Teacher Retirement System of Texas reduced its position in Prologis Inc (NYSE:PLD) by 35.6% during the 1st quarter, Holdings Channel reports. The firm owned 205,110 shares of the real estate investment trust’s stock after selling 113,418 shares during the period. Teacher Retirement System of Texas’ holdings in Prologis were worth $14,758,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Clean Yield Group purchased a new stake in Prologis in the fourth quarter valued at $31,000. Benjamin F. Edwards & Company Inc. boosted its holdings in Prologis by 134.5% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 523 shares of the real estate investment trust’s stock valued at $31,000 after purchasing an additional 300 shares during the last quarter. Lindbrook Capital LLC purchased a new stake in Prologis in the fourth quarter valued at $33,000. PRW Wealth Management LLC purchased a new stake in Prologis in the fourth quarter valued at $33,000. Finally, Evolution Wealth Advisors LLC purchased a new stake in Prologis in the fourth quarter valued at $35,000. 94.95% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Edward S. Nekritz sold 30,671 shares of the company’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $75.01, for a total transaction of $2,300,631.71. Following the completion of the transaction, the insider now owns 21,121 shares in the company, valued at approximately $1,584,286.21. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Edward S. Nekritz sold 16,059 shares of the company’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $71.86, for a total transaction of $1,153,999.74. Following the transaction, the insider now owns 51,792 shares of the company’s stock, valued at approximately $3,721,773.12. The disclosure for this sale can be found here. 1.10% of the stock is owned by corporate insiders.
Shares of PLD traded down $0.29 during mid-day trading on Friday, hitting $76.58. 637,135 shares of the company were exchanged, compared to its average volume of 2,064,734. Prologis Inc has a 1-year low of $55.21 and a 1-year high of $78.56. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.42. The company has a market cap of $48.49 billion, a PE ratio of 25.27, a price-to-earnings-growth ratio of 4.23 and a beta of 1.03.
Prologis (NYSE:PLD) last released its quarterly earnings results on Tuesday, April 16th. The real estate investment trust reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.01. Prologis had a net margin of 56.56% and a return on equity of 6.83%. The firm had revenue of $696.80 million during the quarter, compared to the consensus estimate of $687.21 million. During the same quarter in the prior year, the firm earned $0.80 EPS. The company’s revenue for the quarter was up 25.3% on a year-over-year basis. As a group, sell-side analysts expect that Prologis Inc will post 3.22 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Thursday, June 13th will be given a dividend of $0.53 per share. The ex-dividend date is Wednesday, June 12th. This represents a $2.12 annualized dividend and a dividend yield of 2.77%. Prologis’s dividend payout ratio (DPR) is presently 69.97%.
Several research firms have commented on PLD. Zacks Investment Research lowered shares of Prologis from a “buy” rating to a “hold” rating in a report on Thursday. Goldman Sachs Group started coverage on shares of Prologis in a research report on Wednesday. They issued a “conviction-buy” rating for the company. Citigroup set a $86.00 price objective on shares of Prologis and gave the stock a “buy” rating in a research report on Wednesday, May 8th. KeyCorp set a $79.00 price objective on shares of Prologis and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Finally, BMO Capital Markets reiterated a “buy” rating and issued a $70.00 price objective on shares of Prologis in a research report on Sunday, April 21st. Four 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. The stock has an average rating of “Buy” and a consensus target price of $74.15.
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Prologis Company Profile
Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of December 31, 2018, 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 768 million square feet (71 million square meters) in 19 countries.
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