Nuveen LLC Invests $1.46 Billion in Prologis, Inc. (NYSE:PLD)

Key Points

• Nuveen LLC has acquired a new position in Prologis, Inc. by purchasing over 13 million shares valued at approximately $1.46 billion, representing 1.40% of the company's stock.
• Prologis reported a net income of $1.46 EPS for the last quarter, exceeding estimates, with revenue growth of 8.8% year-over-year.
• Analysts have set a consensus price target of $120.74 for Prologis, with ratings ranging from 'sell' to 'strong buy' across several research firms.

Nuveen LLC purchased a new position in shares of Prologis, Inc. (NYSE:PLD - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 13,031,287 shares of the real estate investment trust's stock, valued at approximately $1,456,768,000. Nuveen LLC owned about 1.40% of Prologis as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Prologis by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 121,339,410 shares of the real estate investment trust's stock worth $13,564,533,000 after buying an additional 869,310 shares during the period. Cohen & Steers Inc. increased its holdings in Prologis by 3.2% during the fourth quarter. Cohen & Steers Inc. now owns 28,331,750 shares of the real estate investment trust's stock worth $2,994,557,000 after buying an additional 882,529 shares during the last quarter. Northern Trust Corp increased its holdings in 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 worth $1,464,509,000 after buying an additional 4,893,284 shares during the last quarter. Capital Research Global Investors increased its holdings in Prologis by 25.4% during the fourth quarter. Capital Research Global Investors now owns 12,345,523 shares of the real estate investment trust's stock worth $1,304,922,000 after buying an additional 2,500,761 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Prologis by 5.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,648,872 shares of the real estate investment trust's stock worth $1,125,586,000 after buying an additional 505,318 shares during the last quarter. Institutional investors and hedge funds own 93.50% of the company's stock.

Wall Street Analysts Forecast Growth

PLD has been the topic of several research reports. UBS Group upped their price objective on shares of Prologis from $106.00 to $120.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Citigroup dropped their target price on shares of Prologis from $150.00 to $140.00 and set a "buy" rating for the company in a report on Wednesday, July 23rd. Evercore ISI dropped their price objective on shares of Prologis from $111.00 to $106.00 and set an "in-line" rating for the company in a report on Thursday, April 17th. Robert W. Baird decreased their target price on shares of Prologis from $126.00 to $120.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Finally, Wolfe Research downgraded shares of Prologis from an "outperform" rating to a "peer perform" rating in a research report on Monday, April 21st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $120.33.

Prologis Price Performance

Prologis stock traded up $1.47 during midday trading on Wednesday, reaching $106.28. The company's stock had a trading volume of 2,679,131 shares, compared to its average volume of 4,543,202. Prologis, Inc. has a fifty-two week low of $85.35 and a fifty-two week high of $132.57. The firm has a market capitalization of $98.63 billion, a PE ratio of 28.80, a P/E/G ratio of 2.61 and a beta of 1.21. The stock's 50 day simple moving average is $107.26 and its 200 day simple moving average is $109.39. 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 (NYSE:PLD - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.41 by $0.05. The firm 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% on a year-over-year basis. During the same period last year, the company earned $1.34 EPS. On average, equities research analysts forecast that Prologis, Inc. will post 5.73 earnings per share 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.