Cullinan Associates Inc. Sells 6,933 Shares of Prologis, Inc. $PLD

Key Points

• Cullinan Associates Inc. reduced its stake in Prologis, Inc. by 20.9% during the second quarter, selling 6,933 shares, leaving them with 26,269 shares valued at approximately $2.76 million.
• Insider selling activity increased, with Prologis's CAO and a Director offloading a combined total of 26,500 shares worth nearly $3 million over the last quarter.
• Prologis announced a quarterly dividend of $1.01 per share, translating to an annualized payout of $4.04 and a dividend yield of 3.5%.

Cullinan Associates Inc. lowered its position in Prologis, Inc. (NYSE:PLD - Free Report) by 20.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,269 shares of the real estate investment trust's stock after selling 6,933 shares during the period. Cullinan Associates Inc.'s holdings in Prologis were worth $2,761,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Michael S. Ryan Inc. increased its holdings in Prologis by 2.9% during the second quarter. Michael S. Ryan Inc. now owns 3,311 shares of the real estate investment trust's stock valued at $348,000 after buying an additional 94 shares during the period. LaSalle St. Investment Advisors LLC lifted its position in Prologis by 3.7% during the first quarter. LaSalle St. Investment Advisors LLC now owns 2,688 shares of the real estate investment trust's stock valued at $300,000 after purchasing an additional 96 shares during the period. Van Hulzen Asset Management LLC lifted its position in Prologis by 5.6% during the first quarter. Van Hulzen Asset Management LLC now owns 1,799 shares of the real estate investment trust's stock valued at $201,000 after purchasing an additional 96 shares during the period. Sandler Capital Management increased its holdings in Prologis by 5.3% in the first quarter. Sandler Capital Management now owns 2,000 shares of the real estate investment trust's stock valued at $224,000 after buying an additional 100 shares in the last quarter. Finally, Sunflower Bank N.A. increased its holdings in Prologis by 3.9% in the second quarter. Sunflower Bank N.A. now owns 2,697 shares of the real estate investment trust's stock valued at $284,000 after buying an additional 100 shares in the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Prologis

In related news, CAO Lori A. Palazzolo sold 25,000 shares of the business's stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $111.33, for a total value of $2,783,250.00. Following the completion of the sale, the chief accounting officer directly owned 414 shares in the company, valued at approximately $46,090.62. The trade was a 98.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Cristina Gabriela Bita sold 500 shares of Prologis stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $115.69, for a total transaction of $57,845.00. Following the transaction, the director directly owned 9,329 shares in the company, valued at approximately $1,079,272.01. This trade represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,500 shares of company stock valued at $2,952,095. Insiders own 0.57% of the company's stock.

Prologis Stock Up 0.8%

Shares of NYSE PLD opened at $117.09 on Monday. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.61. Prologis, Inc. has a 52 week low of $85.35 and a 52 week high of $127.65. The firm has a 50-day moving average price of $111.03 and a 200 day moving average price of $107.56. The stock has a market capitalization of $108.69 billion, a price-to-earnings ratio of 31.73, a price-to-earnings-growth ratio of 2.96 and a beta of 1.28.

Prologis (NYSE:PLD - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $1.46 EPS for the quarter, beating the consensus estimate of $1.41 by $0.05. Prologis had a net margin of 40.29% and a return on equity of 5.96%. The firm had revenue of $2.03 billion during the quarter, compared to analysts' expectations of $2.03 billion. During the same quarter last year, the business earned $1.34 earnings per share. The business's revenue for the quarter was up 8.8% compared to the same quarter last year. Prologis has set its FY 2025 guidance at 5.750-5.800 EPS. Equities research analysts anticipate that Prologis, Inc. will post 5.73 EPS for the current fiscal year.

Prologis Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th were issued a dividend of $1.01 per share. The ex-dividend date was Tuesday, September 16th. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.5%. Prologis's payout ratio is 109.49%.

Analysts Set New Price Targets

PLD has been the subject of a number of recent analyst reports. Scotiabank set a $114.00 price objective on shares of Prologis and gave the company a "sector perform" rating in a report on Wednesday, August 27th. Wells Fargo & Company set a $137.00 target price on shares of Prologis and gave the company an "overweight" rating in a report on Sunday, July 13th. Barclays decreased their target price on shares of Prologis from $119.00 to $118.00 and set an "overweight" rating on the stock in a report on Monday, September 15th. Mizuho set a $118.00 price objective on shares of Prologis and gave the stock an "outperform" rating in a report on Tuesday, August 19th. Finally, Bank of America raised shares of Prologis from a "neutral" rating to a "buy" rating and upped their target price for the stock from $118.00 to $130.00 in a research note on Tuesday, September 16th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat.com, Prologis has an average rating of "Moderate Buy" and a consensus target price of $122.58.

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.

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