Prologis Inc. (PLD) Reaches New 12-Month High at $51.08
Prologis Inc. (NYSE:PLD)’s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $51.08 and last traded at $50.91, with a volume of 1,754,002 shares. The stock had previously closed at $50.96.
A number of brokerages have recently issued reports on PLD. Citigroup Inc. upped their price target on Prologis from $47.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, July 7th. SunTrust Banks Inc. downgraded Prologis from a “buy” rating to a “neutral” rating and upped their price target for the stock from $35.25 to $49.11 in a research report on Thursday, June 30th. Bank of America Corp. downgraded Prologis from a “buy” rating to a “neutral” rating in a research report on Friday, June 24th. Credit Suisse Group AG downgraded Prologis to a “hold” rating in a research report on Tuesday, June 21st. Finally, Deutsche Bank AG downgraded Prologis from a “buy” rating to a “hold” rating and upped their price target for the stock from $48.00 to $50.00 in a research report on Tuesday, June 21st. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $47.22.
The company has a market cap of $26.97 billion and a PE ratio of 37.11. The firm’s 50-day moving average price is $49.27 and its 200 day moving average price is $44.09.
Prologis (NYSE:PLD) last announced its quarterly earnings results on Tuesday, April 19th. The company reported $0.61 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.02. The company had revenue of $606.30 million for the quarter, compared to analyst estimates of $221.07 million. During the same quarter in the prior year, the business earned $0.49 earnings per share. Prologis’s revenue was up 31.0% compared to the same quarter last year. On average, equities research analysts anticipate that Prologis Inc. will post ($0.27) earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Monday, June 13th were paid a dividend of $0.42 per share. The ex-dividend date was Thursday, June 9th. This represents a $1.68 annualized dividend and a yield of 3.27%.
In related news, insider Edward S. Nekritz sold 5,675 shares of Prologis stock in a transaction on Friday, June 17th. The shares were sold at an average price of $50.20, for a total transaction of $284,885.00. Following the sale, the insider now directly owns 217,534 shares in the company, valued at approximately $10,920,206.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Lori A. Palazzolo sold 4,400 shares of Prologis stock in a transaction on Tuesday, May 3rd. The stock was sold at an average price of $45.76, for a total transaction of $201,344.00. Following the sale, the chief accounting officer now owns 9,855 shares in the company, valued at $450,964.80. The disclosure for this sale can be found here.
A number of large investors recently made changes to their positions in PLD. Vanguard Group Inc. raised its stake in shares of Prologis by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 69,929,901 shares of the company’s stock valued at $3,001,392,000 after buying an additional 1,910,209 shares in the last quarter. Morgan Stanley raised its position in Prologis by 3.0% in the fourth quarter. Morgan Stanley now owns 10,994,924 shares of the company’s stock worth $471,903,000 after buying an additional 324,268 shares in the last quarter. Principal Financial Group Inc. raised its position in Prologis by 3.2% in the fourth quarter. Principal Financial Group Inc. now owns 9,151,224 shares of the company’s stock worth $392,770,000 after buying an additional 282,045 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Prologis by 1.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,612,147 shares of the company’s stock worth $283,796,000 after buying an additional 67,811 shares in the last quarter. Finally, Schroder Investment Management Group raised its position in Prologis by 0.5% in the fourth quarter. Schroder Investment Management Group now owns 1,210,563 shares of the company’s stock worth $51,957,000 after buying an additional 6,188 shares in the last quarter.
Prologis, Inc is engaged in logistics real estate business, focused on markets across the Americas, Europe and Asia. The Company owns or has investments in, on a basis or through co-investment ventures, properties and development projects in over 20 countries. Its segments include Real Estate Operations and Strategic Capital.
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