Prologis, Inc. (NYSE:PLD) Shares Sold by Maple Capital Management Inc.

22 Oct 2024, 13:44 by Michael Walen · The Markets Daily

Maple Capital Management Inc. cut its stake in Prologis, Inc. (NYSE:PLD – Free Report) by 3.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,310 shares of the real estate investment trust’s stock after selling 85 shares during the quarter. Maple Capital Management Inc.’s holdings in Prologis were worth $292,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Nordea Investment Management AB increased its stake in shares of Prologis by 380.0% in the 1st quarter. Nordea Investment Management AB now owns 333,022 shares of the real estate investment trust’s stock worth $43,046,000 after acquiring an additional 263,649 shares during the last quarter. Swedbank AB increased its stake in shares of Prologis by 9.2% in the 2nd quarter. Swedbank AB now owns 5,002,274 shares of the real estate investment trust’s stock worth $561,805,000 after acquiring an additional 420,687 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in shares of Prologis by 36.1% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 162,990 shares of the real estate investment trust’s stock worth $18,305,000 after acquiring an additional 43,235 shares during the last quarter. US Bancorp DE increased its stake in shares of Prologis by 6.5% in the 1st quarter. US Bancorp DE now owns 676,912 shares of the real estate investment trust’s stock worth $88,148,000 after acquiring an additional 41,469 shares during the last quarter. Finally, Centersquare Investment Management LLC increased its stake in shares of Prologis by 5.7% in the 1st quarter. Centersquare Investment Management LLC now owns 6,840,176 shares of the real estate investment trust’s stock worth $890,728,000 after acquiring an additional 367,565 shares during the last quarter. 93.50% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. cut their price objective on Prologis from $138.00 to $131.00 and set an “overweight” rating for the company in a research report on Monday. Morgan Stanley raised their price objective on Prologis from $132.00 to $133.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 14th. Argus raised their price objective on Prologis from $120.00 to $135.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Wells Fargo & Company raised their price objective on Prologis from $142.00 to $146.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 28th. Finally, Bank of America reissued a “neutral” rating and set a $128.00 price objective on shares of Prologis in a research report on Monday, August 12th. Eight 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $131.47.

Read Our Latest Analysis on PLD

Prologis Stock Up 0.2 %

PLD stock opened at $118.01 on Tuesday. Prologis, Inc. has a fifty-two week low of $96.64 and a fifty-two week high of $137.52. 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 company’s 50 day moving average price is $125.39 and its 200 day moving average price is $117.56. The firm has a market capitalization of $109.26 billion, a price-to-earnings ratio of 34.44, a PEG ratio of 3.05 and a beta of 1.07.

Prologis (NYSE:PLD – Get Free Report) last released 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 return on equity of 4.88% and a net margin of 36.37%. The company had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.91 billion. During the same quarter last year, the company earned $1.30 EPS. Prologis’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities research analysts anticipate that Prologis, Inc. will post 5.42 EPS for the current fiscal year.

Prologis Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 3.25%. The ex-dividend date was Monday, September 16th. Prologis’s payout ratio is 112.28%.

Insiders Place Their Bets

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of the stock in a transaction on Friday, August 23rd. The stock was 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 owns 13,187 shares in the company, valued at approximately $1,702,046.09. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.50% of the stock is currently owned by company insiders.

About Prologis

(Free Report)