Hartford Investment Management Co. Trims Stock Position in Prologis, Inc. (NYSE:PLD)

Hartford Investment Management Co. lowered its holdings in shares of Prologis, Inc. (NYSE:PLD) by 1.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 57,210 shares of the real estate investment trust’s stock after selling 1,012 shares during the quarter. Hartford Investment Management Co.’s holdings in Prologis were worth $6,047,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Dunhill Financial LLC increased its holdings in Prologis by 239.5% in the 3rd quarter. Dunhill Financial LLC now owns 258 shares of the real estate investment trust’s stock worth $33,000 after acquiring an additional 182 shares in the last quarter. Hara Capital LLC purchased a new stake in Prologis in the 3rd quarter worth approximately $48,000. Coastline Trust Co purchased a new stake in Prologis in the 3rd quarter worth approximately $52,000. Fortitude Family Office LLC increased its holdings in Prologis by 120.6% in the 3rd quarter. Fortitude Family Office LLC now owns 439 shares of the real estate investment trust’s stock worth $55,000 after acquiring an additional 240 shares in the last quarter. Finally, Reston Wealth Management LLC purchased a new stake in Prologis in the 3rd quarter worth approximately $70,000. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Insider Activity

In related news, CIO Joseph Ghazal sold 10,997 shares of the firm’s stock in a transaction dated 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 sale, the executive now owns 7,977 shares of the company’s stock, valued at $947,188.98. This trade represents a 57.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PLD. BTIG Research reduced their target price on shares of Prologis from $154.00 to $134.00 and set a “buy” rating for the company in a report on Friday, January 17th. Baird R W raised shares of Prologis from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Raymond James restated a “market perform” rating on shares of Prologis in a research note on Monday, February 3rd. BNP Paribas upgraded Prologis to a “strong-buy” rating in a research note on Wednesday, January 22nd. Finally, Royal Bank of Canada upped their price target on Prologis from $125.00 to $128.00 and gave the stock a “sector perform” rating in a research note on Monday, January 27th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $128.78.

Prologis Stock Performance

PLD stock opened at $121.76 on Wednesday. The firm has a market cap of $112.77 billion, a price-to-earnings ratio of 30.44, a PEG ratio of 2.64 and a beta of 1.10. The company has a quick ratio of 0.43, a current ratio of 0.23 and a debt-to-equity ratio of 0.53. Prologis, Inc. has a twelve month low of $100.82 and a twelve month high of $135.76. The business’s fifty day simple moving average is $111.19 and its two-hundred day simple moving average is $118.14.

Prologis Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were paid a dividend of $0.96 per share. The ex-dividend date was Monday, December 16th. This represents a $3.84 annualized dividend and a dividend yield of 3.15%. Prologis’s dividend payout ratio is currently 96.00%.

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.