Morgan Stanley Cuts Prologis (NYSE:PLD) Price Target to $120.00

Prologis (NYSE:PLD) had its price objective cut by Morgan Stanley to $120.00 in a report released on Monday. They currently have an outperform rating on the real estate investment trust’s stock.

A number of other research analysts have also commented on the stock. Raymond James reaffirmed a “market perform” rating on shares of Prologis in a research report on Monday, February 3rd. Wolfe Research decreased their price objective on Prologis from $135.00 to $128.00 and set an “overweight” rating on the stock in a report on Friday, January 17th. BNP Paribas upgraded Prologis to a “strong-buy” rating in a research note on Wednesday, January 22nd. BTIG Research decreased their price target on shares of Prologis from $154.00 to $134.00 and set a “buy” rating on the stock in a research note on Friday, January 17th. Finally, Baird R W raised shares of Prologis from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $123.32.

Prologis Stock Performance

PLD traded up $1.69 during trading on Monday, hitting $101.98. The stock had a trading volume of 4,098,251 shares, compared to its average volume of 4,175,148. The company has a current ratio of 0.75, a quick ratio of 0.43 and a debt-to-equity ratio of 0.53. Prologis has a 12 month low of $85.35 and a 12 month high of $132.57. The company has a 50 day simple moving average of $112.19 and a 200-day simple moving average of $113.59. The firm has a market cap of $94.53 billion, a PE ratio of 25.58, a P/E/G ratio of 2.70 and a beta of 1.20.

Prologis (NYSE:PLD) last issued its quarterly 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 for the quarter, compared to the consensus estimate of $1.99 billion. Analysts expect that Prologis will post 5.73 EPS for the current year.

Prologis Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th were paid a dividend of $1.01 per share. This is a boost from Prologis’s previous quarterly dividend of $0.96. This represents a $4.04 annualized dividend and a dividend yield of 3.96%. The ex-dividend date of this dividend was Tuesday, March 18th. Prologis’s dividend payout ratio is 101.00%.

Insider Buying and Selling

In other news, CIO Joseph Ghazal sold 10,997 shares of the business’s stock in a transaction 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 completion of the sale, the executive now owns 7,977 shares in the company, valued at $947,188.98. The trade was a 57.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Prologis

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Prologis during the 4th quarter worth approximately $951,263,000. Northern Trust Corp grew its holdings in Prologis by 54.6% during the 4th quarter. Northern Trust Corp now owns 13,855,339 shares of the real estate investment trust’s stock worth $1,464,509,000 after acquiring an additional 4,893,284 shares during the period. Capital Research Global Investors raised its position in shares of Prologis by 25.4% during the 4th 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 last quarter. Raymond James Financial Inc. acquired a new position in shares of Prologis in the 4th quarter valued at $254,876,000. Finally, FMR LLC grew its stake 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.

Prologis Company 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.