Covington Capital Management Boosts Position in Prologis, Inc. (NYSE:PLD)

Covington Capital Management boosted its holdings in Prologis, Inc. (NYSE:PLDGet Rating) by 47.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 829 shares of the real estate investment trust’s stock after buying an additional 265 shares during the period. Covington Capital Management’s holdings in Prologis were worth $98,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Highland Capital Management LLC raised its holdings in Prologis by 0.3% in the first quarter. Highland Capital Management LLC now owns 18,103 shares of the real estate investment trust’s stock valued at $2,923,000 after buying an additional 60 shares during the period. Gateway Investment Advisers LLC raised its holdings in Prologis by 1.1% in the first quarter. Gateway Investment Advisers LLC now owns 5,780 shares of the real estate investment trust’s stock valued at $933,000 after buying an additional 62 shares during the period. Financial Management Professionals Inc. raised its holdings in Prologis by 43.8% in the first quarter. Financial Management Professionals Inc. now owns 220 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 67 shares during the period. Clean Yield Group raised its stake in shares of Prologis by 1.4% during the first quarter. Clean Yield Group now owns 5,129 shares of the real estate investment trust’s stock valued at $828,000 after purchasing an additional 69 shares during the period. Finally, WMS Partners LLC raised its stake in shares of Prologis by 3.9% during the fourth quarter. WMS Partners LLC now owns 2,032 shares of the real estate investment trust’s stock valued at $342,000 after purchasing an additional 76 shares during the period. Hedge funds and other institutional investors own 94.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Wolfe Research upgraded shares of Prologis from a “peer perform” rating to an “outperform” rating and set a $200.00 price objective on the stock in a research note on Wednesday, August 24th. Raymond James dropped their price objective on shares of Prologis from $190.00 to $160.00 in a research note on Thursday, July 21st. Evercore ISI dropped their price objective on shares of Prologis from $134.00 to $133.00 and set an “in-line” rating on the stock in a research note on Monday. Jefferies Financial Group dropped their price objective on shares of Prologis from $174.00 to $146.00 and set a “buy” rating on the stock in a research note on Thursday, June 30th. Finally, Wells Fargo & Company lifted their price objective on shares of Prologis from $160.00 to $163.00 and gave the company an “overweight” rating in a research note on Thursday, August 11th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $173.31.

Prologis Stock Performance

Prologis stock opened at $112.80 on Tuesday. The company has a market cap of $83.51 billion, a PE ratio of 22.56, a P/E/G ratio of 2.44 and a beta of 0.88. The company has a fifty day moving average price of $127.79 and a two-hundred day moving average price of $136.31. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.42 and a quick ratio of 0.42. Prologis, Inc. has a 12 month low of $106.46 and a 12 month high of $174.54.

Prologis (NYSE:PLDGet Rating) last released its quarterly earnings data on Monday, July 18th. The real estate investment trust reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.30). The business had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.09 billion. Prologis had a return on equity of 9.85% and a net margin of 75.72%. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.01 EPS. Research analysts expect that Prologis, Inc. will post 5.17 earnings per share for the current year.

Prologis Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 15th will be issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 2.80%. The ex-dividend date is Wednesday, September 14th. Prologis’s dividend payout ratio (DPR) is 63.20%.

Prologis Company Profile

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Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of December 31, 2020, 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 984 million square feet (91 million square meters) in 19 countries.

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Institutional Ownership by Quarter for Prologis (NYSE:PLD)

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