State of New Jersey Common Pension Fund D Sells 27,420 Shares of Prologis, Inc. $PLD

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Prologis, Inc. by 3.5%, selling 27,420 shares, leaving it with approximately 0.08% ownership valued at $84.76 million.
• Brokerages have recently lowered target prices for Prologis, with Royal Bank of Canada reducing its target from $128 to $117 while maintaining a "sector perform" rating.
• Prologis reported quarterly earnings of $1.46 EPS, which exceeded analysts' expectations, and saw an 8.8% year-over-year revenue increase totaling $2.03 billion.

State of New Jersey Common Pension Fund D cut its holdings in Prologis, Inc. (NYSE:PLD - Free Report) by 3.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 758,242 shares of the real estate investment trust's stock after selling 27,420 shares during the period. State of New Jersey Common Pension Fund D owned about 0.08% of Prologis worth $84,764,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. REAP Financial Group LLC lifted its holdings in shares of Prologis by 40.0% during the fourth quarter. REAP Financial Group LLC now owns 294 shares of the real estate investment trust's stock valued at $31,000 after purchasing an additional 84 shares during the last quarter. LaSalle St. Investment Advisors LLC lifted its holdings in shares of 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 last quarter. CreativeOne Wealth LLC lifted its holdings in shares of Prologis by 1.7% during the fourth quarter. CreativeOne Wealth LLC now owns 6,073 shares of the real estate investment trust's stock valued at $642,000 after purchasing an additional 100 shares during the last quarter. Focus Financial Network Inc. lifted its holdings in shares of Prologis by 5.2% during the first quarter. Focus Financial Network Inc. now owns 2,093 shares of the real estate investment trust's stock valued at $234,000 after purchasing an additional 104 shares during the last quarter. Finally, Exencial Wealth Advisors LLC lifted its holdings in shares of Prologis by 5.1% during the first quarter. Exencial Wealth Advisors LLC now owns 2,210 shares of the real estate investment trust's stock valued at $247,000 after purchasing an additional 107 shares during the last quarter. 93.50% of the stock is owned by institutional investors.

Prologis Price Performance

PLD stock traded up $0.68 during mid-day trading on Friday, hitting $106.53. The company had a trading volume of 1,924,191 shares, compared to its average volume of 3,559,894. The company has a market capitalization of $98.87 billion, a price-to-earnings ratio of 28.87, a P/E/G ratio of 2.67 and a beta of 1.21. Prologis, Inc. has a 12-month low of $85.35 and a 12-month high of $132.57. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.61. The company has a 50-day moving average price of $107.13 and a 200 day moving average price of $109.02.

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PLD shares. Royal Bank Of Canada reduced their price target on shares of Prologis from $128.00 to $117.00 and set a "sector perform" rating for the company in a research report on Tuesday, April 29th. Robert W. Baird reduced their price target 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. UBS Group raised their price target on shares of Prologis from $106.00 to $120.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Wolfe Research downgraded shares of Prologis from an "outperform" rating to a "peer perform" rating in a research report on Monday, April 21st. Finally, Barclays cut their target price on shares of Prologis from $132.00 to $119.00 and set an "overweight" rating for the company in a research report on Wednesday, April 30th. Two analysts have rated the stock with a sell rating, six have given 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, Prologis presently has a consensus rating of "Moderate Buy" and a consensus price target of $120.33.

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.