Investment Management Corp of Ontario Has $5.39 Million Position in Prologis, Inc. (NYSE:PLD)

Investment Management Corp of Ontario grew its stake in Prologis, Inc. (NYSE:PLD) by 66.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 51,012 shares of the real estate investment trust’s stock after acquiring an additional 20,273 shares during the quarter. Investment Management Corp of Ontario’s holdings in Prologis were worth $5,392,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Norges Bank bought a new stake in shares of Prologis in the 4th quarter valued at $951,263,000. Northern Trust Corp grew its stake in Prologis by 54.6% in the fourth quarter. Northern Trust Corp now owns 13,855,339 shares of the real estate investment trust’s stock valued at $1,464,509,000 after acquiring an additional 4,893,284 shares during the period. Capital Research Global Investors grew its stake in Prologis by 25.4% in the fourth 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. bought a new stake in shares of Prologis in the fourth quarter worth about $254,876,000. Finally, FMR LLC raised its position in shares of Prologis by 11.7% during the fourth 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. 93.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PLD has been the subject of a number of research reports. UBS Group increased their target price on Prologis from $121.00 to $137.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Morgan Stanley lowered their price objective on shares of Prologis to $120.00 and set an “outperform” rating for the company in a research report on Monday, April 14th. CJS Securities cut their price objective on shares of Prologis from $140.00 to $117.00 in a research report on Friday, April 11th. BTIG Research lowered their target price on Prologis from $154.00 to $134.00 and set a “buy” rating for the company in a report on Friday, January 17th. Finally, Royal Bank of Canada cut their price target on Prologis from $128.00 to $117.00 and set a “sector perform” rating on the stock in a report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $121.68.

Prologis Trading Up 1.4 %

Shares of NYSE:PLD opened at $106.97 on Friday. Prologis, Inc. has a 52-week low of $85.35 and a 52-week high of $132.57. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.43 and a current ratio of 0.75. The company has a market capitalization of $99.26 billion, a P/E ratio of 26.74, a price-to-earnings-growth ratio of 2.70 and a beta of 1.25. The company has a 50-day simple moving average of $105.95 and a 200 day simple moving average of $111.37.

Prologis (NYSE:PLD) last issued its earnings results on Wednesday, April 16th. The real estate investment trust reported $1.42 EPS for the quarter, topping the consensus estimate of $1.38 by $0.04. Prologis had a return on equity of 6.44% and a net margin of 45.50%. The company had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.99 billion. Sell-side analysts forecast that Prologis, Inc. will post 5.73 earnings per share for the current year.

Prologis Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Tuesday, June 17th will be paid a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date is Tuesday, June 17th. Prologis’s dividend payout ratio is presently 101.00%.

Prologis 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.