First Manhattan CO. LLC. Boosts Holdings in Prologis, Inc. (NYSE:PLD)

First Manhattan CO. LLC. raised its stake in Prologis, Inc. (NYSE:PLD - Free Report) by 120.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,095 shares of the real estate investment trust's stock after acquiring an additional 6,619 shares during the quarter. First Manhattan CO. LLC.'s holdings in Prologis were worth $1,278,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PLD. Empirical Asset Management LLC raised its position in shares of Prologis by 339.0% in the fourth quarter. Empirical Asset Management LLC now owns 68,584 shares of the real estate investment trust's stock valued at $7,249,000 after purchasing an additional 52,963 shares during the period. Cardano Risk Management B.V. raised its position in shares of Prologis by 2.9% in the fourth quarter. Cardano Risk Management B.V. now owns 893,009 shares of the real estate investment trust's stock valued at $94,391,000 after purchasing an additional 25,266 shares during the period. Aviva PLC raised its position in shares of Prologis by 36.6% in the fourth quarter. Aviva PLC now owns 695,187 shares of the real estate investment trust's stock valued at $73,481,000 after purchasing an additional 186,187 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Prologis by 29.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 784,360 shares of the real estate investment trust's stock valued at $82,907,000 after purchasing an additional 179,880 shares during the period. Finally, Allstate Corp raised its position in shares of Prologis by 111.7% in the fourth quarter. Allstate Corp now owns 74,518 shares of the real estate investment trust's stock valued at $7,877,000 after purchasing an additional 39,321 shares during the period. 93.50% of the stock is currently owned by hedge funds and other institutional investors.

Prologis Trading Up 1.4%

PLD stock opened at $106.97 on Monday. The company has a market capitalization of $99.26 billion, a PE ratio of 26.74, a price-to-earnings-growth ratio of 2.70 and a beta of 1.25. Prologis, Inc. has a one year low of $85.35 and a one year high of $132.57. The company's 50 day moving average price is $105.95 and its two-hundred day moving average price is $111.30. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.43 and a current ratio of 0.75.

Prologis (NYSE:PLD - Get Free Report) last released its earnings results on Wednesday, April 16th. The real estate investment trust reported $1.42 EPS for the quarter, beating the consensus estimate of $1.38 by $0.04. Prologis had a net margin of 45.50% and a return on equity of 6.44%. The company had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.99 billion. As a group, analysts predict that Prologis, Inc. will post 5.73 earnings per share for the current fiscal year.

Prologis Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Tuesday, June 17th will be issued a dividend of $1.01 per share. This represents a $4.04 annualized dividend and a dividend yield of 3.78%. The ex-dividend date of this dividend is Tuesday, June 17th. Prologis's dividend payout ratio is currently 101.00%.

Analyst Ratings Changes

Several research firms have recently issued reports on PLD. BTIG Research lowered their price target on shares of Prologis from $154.00 to $134.00 and set a "buy" rating on the stock in a research report on Friday, January 17th. Mizuho decreased their target price on shares of Prologis from $117.00 to $105.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. Barclays decreased their target price on shares of Prologis from $132.00 to $119.00 and set an "overweight" rating on the stock in a report on Wednesday, April 30th. Raymond James reaffirmed a "market perform" rating on shares of Prologis in a report on Monday, February 3rd. Finally, Evercore ISI decreased their target price on shares of Prologis from $111.00 to $106.00 and set an "in-line" rating on the stock in a report on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, eight have assigned 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.com, Prologis presently has a consensus rating of "Moderate Buy" and an average price target of $121.68.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.