Prologis, Inc. (PLD) Reaches New 52-Week High at $61.86
Shares of Prologis, Inc. (NYSE:PLD) hit a new 52-week high on Tuesday . The company traded as high as $61.86 and last traded at $61.85, with a volume of 1,225,251 shares traded. The stock had previously closed at $61.33.
A number of analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Prologis from a “hold” rating to a “buy” rating and set a $69.00 price target for the company in a research note on Monday, July 31st. BidaskClub upgraded shares of Prologis from a “hold” rating to a “buy” rating in a research note on Tuesday, August 1st. Barclays PLC restated an “overweight” rating and set a $61.00 price objective (up previously from $59.00) on shares of Prologis in a research report on Monday, July 24th. KeyCorp upped their price objective on shares of Prologis from $62.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, July 25th. Finally, Evercore ISI restated an “outperform” rating and set a $64.00 price objective (up previously from $61.00) on shares of Prologis in a research report on Friday, July 21st. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $59.60.
The company has a market capitalization of $32.91 billion, a price-to-earnings ratio of 27.77 and a beta of 0.94. The stock’s 50-day moving average price is $59.57 and its 200 day moving average price is $54.76.
Prologis (NYSE:PLD) last announced its quarterly earnings results on Tuesday, July 18th. The real estate investment trust reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.06. Prologis had a net margin of 43.99% and a return on equity of 6.65%. The company had revenue of $766.18 million during the quarter, compared to the consensus estimate of $576 million. During the same quarter in the previous year, the company posted $0.60 earnings per share. The company’s revenue for the quarter was up 27.2% compared to the same quarter last year. Analysts forecast that Prologis, Inc. will post ($0.27) earnings per share for the current fiscal year.
In related news, CEO Hamid R. Moghadam sold 271,788 shares of the company’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $56.04, for a total value of $15,230,999.52. Following the completion of the sale, the chief executive officer now owns 36,997 shares of the company’s stock, valued at $2,073,311.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hamid R. Moghadam sold 14,067 shares of the company’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $56.00, for a total transaction of $787,752.00. Following the completion of the sale, the chief executive officer now directly owns 3,267 shares of the company’s stock, valued at approximately $182,952. The disclosure for this sale can be found here. Insiders sold 483,807 shares of company stock valued at $27,400,851 in the last ninety days. Corporate insiders own 1.31% of the company’s stock.
Large investors have recently bought and sold shares of the company. Brookfield Asset Management Inc. bought a new stake in Prologis during the first quarter valued at $227,403,000. Graybill Bartz & Assoc Ltd. increased its stake in Prologis by 2.3% in the first quarter. Graybill Bartz & Assoc Ltd. now owns 49,830 shares of the real estate investment trust’s stock valued at $2,585,000 after buying an additional 1,100 shares during the last quarter. Capital Impact Advisors LLC bought a new stake in Prologis during the first quarter valued at $1,775,000. Sprott Inc. bought a new stake in Prologis during the first quarter valued at $306,000. Finally, Ameriprise Financial Inc. increased its stake in Prologis by 13.4% in the first quarter. Ameriprise Financial Inc. now owns 3,578,338 shares of the real estate investment trust’s stock valued at $185,307,000 after buying an additional 422,806 shares during the last quarter. 95.57% of the stock is owned by institutional investors and hedge funds.
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Prologis, Inc is a real estate investment trust (REIT) company. The Company is engaged in logistics real estate business. The Company’s segments include Real Estate Operations and Strategic Capital. The Real estate operations segment consists of rental operations and development. The Company’s strategic capital segment includes asset management services, as well as services performed for unconsolidated co-investment ventures.
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