Prologis (NYSE:PLD) Reaches New 12-Month Low – Here’s Why

Prologis, Inc. (NYSE:PLD)’s stock price reached a new 52-week low on Friday . The stock traded as low as $100.82 and last traded at $102.36, with a volume of 2065779 shares trading hands. The stock had previously closed at $101.40.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PLD shares. JPMorgan Chase & Co. dropped their target price on shares of Prologis from $138.00 to $131.00 and set an “overweight” rating on the stock in a research report on Monday, October 21st. Evercore ISI upped their price objective on shares of Prologis from $124.00 to $128.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Scotiabank reduced their target price on Prologis from $136.00 to $134.00 and set a “sector outperform” rating for the company in a research note on Wednesday, December 4th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $132.00 target price (down from $142.00) on shares of Prologis in a research report on Monday, October 21st. Finally, Truist Financial cut their price target on Prologis from $137.00 to $132.00 and set a “buy” rating on the stock in a report on Thursday, December 5th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Prologis has a consensus rating of “Hold” and an average target price of $128.88.

Prologis Trading Up 1.9 %

The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.43 and a current ratio of 0.43. The firm has a market capitalization of $95.69 billion, a P/E ratio of 31.21, a PEG ratio of 3.27 and a beta of 1.07. The firm has a 50 day simple moving average of $115.04 and a two-hundred day simple moving average of $119.01.

Prologis (NYSE:PLD) last released its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.29). Prologis had a net margin of 39.08% and a return on equity of 5.34%. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.91 billion. During the same period in the previous year, the business earned $1.30 earnings per share. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. Equities research analysts forecast that Prologis, Inc. will post 5.45 earnings per share for the current year.

Prologis Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be paid a $0.96 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.72%. Prologis’s payout ratio is presently 116.01%.

Institutional Trading of Prologis

Institutional investors and hedge funds have recently modified their holdings of the business. Lord Abbett & CO. LLC grew its stake in Prologis by 43.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 292,233 shares of the real estate investment trust’s stock valued at $36,903,000 after purchasing an additional 88,055 shares during the period. Inspire Trust Co. N.A. raised its stake in shares of Prologis by 20.5% during the 3rd quarter. Inspire Trust Co. N.A. now owns 26,000 shares of the real estate investment trust’s stock worth $3,283,000 after purchasing an additional 4,419 shares during the period. Synovus Financial Corp boosted its holdings in shares of Prologis by 20.4% in the 3rd quarter. Synovus Financial Corp now owns 4,659 shares of the real estate investment trust’s stock worth $588,000 after buying an additional 790 shares during the last quarter. Tidal Investments LLC grew its position in Prologis by 12.7% during the third quarter. Tidal Investments LLC now owns 200,250 shares of the real estate investment trust’s stock valued at $25,288,000 after buying an additional 22,516 shares during the period. Finally, Destination Wealth Management increased its holdings in Prologis by 121.5% during the third quarter. Destination Wealth Management now owns 4,504 shares of the real estate investment trust’s stock worth $569,000 after buying an additional 2,471 shares during the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.

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.