Miracle Mile Advisors LLC Increases Stock Holdings in Prologis, Inc. $PLD

Miracle Mile Advisors LLC increased its stake in shares of Prologis, Inc. (NYSE:PLD) by 29.9% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 21,544 shares of the real estate investment trust’s stock after acquiring an additional 4,965 shares during the period. Miracle Mile Advisors LLC’s holdings in Prologis were worth $2,467,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PLD. Vanguard Group Inc. raised its stake in shares of Prologis by 0.3% during the second quarter. Vanguard Group Inc. now owns 121,741,332 shares of the real estate investment trust’s stock valued at $12,797,449,000 after purchasing an additional 401,922 shares during the period. State Street Corp boosted its stake in shares of Prologis by 1.9% in the second quarter. State Street Corp now owns 58,640,842 shares of the real estate investment trust’s stock valued at $6,164,325,000 after purchasing an additional 1,088,544 shares during the period. Geode Capital Management LLC grew its holdings in Prologis by 1.4% during the 2nd quarter. Geode Capital Management LLC now owns 22,416,833 shares of the real estate investment trust’s stock valued at $2,345,922,000 after purchasing an additional 310,333 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in Prologis by 1.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 16,506,899 shares of the real estate investment trust’s stock worth $1,735,205,000 after buying an additional 253,338 shares during the period. Finally, Norges Bank purchased a new stake in Prologis during the 2nd quarter worth $1,288,936,000. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Prologis Stock Up 1.1%

Shares of Prologis stock opened at $129.03 on Friday. The business has a 50-day moving average price of $126.81 and a 200 day moving average price of $116.72. Prologis, Inc. has a fifty-two week low of $85.35 and a fifty-two week high of $131.70. The firm has a market cap of $119.85 billion, a P/E ratio of 37.62, a P/E/G ratio of 3.74 and a beta of 1.40. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.62.

Prologis (NYSE:PLD) last issued its earnings results on Tuesday, October 28th. The real estate investment trust reported $0.82 EPS for the quarter. Prologis had a return on equity of 5.55% and a net margin of 36.71%.The company had revenue of $2.21 billion during the quarter. On average, sell-side analysts forecast that Prologis, Inc. will post 5.73 earnings per share for the current fiscal year.

Prologis Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Tuesday, December 16th were issued a $1.01 dividend. This represents a $4.04 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Tuesday, December 16th. Prologis’s payout ratio is currently 117.78%.

Insider Buying and Selling at Prologis

In other Prologis news, Director Cristina Gabriela Bita sold 621 shares of the stock in a transaction on Monday, December 1st. The shares were sold at an average price of $127.60, for a total transaction of $79,239.60. Following the sale, the director directly owned 8,208 shares of the company’s stock, valued at approximately $1,047,340.80. This represents a 7.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.57% of the company’s stock.

Analysts Set New Price Targets

PLD has been the subject of a number of analyst reports. Mizuho upped their price objective on shares of Prologis from $118.00 to $138.00 and gave the company an “outperform” rating in a research report on Thursday, December 4th. Industrial Alliance Securities set a $119.00 price target on Prologis in a research note on Monday, October 20th. Wells Fargo & Company raised their price objective on Prologis from $120.00 to $139.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. Barclays dropped their price objective on Prologis from $119.00 to $118.00 and set an “overweight” rating on the stock in a report on Monday, September 15th. Finally, Truist Financial reiterated a “buy” rating and set a $131.00 target price (up from $120.00) on shares of Prologis in a research note on Monday, October 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $128.24.

About Prologis

Prologis, Inc is a real estate investment trust (REIT) specializing in logistics and distribution facilities. The company focuses on acquiring, developing, and managing high-quality industrial real estate assets that support supply chain infrastructure for third-party logistics providers, e-commerce businesses, retailers and manufacturers. Its portfolio primarily consists of warehouse and distribution centers designed to optimize goods movement and storage near key transportation hubs.

With a global presence, Prologis serves customers across the Americas, Europe and Asia Pacific.