Hudson Canyon Capital Management Grows Stake in Prologis, Inc. (NYSE:PLD)

Hudson Canyon Capital Management raised its position in shares of Prologis, Inc. (NYSE:PLD) by 11.2% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,865 shares of the real estate investment trust’s stock after purchasing an additional 1,492 shares during the period. Hudson Canyon Capital Management’s holdings in Prologis were worth $1,669,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Gilbert & Cook Inc. lifted its stake in Prologis by 4.4% in the fourth quarter. Gilbert & Cook Inc. now owns 5,487 shares of the real estate investment trust’s stock worth $731,000 after acquiring an additional 233 shares during the period. Choreo LLC bought a new stake in Prologis during the 4th quarter valued at $231,000. Robertson Stephens Wealth Management LLC purchased a new position in shares of Prologis in the 4th quarter valued at $202,000. Fisher Asset Management LLC increased its holdings in shares of Prologis by 2.5% in the 4th quarter. Fisher Asset Management LLC now owns 197,879 shares of the real estate investment trust’s stock valued at $26,377,000 after acquiring an additional 4,778 shares during the period. Finally, Los Angeles Capital Management LLC raised its position in shares of Prologis by 48.4% in the 4th quarter. Los Angeles Capital Management LLC now owns 7,084 shares of the real estate investment trust’s stock worth $944,000 after acquiring an additional 2,312 shares in the last quarter. 93.50% of the stock is currently owned by hedge funds and other institutional investors.

Prologis Stock Performance

NYSE PLD traded up $2.49 during trading hours on Friday, reaching $127.82. The stock had a trading volume of 3,618,100 shares, compared to its average volume of 2,840,916. Prologis, Inc. has a 52-week low of $96.64 and a 52-week high of $137.52. The stock has a fifty day moving average of $121.00 and a 200 day moving average of $119.10. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.36 and a current ratio of 0.36. The stock has a market cap of $118.35 billion, a P/E ratio of 37.37, a price-to-earnings-growth ratio of 3.28 and a beta of 1.06.

Prologis (NYSE:PLD) last released its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.92 EPS for the quarter, missing the consensus estimate of $1.33 by ($0.41). Prologis had a net margin of 36.37% and a return on equity of 4.88%. The business had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same period last year, the company earned $1.83 earnings per share. The firm’s revenue was down 18.1% on a year-over-year basis. Sell-side analysts predict that Prologis, Inc. will post 5.42 earnings per share for the current year.

Analysts Set New Price Targets

PLD has been the topic of several analyst reports. Mizuho cut their target price on Prologis from $130.00 to $120.00 and set a “neutral” rating on the stock in a research note on Friday, May 31st. Wells Fargo & Company lifted their price objective on shares of Prologis from $142.00 to $146.00 and gave the stock an “overweight” rating in a research report on Wednesday. BMO Capital Markets reissued a “market perform” rating and set a $115.00 target price on shares of Prologis in a research report on Monday, July 15th. Bank of America restated a “neutral” rating and issued a $128.00 target price on shares of Prologis in a research note on Monday, August 12th. Finally, Scotiabank upped their price target on Prologis from $135.00 to $142.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 26th. Seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $133.12.

Insiders Place Their Bets

In other news, CIO Joseph Ghazal sold 5,200 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $129.07, for a total value of $671,164.00. Following the completion of the transaction, the executive now owns 13,187 shares of the company’s stock, valued at approximately $1,702,046.09. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.50% of the stock is owned by insiders.

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.