Kayne Anderson Rudnick Investment Management LLC Trims Position in Prologis, Inc. (NYSE:PLD)

Kayne Anderson Rudnick Investment Management LLC lowered its stake in shares of Prologis, Inc. (NYSE:PLD - Free Report) by 4.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 154,651 shares of the real estate investment trust's stock after selling 6,573 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC's holdings in Prologis were worth $16,347,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the stock. Norges Bank acquired a new position in Prologis during the fourth quarter worth approximately $951,263,000. Capital Research Global Investors increased its holdings in shares of Prologis by 25.4% in the 4th 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 acquiring an additional 2,500,761 shares during the period. Raymond James Financial Inc. purchased a new stake in Prologis in the 4th quarter valued at $254,876,000. FMR LLC boosted its stake in Prologis by 11.7% during the 4th quarter. FMR LLC now owns 17,878,397 shares of the real estate investment trust's stock worth $1,889,747,000 after purchasing an additional 1,875,978 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its position in Prologis by 83.8% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,779,830 shares of the real estate investment trust's stock worth $399,528,000 after purchasing an additional 1,723,129 shares during the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PLD has been the subject of several recent research reports. UBS Group increased their target price on shares of Prologis from $121.00 to $137.00 and gave the stock a "buy" rating in a research note on Tuesday, January 28th. BMO Capital Markets lowered their target price on Prologis from $105.00 to $95.00 and set an "outperform" rating on the stock in a research note on Monday, April 14th. BNP Paribas upgraded Prologis to a "strong-buy" rating in a research note on Wednesday, January 22nd. Robert W. Baird increased their price target on Prologis from $123.00 to $124.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Finally, Royal Bank of Canada upped their price objective on shares of Prologis from $125.00 to $128.00 and gave the stock a "sector perform" rating in a research report on Monday, January 27th. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Prologis has an average rating of "Moderate Buy" and a consensus target price of $123.32.

Insider Transactions at Prologis

In other Prologis news, CIO Joseph Ghazal sold 10,997 shares of the firm's stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $118.74, for a total transaction of $1,305,783.78. Following the completion of the transaction, the executive now owns 7,977 shares of the company's stock, valued at approximately $947,188.98. This trade represents a 57.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.57% of the company's stock.

Prologis Price Performance

NYSE PLD traded down $1.05 during mid-day trading on Friday, hitting $102.31. The stock had a trading volume of 2,828,184 shares, compared to its average volume of 4,148,129. The company has a 50 day simple moving average of $109.48 and a 200 day simple moving average of $112.56. The company has a quick ratio of 0.43, a current ratio of 0.75 and a debt-to-equity ratio of 0.53. The company has a market cap of $94.84 billion, a price-to-earnings ratio of 25.58, a P/E/G ratio of 2.70 and a beta of 1.20. 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 released its quarterly earnings results on Wednesday, April 16th. The real estate investment trust reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.04. The business had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.99 billion. Prologis had a return on equity of 6.44% and a net margin of 45.50%. Equities analysts forecast that Prologis, Inc. will post 5.73 EPS for the current fiscal year.

Prologis Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th were given a $1.01 dividend. The ex-dividend date was Tuesday, March 18th. This is a positive change from Prologis's previous quarterly dividend of $0.96. This represents a $4.04 annualized dividend and a dividend yield of 3.95%. Prologis's dividend payout ratio is currently 101.00%.

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.