Mackenzie Financial Corp Sells 23,613 Shares of Prologis, Inc. (NYSE:PLD)

Mackenzie Financial Corp decreased its holdings in shares of Prologis, Inc. (NYSE:PLD) by 15.8% during the fourth quarter, HoldingsChannel reports. The firm owned 125,796 shares of the real estate investment trust’s stock after selling 23,613 shares during the period. Mackenzie Financial Corp’s holdings in Prologis were worth $16,769,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of PLD. Thompson Investment Management Inc. bought a new position in Prologis in the fourth quarter worth approximately $28,000. FinTrust Capital Advisors LLC lifted its stake in shares of Prologis by 966.7% during the 3rd quarter. FinTrust Capital Advisors LLC now owns 256 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 232 shares during the last quarter. Fairfield Bush & CO. bought a new stake in Prologis during the second quarter valued at about $35,000. Qube Research & Technologies Ltd grew its stake in Prologis by 102.4% in the third quarter. Qube Research & Technologies Ltd now owns 318 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 13,518 shares during the last quarter. Finally, Salem Investment Counselors Inc. bought a new position in Prologis in the fourth quarter worth about $37,000. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Analyst Upgrades and Downgrades

PLD has been the topic of a number of analyst reports. UBS Group cut their price objective on shares of Prologis from $151.00 to $138.00 and set a “buy” rating on the stock in a research report on Thursday. TheStreet upgraded Prologis from a “c+” rating to a “b-” rating in a report on Friday, January 26th. Royal Bank of Canada boosted their target price on Prologis from $128.00 to $145.00 and gave the stock an “outperform” rating in a research note on Friday, February 16th. Raymond James increased their price target on Prologis from $130.00 to $145.00 and gave the company a “strong-buy” rating in a research note on Wednesday, January 24th. Finally, Robert W. Baird boosted their price target on Prologis from $133.00 to $137.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 23rd. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $140.00.

Prologis Stock Performance

PLD opened at $104.67 on Friday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.50. Prologis, Inc. has a 12-month low of $96.64 and a 12-month high of $137.52. The firm has a 50 day moving average of $128.45 and a two-hundred day moving average of $122.07. The firm has a market capitalization of $96.82 billion, a PE ratio of 31.81, a P/E/G ratio of 2.29 and a beta of 1.00.

Prologis (NYSE:PLD) last released its quarterly earnings data on Wednesday, January 17th. The real estate investment trust reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.58). The business had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.85 billion. Prologis had a return on equity of 5.29% and a net margin of 38.13%. The firm’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.24 EPS. On average, analysts anticipate that Prologis, Inc. will post 5.5 EPS for the current year.

Prologis Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 18th were given a dividend of $0.96 per share. This is an increase from Prologis’s previous quarterly dividend of $0.87. This represents a $3.84 annualized dividend and a yield of 3.67%. The ex-dividend date was Friday, March 15th. Prologis’s dividend payout ratio (DPR) is currently 116.72%.

Prologis Profile

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At December 31, 2023, 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.