Van ECK Associates Corp reduced its stake in shares of Prologis, Inc. (NYSE:PLD – Free Report) by 0.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 632,716 shares of the real estate investment trust’s stock after selling 4,174 shares during the period. Van ECK Associates Corp owned 0.07% of Prologis worth $85,714,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Nissay Asset Management Corp Japan grew its position in shares of Prologis by 2.0% in the 2nd quarter. Nissay Asset Management Corp Japan now owns 270,416 shares of the real estate investment trust’s stock valued at $36,633,000 after buying an additional 5,250 shares during the last quarter. Kingsview Wealth Management LLC bought a new position in shares of Prologis during the second quarter worth about $3,762,000. Beacon Pointe Advisors LLC acquired a new position in shares of Prologis in the second quarter worth approximately $3,038,000. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in shares of Prologis in the second quarter worth approximately $951,000. Finally, Twin Lakes Capital Management LLC bought a new stake in Prologis in the second quarter valued at approximately $135,000. 93.50% of the stock is owned by institutional investors and hedge funds.
Prologis Stock Down 0.7%
Shares of Prologis stock opened at $140.80 on Friday. Prologis, Inc. has a one year low of $110.51 and a one year high of $153.35. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.70 and a quick ratio of 0.70. The stock’s 50-day moving average is $142.44 and its 200 day moving average is $140.59. The firm has a market cap of $131.38 billion, a price-to-earnings ratio of 31.36 and a beta of 1.31.
Analysts Set New Price Targets
A number of analysts have weighed in on PLD shares. Weiss Ratings downgraded shares of Prologis from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday. BMO Capital Markets dropped their price target on shares of Prologis from $162.00 to $158.00 and set an “outperform” rating on the stock in a research report on Monday, June 29th. Robert W. Baird set a $140.00 price objective on shares of Prologis in a research note on Friday, July 31st. Raymond James Financial began coverage on shares of Prologis in a research report on Thursday, June 18th. They set a “market perform” rating for the company. Finally, BTIG Research lifted their target price on shares of Prologis from $160.00 to $170.00 and gave the stock a “buy” rating in a research note on Wednesday, July 1st. Sixteen investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, Prologis currently has a consensus rating of “Moderate Buy” and an average target price of $154.57.
Insider Activity at Prologis
In other news, CFO Timothy D. Arndt sold 3,597 shares of Prologis stock in a transaction on Monday, June 15th. The shares were sold at an average price of $150.00, for a total value of $539,550.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.52% of the stock is currently owned by company insiders.
Prologis Profile
Prologis, Inc is a real estate investment trust (REIT) specializing in logistics and distribution facilities. The company focuses on acquiring, developing, and managing high-quality industrial real estate assets that support supply chain infrastructure for third-party logistics providers, e-commerce businesses, retailers and manufacturers. Its portfolio primarily consists of warehouse and distribution centers designed to optimize goods movement and storage near key transportation hubs.
With a global presence, Prologis serves customers across the Americas, Europe and Asia Pacific.
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