Cambridge Investment Research Advisors Inc. Takes Position in Prologis Inc (PLD)
Cambridge Investment Research Advisors Inc. bought a new stake in Prologis Inc (NYSE:PLD) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 3,365 shares of the real estate investment trust’s stock, valued at approximately $221,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. McKinley Carter Wealth Services Inc. purchased a new position in shares of Prologis in the first quarter valued at approximately $106,000. Advisors Preferred LLC lifted its position in shares of Prologis by 141.1% in the second quarter. Advisors Preferred LLC now owns 1,685 shares of the real estate investment trust’s stock valued at $111,000 after acquiring an additional 986 shares in the last quarter. Smithfield Trust Co. lifted its position in shares of Prologis by 85.5% in the second quarter. Smithfield Trust Co. now owns 2,319 shares of the real estate investment trust’s stock valued at $152,000 after acquiring an additional 1,069 shares in the last quarter. IFP Advisors Inc lifted its position in shares of Prologis by 50.7% in the first quarter. IFP Advisors Inc now owns 2,809 shares of the real estate investment trust’s stock valued at $177,000 after acquiring an additional 945 shares in the last quarter. Finally, NuWave Investment Management LLC purchased a new position in shares of Prologis in the second quarter valued at approximately $186,000. Institutional investors and hedge funds own 80.56% of the company’s stock.
In related news, insider Edward S. Nekritz sold 22,213 shares of the stock in a transaction that occurred on Thursday, June 28th. The stock was sold at an average price of $64.87, for a total value of $1,440,957.31. Following the completion of the sale, the insider now owns 124,201 shares of the company’s stock, valued at $8,056,918.87. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director William D. Zollars sold 8,020 shares of the stock in a transaction that occurred on Monday, July 23rd. The shares were sold at an average price of $62.45, for a total value of $500,849.00. Following the completion of the sale, the director now directly owns 11,490 shares of the company’s stock, valued at approximately $717,550.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 70,095 shares of company stock valued at $4,618,240. Insiders own 1.32% of the company’s stock.
Prologis (NYSE:PLD) last posted its quarterly earnings results on Tuesday, July 17th. The real estate investment trust reported $0.71 EPS for the quarter, meeting the consensus estimate of $0.71. Prologis had a return on equity of 10.11% and a net margin of 74.17%. The firm had revenue of $621.00 million during the quarter, compared to analysts’ expectations of $557.43 million. During the same quarter last year, the firm earned $0.84 earnings per share. The business’s revenue for the quarter was down 18.9% on a year-over-year basis. equities research analysts anticipate that Prologis Inc will post 3.01 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Monday, September 17th will be issued a $0.48 dividend. The ex-dividend date of this dividend is Friday, September 14th. This represents a $1.92 annualized dividend and a dividend yield of 2.90%. Prologis’s dividend payout ratio is presently 68.33%.
Several research firms have recently weighed in on PLD. Zacks Investment Research downgraded Prologis from a “buy” rating to a “hold” rating in a research report on Tuesday, September 18th. Bank of America raised their target price on Prologis from $72.00 to $73.00 and gave the company a “buy” rating in a research report on Monday, September 10th. Barclays raised their target price on Prologis from $71.00 to $73.00 and gave the company an “overweight” rating in a research report on Thursday, August 2nd. ValuEngine upgraded Prologis from a “hold” rating to a “buy” rating in a research report on Thursday, July 5th. Finally, SunTrust Banks set a $70.00 target price on Prologis and gave the company a “buy” rating in a research report on Tuesday, August 7th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $71.53.
Prologis Company Profile
Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of June 30, 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 685 million square feet (64 million square meters) in 19 countries.
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