Connor Clark & Lunn Investment Management Ltd. Purchases Shares of 106,980 Prologis, Inc. (NYSE:PLD)

Connor Clark & Lunn Investment Management Ltd. bought a new stake in Prologis, Inc. (NYSE:PLD) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 106,980 shares of the real estate investment trust’s stock, valued at approximately $11,308,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD increased its position in shares of Prologis by 59.3% in the fourth quarter. Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD now owns 179,911 shares of the real estate investment trust’s stock valued at $19,109,000 after acquiring an additional 66,944 shares during the last quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD increased its position in shares of Prologis by 57.4% in the fourth quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD now owns 63,211 shares of the real estate investment trust’s stock valued at $6,714,000 after acquiring an additional 23,056 shares during the last quarter. Liberty Wealth Management LLC increased its position in shares of Prologis by 6.2% in the fourth quarter. Liberty Wealth Management LLC now owns 1,976 shares of the real estate investment trust’s stock valued at $209,000 after acquiring an additional 116 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Prologis by 228.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,253 shares of the real estate investment trust’s stock valued at $344,000 after acquiring an additional 2,264 shares during the last quarter. Finally, HighTower Advisors LLC increased its position in shares of Prologis by 5.7% in the fourth quarter. HighTower Advisors LLC now owns 179,534 shares of the real estate investment trust’s stock valued at $18,977,000 after acquiring an additional 9,606 shares during the last quarter. Institutional investors and hedge funds own 93.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Baird R W raised Prologis from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. Wolfe Research reduced their price target on Prologis from $135.00 to $128.00 and set an “overweight” rating for the company in a report on Friday, January 17th. Truist Financial lifted their price target on Prologis from $121.00 to $123.00 and gave the stock a “buy” rating in a report on Monday, January 27th. UBS Group lifted their price target on Prologis from $121.00 to $137.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Finally, Mizuho reduced their price target on Prologis from $119.00 to $117.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $128.78.

Insider Buying and Selling

In related news, CIO Joseph Ghazal sold 10,997 shares of the stock in a transaction that occurred on 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 represents a 57.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.50% of the stock is currently owned by company insiders.

Prologis Price Performance

Prologis stock opened at $111.98 on Friday. Prologis, Inc. has a 12 month low of $100.82 and a 12 month high of $132.57. The stock’s 50 day moving average is $116.89 and its 200-day moving average is $117.61. The company has a current ratio of 0.75, a quick ratio of 0.43 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $103.79 billion, a price-to-earnings ratio of 28.00, a PEG ratio of 2.70 and a beta of 1.09.

Prologis Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Tuesday, March 18th will be given a dividend of $1.01 per share. The ex-dividend date of this dividend is Tuesday, March 18th. This represents a $4.04 dividend on an annualized basis and a yield of 3.61%. This is an increase from Prologis’s previous quarterly dividend of $0.96. Prologis’s dividend payout ratio is currently 101.00%.

About Prologis

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.