Coronation Fund Managers Ltd. Invests $878,000 in Prologis, Inc. (NYSE:PLD)

Coronation Fund Managers Ltd. bought a new position in shares of Prologis, Inc. (NYSE:PLD) during the second quarter, according to its most recent filing with the SEC. The fund bought 7,820 shares of the real estate investment trust’s stock, valued at approximately $878,000.

Other hedge funds also recently made changes to their positions in the company. CVA Family Office LLC raised its stake in Prologis by 21.4% in the 1st quarter. CVA Family Office LLC now owns 534 shares of the real estate investment trust’s stock valued at $70,000 after acquiring an additional 94 shares during the period. Tiemann Investment Advisors LLC raised its stake in Prologis by 2.4% in the 1st quarter. Tiemann Investment Advisors LLC now owns 4,218 shares of the real estate investment trust’s stock valued at $549,000 after acquiring an additional 100 shares during the period. M&G Plc raised its stake in Prologis by 3.4% in the 2nd quarter. M&G Plc now owns 3,010 shares of the real estate investment trust’s stock valued at $337,000 after acquiring an additional 100 shares during the period. Haverford Trust Co raised its stake in Prologis by 4.7% in the 1st quarter. Haverford Trust Co now owns 2,282 shares of the real estate investment trust’s stock valued at $297,000 after acquiring an additional 102 shares during the period. Finally, CX Institutional raised its stake in Prologis by 3.3% in the 2nd quarter. CX Institutional now owns 3,259 shares of the real estate investment trust’s stock valued at $366,000 after acquiring an additional 105 shares during the period. 93.50% of the stock is currently owned by institutional investors.

Prologis Trading Down 1.5 %

Shares of Prologis stock traded down $1.92 during midday trading on Friday, reaching $122.85. 2,899,167 shares of the company’s stock traded hands, compared to its average volume of 3,709,659. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.29 and a current ratio of 0.36. The company has a market cap of $113.74 billion, a PE ratio of 35.92, a price-to-earnings-growth ratio of 3.02 and a beta of 1.06. The stock has a 50 day moving average of $117.88 and a 200-day moving average of $119.39. Prologis, Inc. has a 12 month low of $96.64 and a 12 month high of $137.52.

Prologis (NYSE:PLD) last announced its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.92 EPS for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.41). The business had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $1.86 billion. Prologis had a net margin of 36.37% and a return on equity of 4.88%. Prologis’s revenue was down 18.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.83 EPS. As a group, equities analysts expect that Prologis, Inc. will post 5.43 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Scotiabank upped their price target on Prologis from $130.00 to $135.00 and gave the company a “sector outperform” rating in a research report on Wednesday, August 7th. The Goldman Sachs Group upped their price target on Prologis from $140.00 to $156.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Argus upped their price target on Prologis from $120.00 to $135.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Barclays upped their price target on Prologis from $123.00 to $142.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Finally, Royal Bank of Canada cut Prologis from an “outperform” rating to a “sector perform” rating and upped their price target for the company from $124.00 to $127.00 in a research report on Monday, August 5th. Seven analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Prologis has a consensus rating of “Moderate Buy” and a consensus price target of $131.81.

Prologis Company 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.