Prologis, Inc. (NYSE:PLD) Sees Large Drop in Short Interest

Prologis, Inc. (NYSE:PLD) was the recipient of a large decline in short interest during the month of January. As of January 15th, there was short interest totalling 9,700,000 shares, a decline of 23.7% from the December 31st total of 12,720,000 shares. Based on an average daily volume of 4,250,000 shares, the short-interest ratio is currently 2.3 days.

Hedge Funds Weigh In On Prologis

A number of hedge funds have recently added to or reduced their stakes in the stock. Coronation Fund Managers Ltd. acquired a new position in Prologis during the 2nd quarter worth about $878,000. Northwestern Mutual Wealth Management Co. raised its stake in Prologis by 1.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 56,554 shares of the real estate investment trust’s stock worth $6,352,000 after buying an additional 749 shares during the period. Sunbelt Securities Inc. increased its holdings in Prologis by 640.0% during the 2nd quarter. Sunbelt Securities Inc. now owns 259 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 224 shares in the last quarter. Cetera Investment Advisers increased its holdings in Prologis by 6.9% during the 2nd quarter. Cetera Investment Advisers now owns 170,278 shares of the real estate investment trust’s stock worth $19,124,000 after purchasing an additional 10,967 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in Prologis during the 2nd quarter worth approximately $17,468,000. Institutional investors own 93.50% of the company’s stock.

Prologis Price Performance

Prologis stock opened at $120.66 on Friday. The stock’s fifty day moving average price is $110.83 and its two-hundred day moving average price is $118.42. Prologis has a one year low of $100.82 and a one year high of $135.76. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.23 and a quick ratio of 0.43. The firm has a market cap of $111.75 billion, a PE ratio of 30.17, a price-to-earnings-growth ratio of 3.19 and a beta of 1.09.

Prologis Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were paid a dividend of $0.96 per share. The ex-dividend date of this dividend was Monday, December 16th. This represents a $3.84 dividend on an annualized basis and a yield of 3.18%. Prologis’s dividend payout ratio (DPR) is presently 96.00%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Wolfe Research dropped their price objective on shares of Prologis from $135.00 to $128.00 and set an “overweight” rating for the company in a research report on Friday, January 17th. BMO Capital Markets lowered Prologis from a “market perform” rating to an “underperform” rating and dropped their price target for the stock from $120.00 to $104.00 in a research report on Friday, December 6th. Scotiabank cut their price target on shares of Prologis from $134.00 to $133.00 and set a “sector outperform” rating on the stock in a research note on Monday. Royal Bank of Canada boosted their price objective on shares of Prologis from $125.00 to $128.00 and gave the stock a “sector perform” rating in a research report on Monday. Finally, Truist Financial upped their price target on shares of Prologis from $121.00 to $123.00 and gave the stock a “buy” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, six have given a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Prologis presently has an average rating of “Moderate Buy” and a consensus price target of $128.78.

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.