Pacific Heights Asset Management LLC Sells 50,000 Shares of Prologis Inc. (PLD)
Pacific Heights Asset Management LLC lowered its position in shares of Prologis Inc. (NYSE:PLD) by 5.0% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 950,000 shares of the company’s stock after selling 50,000 shares during the period. Prologis makes up about 4.2% of Pacific Heights Asset Management LLC’s portfolio, making the stock its 4th largest position. Pacific Heights Asset Management LLC owned about 0.18% of Prologis worth $46,588,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Standard Life Investments LTD purchased a new position in shares of Prologis during the second quarter worth approximately $11,097,000. First National Trust Co. boosted its position in shares of Prologis by 15.9% in the second quarter. First National Trust Co. now owns 25,121 shares of the company’s stock worth $1,232,000 after buying an additional 3,449 shares during the last quarter. ING Groep NV purchased a new position in shares of Prologis during the second quarter worth approximately $7,777,000. Resolution Capital Ltd boosted its position in shares of Prologis by 19.3% in the second quarter. Resolution Capital Ltd now owns 768,812 shares of the company’s stock worth $37,703,000 after buying an additional 124,455 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. boosted its position in shares of Prologis by 14.7% in the second quarter. Candriam Luxembourg S.C.A. now owns 21,625 shares of the company’s stock worth $1,061,000 after buying an additional 2,773 shares during the last quarter. 99.84% of the stock is owned by institutional investors and hedge funds.
Prologis Inc. (NYSE:PLD) traded down 1.70% during mid-day trading on Monday, reaching $52.63. The company’s stock had a trading volume of 1,959,404 shares. Prologis Inc. has a 1-year low of $35.25 and a 1-year high of $54.87. The stock’s 50 day moving average price is $53.28 and its 200 day moving average price is $49.28. The stock has a market capitalization of $27.73 billion, a P/E ratio of 32.13 and a beta of 1.30.
Prologis (NYSE:PLD) last announced its quarterly earnings data on Tuesday, July 19th. The company reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.01. Prologis had a net margin of 35.66% and a return on equity of 4.76%. The company earned $602 million during the quarter, compared to analysts’ expectations of $221.07 million. During the same period in the previous year, the company earned $0.14 EPS. Analysts expect that Prologis Inc. will post ($0.27) EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Monday, September 19th were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Thursday, September 15th. This represents a $1.68 annualized dividend and a dividend yield of 3.19%. Prologis’s dividend payout ratio is presently 103.07%.
Several equities research analysts recently commented on PLD shares. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Prologis in a report on Wednesday, July 20th. Bank of America Corp. cut Prologis from a “buy” rating to a “neutral” rating in a report on Friday, June 24th. Deutsche Bank AG cut Prologis from a “buy” rating to a “hold” rating and increased their price target for the company from $48.00 to $50.00 in a report on Tuesday, June 21st. SunTrust Banks Inc. cut Prologis from a “buy” rating to a “neutral” rating and increased their price target for the company from $35.25 to $49.11 in a report on Thursday, June 30th. Finally, Robert W. Baird cut Prologis from an “outperform” rating to a “neutral” rating and increased their price target for the company from $52.00 to $54.00 in a report on Wednesday, August 17th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $50.26.
In related news, CEO Hamid R. Moghadam sold 349,668 shares of the company’s stock in a transaction on Friday, July 15th. The shares were sold at an average price of $51.14, for a total transaction of $17,882,021.52. Following the completion of the sale, the chief executive officer now directly owns 349,668 shares of the company’s stock, valued at approximately $17,882,021.52. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Gary E. Anderson sold 33,043 shares of the company’s stock in a transaction on Friday, August 12th. The stock was sold at an average price of $54.28, for a total transaction of $1,793,574.04. The disclosure for this sale can be found here. Insiders own 1.29% of the company’s stock.
Prologis Company Profile
Prologis, Inc is engaged in logistics real estate business, focused on markets across the Americas, Europe and Asia. The Company owns or has investments in, on a basis or through co-investment ventures, properties and development projects in over 20 countries. Its segments include Real Estate Operations and Strategic Capital.
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