Twin Capital Management Inc. cut its stake in Prologis Inc (NYSE:PLD) by 24.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 109,480 shares of the real estate investment trust’s stock after selling 35,820 shares during the quarter. Twin Capital Management Inc.’s holdings in Prologis were worth $8,769,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Cornerstone Advisors Inc. grew its holdings in shares of Prologis by 8.8% during the 2nd quarter. Cornerstone Advisors Inc. now owns 1,601 shares of the real estate investment trust’s stock worth $128,000 after purchasing an additional 130 shares during the period. National Asset Management Inc. grew its holdings in shares of Prologis by 2.9% during the 1st quarter. National Asset Management Inc. now owns 4,853 shares of the real estate investment trust’s stock worth $351,000 after purchasing an additional 135 shares during the period. Avitas Wealth Management LLC grew its holdings in shares of Prologis by 0.3% during the 1st quarter. Avitas Wealth Management LLC now owns 40,105 shares of the real estate investment trust’s stock worth $2,886,000 after purchasing an additional 138 shares during the period. Exane Derivatives grew its holdings in shares of Prologis by 18.8% during the 2nd quarter. Exane Derivatives now owns 968 shares of the real estate investment trust’s stock worth $78,000 after purchasing an additional 153 shares during the period. Finally, Ashfield Capital Partners LLC grew its holdings in shares of Prologis by 1.8% during the 1st quarter. Ashfield Capital Partners LLC now owns 8,550 shares of the real estate investment trust’s stock worth $615,000 after purchasing an additional 155 shares during the period. 95.35% of the stock is owned by institutional investors and hedge funds.
Shares of PLD traded up $0.73 during midday trading on Thursday, hitting $80.99. The company had a trading volume of 87,375 shares, compared to its average volume of 2,189,428. The company has a 50-day moving average price of $81.23. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $51.56 billion, a price-to-earnings ratio of 26.70, a P/E/G ratio of 4.40 and a beta of 1.03. Prologis Inc has a 1 year low of $55.21 and a 1 year high of $83.99.
Prologis (NYSE:PLD) last announced its quarterly earnings data on Monday, July 15th. The real estate investment trust reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.16). The company had revenue of $700.69 million during the quarter, compared to analysts’ expectations of $704.19 million. Prologis had a net margin of 55.04% and a return on equity of 6.55%. The business’s quarterly revenue was up 28.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.71 EPS. On average, analysts anticipate that Prologis Inc will post 3.28 EPS for the current year.
In other news, insider Eugene F. Reilly sold 12,500 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $81.72, for a total transaction of $1,021,500.00. Following the sale, the insider now owns 10,685 shares of the company’s stock, valued at approximately $873,178.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Philip L. Hawkins sold 9,000 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $78.72, for a total value of $708,480.00. Following the sale, the director now directly owns 35,511 shares in the company, valued at approximately $2,795,425.92. The disclosure for this sale can be found here. Insiders have sold a total of 34,551 shares of company stock worth $2,803,425 in the last three months. Corporate insiders own 1.10% of the company’s stock.
A number of research firms have recently weighed in on PLD. Goldman Sachs Group began coverage on Prologis in a report on Wednesday, May 15th. They set a “conviction-buy” rating for the company. Morgan Stanley raised their target price on Prologis from $75.00 to $78.50 and gave the company an “overweight” rating in a report on Monday, June 3rd. Deutsche Bank raised their target price on Prologis from $74.00 to $82.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Evercore ISI set a $80.00 target price on Prologis and gave the company a “hold” rating in a report on Monday. Finally, KeyCorp raised their target price on Prologis from $79.00 to $86.00 and gave the company an “overweight” rating in a report on Wednesday, July 10th. Five research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $78.18.
Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of December 31, 2018, 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 768 million square feet (71 million square meters) in 19 countries.
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