Lord Abbett & CO. LLC Sells 12,345 Shares of Prologis, Inc. (NYSE:PLD)

Lord Abbett & CO. LLC reduced its stake in Prologis, Inc. (NYSE:PLD) by 3.0% during the first quarter, HoldingsChannel.com reports. The firm owned 395,412 shares of the real estate investment trust’s stock after selling 12,345 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Prologis were worth $44,203,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. REAP Financial Group LLC raised its holdings in Prologis by 40.0% in the 4th quarter. REAP Financial Group LLC now owns 294 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 84 shares during the last quarter. Pandora Wealth Inc. purchased a new position in Prologis in the 1st quarter worth approximately $34,000. GKV Capital Management Co. Inc. purchased a new position in Prologis in the 1st quarter worth approximately $34,000. Olde Wealth Management LLC purchased a new position in Prologis in the 1st quarter worth approximately $43,000. Finally, Cornerstone Planning Group LLC raised its holdings in Prologis by 63.6% in the 1st quarter. Cornerstone Planning Group LLC now owns 391 shares of the real estate investment trust’s stock worth $44,000 after acquiring an additional 152 shares during the last quarter. 93.50% of the stock is owned by institutional investors.

Analyst Ratings Changes

PLD has been the subject of a number of recent analyst reports. UBS Group boosted their price objective on shares of Prologis from $106.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, July 8th. Citigroup decreased their target price on shares of Prologis from $150.00 to $140.00 and set a “buy” rating for the company in a research note on Wednesday, July 23rd. Wells Fargo & Company set a $137.00 target price on shares of Prologis and gave the company an “overweight” rating in a research note on Sunday, July 13th. Royal Bank Of Canada decreased their target price on shares of Prologis from $128.00 to $117.00 and set a “sector perform” rating for the company in a research note on Tuesday, April 29th. Finally, Wall Street Zen lowered shares of Prologis from a “hold” rating to a “sell” rating in a research note on Saturday, June 14th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $120.33.

Prologis Trading Down 0.2%

NYSE:PLD opened at $105.99 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.65 and a quick ratio of 0.65. The firm has a market capitalization of $98.37 billion, a price-to-earnings ratio of 28.72, a price-to-earnings-growth ratio of 2.66 and a beta of 1.21. Prologis, Inc. has a one year low of $85.35 and a one year high of $132.57. The business has a fifty day moving average price of $107.18 and a 200-day moving average price of $109.27.

Prologis (NYSE:PLD) last issued its earnings results on Wednesday, July 16th. The real estate investment trust reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.05. The company had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.03 billion. Prologis had a net margin of 40.29% and a return on equity of 5.96%. Prologis’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.34 EPS. Sell-side analysts forecast that Prologis, Inc. will post 5.73 EPS for the current year.

Prologis Profile

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.