Covington Investment Advisors Inc. Buys 2,480 Shares of Prologis, Inc. (NYSE:PLD)

Key Points

• Covington Investment Advisors Inc. has increased its stake in Prologis, Inc. by 5.6%, now owning 47,079 shares valued at approximately $5.26 million.
• Several institutional investors have significantly increased their positions in Prologis, with Brighton Jones LLC boosting its stake by 629% in the last quarter.
• Prologis recently reported earnings of $1.46 EPS, exceeding estimates and showing an 8.8% increase in quarterly revenue compared to the previous year.

Covington Investment Advisors Inc. raised its stake in Prologis, Inc. (NYSE:PLD - Free Report) by 5.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 47,079 shares of the real estate investment trust's stock after acquiring an additional 2,480 shares during the period. Covington Investment Advisors Inc.'s holdings in Prologis were worth $5,263,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the stock. Brighton Jones LLC boosted its stake in Prologis by 629.0% in the fourth quarter. Brighton Jones LLC now owns 17,475 shares of the real estate investment trust's stock worth $1,847,000 after purchasing an additional 15,078 shares in the last quarter. Advisory Services Network LLC boosted its stake in Prologis by 35.0% in the fourth quarter. Advisory Services Network LLC now owns 15,359 shares of the real estate investment trust's stock worth $1,623,000 after purchasing an additional 3,982 shares in the last quarter. DRW Securities LLC acquired a new position in Prologis in the fourth quarter worth $231,000. Rockefeller Capital Management L.P. lifted its stake in shares of Prologis by 7.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 555,318 shares of the real estate investment trust's stock valued at $58,715,000 after acquiring an additional 36,353 shares during the period. Finally, Sagespring Wealth Partners LLC acquired a new position in shares of Prologis during the fourth quarter valued at $677,000. 93.50% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on PLD shares. Wells Fargo & Company set a $137.00 price target on Prologis and gave the company an "overweight" rating in a research note on Sunday, July 13th. Scotiabank upped their price target on Prologis from $97.00 to $100.00 and gave the company a "sector underperform" rating in a research note on Monday, May 12th. 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. Wall Street Zen lowered Prologis from a "hold" rating to a "sell" rating in a research note on Saturday, June 14th. Finally, Evercore ISI lowered their price target on Prologis from $111.00 to $106.00 and set an "in-line" rating for the company in a report on Thursday, April 17th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Prologis currently has a consensus rating of "Moderate Buy" and a consensus target price of $120.33.

Prologis Stock Performance

Shares of PLD traded up $1.47 on Wednesday, reaching $106.28. 2,679,131 shares of the company's stock traded hands, compared to its average volume of 4,543,202. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.61. The stock has a market cap of $98.63 billion, a PE ratio of 28.80, a PEG ratio of 2.61 and a beta of 1.21. The stock's 50 day simple moving average is $107.26 and its two-hundred day simple moving average is $109.39. Prologis, Inc. has a 52-week low of $85.35 and a 52-week high of $132.57.

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

Prologis Company 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.