LGT Fund Management Co Ltd. Reduces Stock Position in Prologis, Inc. (NYSE:PLD)

Key Points

• LGT Fund Management Co Ltd. reduced its position in Prologis, Inc. by 34.9%, now holding 16,709 shares worth approximately $1.87 million.
• Analysts have lowered their price targets for Prologis, with Morgan Stanley now setting a target price of $120.00, while several others adjusted their ratings to "sector perform" or "outperform."
• Prologis reported a quarterly EPS of $1.46, slightly above estimates, with an 8.8% revenue increase year-over-year to $2.03 billion.

LGT Fund Management Co Ltd. lessened its holdings in shares of Prologis, Inc. (NYSE:PLD - Free Report) by 34.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,709 shares of the real estate investment trust's stock after selling 8,941 shares during the period. LGT Fund Management Co Ltd.'s holdings in Prologis were worth $1,868,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of PLD. Vanguard Group Inc. boosted its position in Prologis by 0.7% in the first quarter. Vanguard Group Inc. now owns 121,339,410 shares of the real estate investment trust's stock valued at $13,564,533,000 after buying an additional 869,310 shares during the last quarter. Cohen & Steers Inc. grew its holdings in Prologis by 3.2% in 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 purchasing an additional 882,529 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Prologis by 54.6% during the fourth quarter. Northern Trust Corp now owns 13,855,339 shares of the real estate investment trust's stock valued at $1,464,509,000 after acquiring an additional 4,893,284 shares during the last quarter. Nuveen LLC purchased a new position in shares of Prologis in the 1st quarter worth about $1,456,768,000. Finally, Capital Research Global Investors raised its holdings in shares of Prologis by 25.4% during the 4th quarter. Capital Research Global Investors now owns 12,345,523 shares of the real estate investment trust's stock valued at $1,304,922,000 after buying an additional 2,500,761 shares during the period. 93.50% of the stock is currently owned by institutional investors.

Prologis Trading Up 0.6%

Shares of PLD stock traded up $0.68 on Friday, reaching $106.53. 1,924,191 shares of the stock were exchanged, compared to its average volume of 3,687,758. Prologis, Inc. has a one year low of $85.35 and a one year high of $132.57. The stock has a 50 day moving average price of $107.13 and a 200 day moving average price of $109.17. 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 stock has a market cap of $98.87 billion, a PE ratio of 28.87, a P/E/G ratio of 2.65 and a beta of 1.21.

Prologis (NYSE:PLD - Get Free Report) last announced its earnings results on Wednesday, July 16th. The real estate investment trust reported $1.46 earnings per share for the quarter, topping analysts' consensus estimates of $1.41 by $0.05. The company had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.03 billion. Prologis had a return on equity of 5.96% and a net margin of 40.29%. The firm's quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.34 earnings per share. Equities research analysts forecast that Prologis, Inc. will post 5.73 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have weighed in on PLD shares. Barclays cut their target price on Prologis from $132.00 to $119.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 30th. Truist Financial decreased their price objective on Prologis from $123.00 to $120.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Wolfe Research downgraded Prologis from an "outperform" rating to a "peer perform" rating in a research report on Monday, April 21st. Scotiabank upped their target price on Prologis from $97.00 to $100.00 and gave the stock a "sector underperform" rating in a research note on Monday, May 12th. 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 company has a consensus rating of "Moderate Buy" and a consensus price target of $120.33.

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.