Prologis (NYSE:PLD) Reaches New 52-Week Low Following Analyst Downgrade

Shares of Prologis, Inc. (NYSE:PLD) reached a new 52-week low during trading on Wednesday after Barclays lowered their price target on the stock from $132.00 to $119.00. Barclays currently has an overweight rating on the stock. Prologis traded as low as $100.22 and last traded at $101.97, with a volume of 7706372 shares changing hands. The stock had previously closed at $103.10.

Other research analysts have also recently issued reports about the stock. Baird R W raised shares of Prologis from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Mizuho lowered their price target on Prologis from $117.00 to $105.00 and set a “neutral” rating for the company in a report on Friday, April 11th. Scotiabank restated a “sector underperform” rating and set a $97.00 price objective (down from $133.00) on shares of Prologis in a research report on Monday, April 7th. Evercore ISI decreased their target price on Prologis from $111.00 to $106.00 and set an “in-line” rating on the stock in a research report on Thursday, April 17th. Finally, Raymond James reissued a “market perform” rating on shares of Prologis in a report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Prologis currently has a consensus rating of “Moderate Buy” and an average target price of $122.05.

Insiders Place Their Bets

In other Prologis news, CIO Joseph Ghazal sold 10,997 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $118.74, for a total transaction of $1,305,783.78. Following the completion of the transaction, the executive now owns 7,977 shares in the company, valued at approximately $947,188.98. This trade represents a 57.96 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.57% of the company’s stock.

Institutional Investors Weigh In On Prologis

Several large investors have recently modified their holdings of the company. Cohen & Steers Inc. boosted its position in Prologis by 3.2% during the fourth quarter. Cohen & Steers Inc. now owns 28,331,750 shares of the real estate investment trust’s stock valued at $2,994,557,000 after acquiring an additional 882,529 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Prologis by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 21,372,231 shares of the real estate investment trust’s stock valued at $2,252,853,000 after purchasing an additional 610,251 shares in the last quarter. FMR LLC grew its stake in Prologis by 11.7% during the fourth quarter. FMR LLC now owns 17,878,397 shares of the real estate investment trust’s stock worth $1,889,747,000 after purchasing an additional 1,875,978 shares during the period. Massachusetts Financial Services Co. MA grew its stake in Prologis by 2.1% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 16,596,799 shares of the real estate investment trust’s stock worth $1,754,282,000 after purchasing an additional 334,907 shares during the period. Finally, Northern Trust Corp increased its holdings in Prologis by 54.6% in the fourth quarter. Northern Trust Corp now owns 13,855,339 shares of the real estate investment trust’s stock worth $1,464,509,000 after purchasing an additional 4,893,284 shares in the last quarter. 93.50% of the stock is currently owned by institutional investors and hedge funds.

Prologis Stock Performance

The stock has a market capitalization of $95.62 billion, a price-to-earnings ratio of 25.79, a price-to-earnings-growth ratio of 2.70 and a beta of 1.20. The company has a quick ratio of 0.43, a current ratio of 0.75 and a debt-to-equity ratio of 0.53. The company has a 50 day simple moving average of $108.03 and a 200-day simple moving average of $112.10.

Prologis (NYSE:PLD) last released its earnings results on Wednesday, April 16th. The real estate investment trust reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.04. Prologis had a net margin of 45.50% and a return on equity of 6.44%. The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.99 billion. As a group, equities research analysts expect that Prologis, Inc. will post 5.73 EPS for the current fiscal year.

Prologis Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Tuesday, March 18th were given a $1.01 dividend. The ex-dividend date of this dividend was Tuesday, March 18th. This represents a $4.04 annualized dividend and a yield of 3.92%. This is an increase from Prologis’s previous quarterly dividend of $0.96. Prologis’s dividend payout ratio (DPR) is presently 101.00%.

About Prologis

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.