Lord Abbett & CO. LLC Lowers Stock Holdings in Prologis, Inc. $PLD

Key Points

• Lord Abbett & CO. LLC has lowered its stake in Prologis, Inc. by 3.0%, selling 12,345 shares during the first quarter, resulting in a total of 395,412 shares worth approximately $44.2 million.
• Other institutional investors, including Vanguard Group Inc. and Northern Trust Corp, have increased their holdings in Prologis, indicating robust interest in the real estate investment trust.
• Prologis reported a quarterly earnings per share of $1.46, surpassing estimates, with revenue of $2.03 billion, reflecting an 8.8% increase year-over-year.

Lord Abbett & CO. LLC reduced its position in Prologis, Inc. (NYSE:PLD - Free Report) by 3.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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.

Several other institutional investors and hedge funds have also recently made changes to their positions in PLD. Nuveen LLC bought a new stake in shares of Prologis in the first quarter valued at about $1,456,768,000. Northern Trust Corp raised its holdings in shares of 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 valued at $1,464,509,000 after acquiring an additional 4,893,284 shares in the last quarter. Valeo Financial Advisors LLC grew its stake in Prologis by 282.5% in the first quarter. Valeo Financial Advisors LLC now owns 3,875,386 shares of the real estate investment trust's stock valued at $433,229,000 after purchasing an additional 2,862,183 shares during the last quarter. Capital Research Global Investors grew its stake in Prologis by 25.4% in the fourth 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 purchasing an additional 2,500,761 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its stake in Prologis by 83.8% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,779,830 shares of the real estate investment trust's stock valued at $399,528,000 after purchasing an additional 1,723,129 shares during the last quarter. 93.50% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Robert W. Baird cut their target price on Prologis from $126.00 to $120.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. Royal Bank Of Canada cut their target price on Prologis from $128.00 to $117.00 and set a "sector perform" rating on the stock in a research note on Tuesday, April 29th. Citigroup cut their target price on Prologis from $150.00 to $140.00 and set a "buy" rating on the stock in a research note on Wednesday, July 23rd. UBS Group lifted their target price on Prologis from $106.00 to $120.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Finally, 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. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $120.33.

Prologis Trading Up 0.6%

Shares of NYSE PLD traded up $0.68 during mid-day trading on Friday, reaching $106.53. 1,924,191 shares of the company's stock were exchanged, compared to its average volume of 3,559,894. The firm has a market capitalization of $98.87 billion, a price-to-earnings ratio of 28.87, a PEG ratio of 2.67 and a beta of 1.21. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.65 and a current ratio of 0.65. Prologis, Inc. has a 52-week low of $85.35 and a 52-week high of $132.57. The company's 50-day moving average is $107.13 and its 200-day moving average is $109.02.

Prologis (NYSE:PLD - Get Free Report) last released its quarterly 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 business had revenue of $2.03 billion during the quarter, compared to analysts' expectations of $2.03 billion. Prologis had a return on equity of 5.96% and a net margin of 40.29%. The company's revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.34 EPS. Analysts expect that Prologis, Inc. will post 5.73 EPS for the current fiscal 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.