX Institutional boosted its stake in shares of Prologis by 2.7% during the 3rd quarter. CX Institutional now owns 3,347 shares of the real estate investment trust’s stock worth $423,000 after acquiring an additional 88 shares in the last quarter. Mitchell Sinkler & Starr PA grew its holdings in shares of Prologis by 5.1% in the 2nd quarter. Mitchell Sinkler & Starr PA now owns 1,860 shares of the real estate investment trust’s stock worth $228,000 after acquiring an additional 90 shares during the period. Destination Wealth Management increased its stake in Prologis by 4.7% in the 2nd quarter. Destination Wealth Management now owns 2,033 shares of the real estate investment trust’s stock valued at $228,000 after purchasing an additional 92 shares in the last quarter. Finally, DT Investment Partners LLC raised its holdings in Prologis by 9.8% during the third quarter. DT Investment Partners LLC now owns 1,043 shares of the real estate investment trust’s stock worth $132,000 after purchasing an additional 93 shares during the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PLD has been the subject of a number of research analyst reports. Bank of America restated a “neutral” rating and issued a $128.00 price target on shares of Prologis in a research report on Monday, August 12th. Royal Bank of Canada downgraded shares of Prologis from an “outperform” rating to a “sector perform” rating and raised their target price for the company from $124.00 to $127.00 in a report on Monday, August 5th. StockNews.com raised shares of Prologis from a “sell” rating to a “hold” rating in a report on Thursday, July 18th. Wells Fargo & Company raised their price objective on shares of Prologis from $142.00 to $146.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 28th. Finally, Evercore ISI upped their target price on Prologis from $124.00 to $128.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $131.12.

Prologis Trading Up 0.3 %

NYSE:PLD traded up $0.29 on Monday, hitting $113.69. 461,030 shares of the stock were exchanged, compared to its average volume of 3,639,461. The stock has a market cap of $105.30 billion, a PE ratio of 34.71, a PEG ratio of 2.96 and a beta of 1.08. Prologis, Inc. has a fifty-two week low of $101.11 and a fifty-two week high of $137.52. The company has a current ratio of 0.43, a quick ratio of 0.36 and a debt-to-equity ratio of 0.56. The stock has a fifty day moving average of $124.01 and a 200-day moving average of $117.41.

Prologis (NYSE:PLD) last posted 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). Prologis had a net margin of 39.08% and a return on equity of 5.34%. The business had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.91 billion. During the same quarter in the previous year, the business posted $1.30 EPS. The company’s quarterly revenue was up 6.9% on a year-over-year basis. As a group, equities analysts expect that Prologis, Inc. will post 5.45 earnings per share for the current fiscal year.

Prologis Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a $0.96 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.84 annualized dividend and a yield of 3.38%. Prologis’s dividend payout ratio is currently 116.01%.

Insider Buying and Selling at Prologis

In related news, CIO Joseph Ghazal sold 5,200 shares of the business’s stock in a transaction that occurred on 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.50% of the stock is currently owned by corporate insiders.

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.