Davis Selected Advisers Trims Holdings in Prologis, Inc. (PLD)
Davis Selected Advisers reduced its holdings in shares of Prologis, Inc. (NYSE:PLD) by 28.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 263,950 shares of the real estate investment trust’s stock after selling 107,334 shares during the period. Davis Selected Advisers’ holdings in Prologis were worth $15,478,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in PLD. Creative Planning increased its holdings in Prologis by 13.2% during the first quarter. Creative Planning now owns 2,009 shares of the real estate investment trust’s stock valued at $104,000 after buying an additional 234 shares during the last quarter. Guardian Life Insurance Co. of America increased its holdings in Prologis by 0.7% during the first quarter. Guardian Life Insurance Co. of America now owns 2,039 shares of the real estate investment trust’s stock valued at $106,000 after buying an additional 14 shares during the last quarter. IFP Advisors Inc increased its holdings in Prologis by 10.7% during the first quarter. IFP Advisors Inc now owns 2,249 shares of the real estate investment trust’s stock valued at $117,000 after buying an additional 218 shares during the last quarter. Solaris Asset Management LLC increased its holdings in Prologis by 1.8% during the first quarter. Solaris Asset Management LLC now owns 2,825 shares of the real estate investment trust’s stock valued at $147,000 after buying an additional 50 shares during the last quarter. Finally, Independent Portfolio Consultants Inc. increased its holdings in Prologis by 82.0% during the second quarter. Independent Portfolio Consultants Inc. now owns 2,718 shares of the real estate investment trust’s stock valued at $159,000 after buying an additional 1,225 shares during the last quarter. 96.00% of the stock is owned by institutional investors and hedge funds.
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Prologis, Inc. (NYSE PLD) opened at 63.14 on Thursday. The firm has a 50 day moving average of $61.45 and a 200-day moving average of $56.27. Prologis, Inc. has a 52-week low of $45.93 and a 52-week high of $64.30. The company has a market capitalization of $33.58 billion, a price-to-earnings ratio of 28.34 and a beta of 0.93.
Prologis (NYSE:PLD) last posted its earnings results on Tuesday, July 18th. The real estate investment trust reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.06. The firm had revenue of $766.18 million during the quarter, compared to analyst estimates of $576 million. Prologis had a net margin of 43.99% and a return on equity of 6.65%. The business’s quarterly revenue was up 27.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.60 EPS. Equities analysts expect that Prologis, Inc. will post ($0.27) EPS for the current year.
In related news, Director Carl B. Webb sold 20,000 shares of the business’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $61.38, for a total value of $1,227,600.00. Following the completion of the sale, the director now owns 66,078 shares of the company’s stock, valued at approximately $4,055,867.64. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Gary E. Anderson sold 65,000 shares of the business’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $58.55, for a total transaction of $3,805,750.00. The disclosure for this sale can be found here. 1.31% of the stock is owned by insiders.
A number of brokerages have commented on PLD. SunTrust Banks, Inc. raised shares of Prologis from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a report on Tuesday. KeyCorp reaffirmed a “buy” rating and set a $65.00 target price on shares of Prologis in a report on Sunday, August 27th. Jefferies Group LLC reaffirmed a “hold” rating and set a $66.00 target price (up from $59.00) on shares of Prologis in a report on Thursday, August 24th. BidaskClub raised shares of Prologis from a “buy” rating to a “strong-buy” rating in a report on Friday, August 18th. Finally, Zacks Investment Research cut shares of Prologis from a “buy” rating to a “hold” rating in a report on Thursday, August 3rd. Four analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $60.00.
Prologis Company Profile
Prologis, Inc is a real estate investment trust (REIT) company. The Company is engaged in logistics real estate business. The Company’s segments include Real Estate Operations and Strategic Capital. The Real estate operations segment consists of rental operations and development. The Company’s strategic capital segment includes asset management services, as well as services performed for unconsolidated co-investment ventures.
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