Zimmer Partners LP Sells 890,000 Shares of Prologis, Inc. (NYSE:PLD)

Zimmer Partners LP cut its position in Prologis, Inc. (NYSE:PLD) by 55.5% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 712,500 shares of the real estate investment trust’s stock after selling 890,000 shares during the period. Prologis makes up about 1.8% of Zimmer Partners LP’s investment portfolio, making the stock its 20th largest position. Zimmer Partners LP’s holdings in Prologis were worth $88,899,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. GPS Wealth Strategies Group LLC acquired a new stake in Prologis during the 1st quarter valued at $25,000. Sageworth Trust Co acquired a new stake in Prologis during the 1st quarter valued at $26,000. Headlands Technologies LLC acquired a new stake in shares of Prologis during the first quarter worth $30,000. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Prologis during the first quarter worth $31,000. Finally, Centerpoint Advisors LLC acquired a new stake in shares of Prologis during the first quarter worth $34,000. 90.90% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Barclays dropped their target price on Prologis from $160.00 to $159.00 in a report on Wednesday, June 28th. 888 reissued a “maintains” rating on shares of Prologis in a report on Wednesday, June 28th. StockNews.com assumed coverage on Prologis in a report on Thursday, August 17th. They set a “hold” rating for the company. BTIG Research raised their price target on Prologis from $152.00 to $154.00 in a research report on Wednesday, July 19th. Finally, BNP Paribas upgraded Prologis from a “neutral” rating to an “outperform” rating and set a $141.00 target price on the stock in a research report on Thursday, July 20th. Three equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $140.65.

Prologis Stock Performance

Shares of Prologis stock traded down $0.73 during trading hours on Monday, hitting $121.75. 763,507 shares of the company’s stock traded hands, compared to its average volume of 2,872,651. Prologis, Inc. has a 12-month low of $98.03 and a 12-month high of $136.67. The stock has a market capitalization of $112.48 billion, a price-to-earnings ratio of 32.23, a PEG ratio of 2.46 and a beta of 0.98. The company has a fifty day simple moving average of $123.76 and a 200-day simple moving average of $122.82. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.34 and a quick ratio of 0.34.

Prologis (NYSE:PLD) last announced its earnings results on Tuesday, July 18th. The real estate investment trust reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.15. Prologis had a return on equity of 6.17% and a net margin of 42.52%. The firm had revenue of $2.45 billion during the quarter, compared to analyst estimates of $1.72 billion. During the same period last year, the firm posted $1.11 EPS. The business’s revenue was up 95.8% compared to the same quarter last year. Equities research analysts anticipate that Prologis, Inc. will post 5.59 EPS for the current fiscal year.

Prologis Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Monday, September 18th will be issued a $0.87 dividend. This represents a $3.48 annualized dividend and a yield of 2.86%. The ex-dividend date of this dividend is Friday, September 15th. Prologis’s dividend payout ratio (DPR) is currently 91.58%.

Insider Buying and Selling

In other Prologis news, Director George L. Fotiades sold 10,711 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $123.98, for a total value of $1,327,949.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.50% of the stock is currently owned by insiders.

About Prologis

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At June 30, 2023, 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 (114 million square meters) in 19 countries.