New Mexico Educational Retirement Board reduced its stake in Prologis Inc (NYSE:PLD) by 58.0% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 51,170 shares of the real estate investment trust’s stock after selling 70,795 shares during the period. New Mexico Educational Retirement Board’s holdings in Prologis were worth $3,301,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in PLD. Bronfman E.L. Rothschild L.P. raised its stake in Prologis by 75.5% in the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 2,678 shares of the real estate investment trust’s stock worth $173,000 after buying an additional 1,152 shares in the last quarter. Catalyst Capital Advisors LLC bought a new position in Prologis in the fourth quarter worth about $200,000. Segment Wealth Management LLC bought a new position in shares of Prologis during the third quarter valued at approximately $213,000. BB&T Securities LLC bought a new position in shares of Prologis during the third quarter valued at approximately $213,000. Finally, ClariVest Asset Management LLC increased its stake in shares of Prologis by 30,750.0% during the third quarter. ClariVest Asset Management LLC now owns 3,702 shares of the real estate investment trust’s stock valued at $235,000 after purchasing an additional 3,690 shares in the last quarter. 95.17% of the stock is owned by institutional investors.
A number of equities analysts have weighed in on the stock. Barclays raised their target price on shares of Prologis from $61.00 to $64.00 and gave the company an “overweight” rating in a research note on Tuesday, January 30th. Robert W. Baird raised their target price on shares of Prologis from $68.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, January 24th. Jefferies Group reaffirmed a “neutral” rating on shares of Prologis in a research note on Wednesday, January 24th. Cantor Fitzgerald set a $69.00 target price on shares of Prologis and gave the company a “buy” rating in a research note on Tuesday, January 23rd. Finally, BMO Capital Markets set a $68.00 target price on shares of Prologis and gave the company a “buy” rating in a research note on Tuesday, January 23rd. One analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Prologis presently has a consensus rating of “Buy” and a consensus price target of $67.06.
Prologis (NYSE:PLD) last announced its quarterly earnings results on Tuesday, January 23rd. The real estate investment trust reported $0.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.01. The company had revenue of $550.65 million during the quarter, compared to the consensus estimate of $533.54 million. Prologis had a net margin of 63.11% and a return on equity of 9.11%. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.63 earnings per share. research analysts forecast that Prologis Inc will post 2.9 EPS for the current fiscal year.
In related news, Director William D. Zollars sold 4,020 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $60.48, for a total transaction of $243,129.60. Following the completion of the sale, the director now owns 20,225 shares of the company’s stock, valued at $1,223,208. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Edward S. Nekritz sold 15,752 shares of the firm’s stock in a transaction that occurred on Thursday, December 28th. The shares were sold at an average price of $64.51, for a total transaction of $1,016,161.52. Following the sale, the insider now directly owns 146,414 shares of the company’s stock, valued at approximately $9,445,167.14. The disclosure for this sale can be found here. Insiders have sold 103,872 shares of company stock valued at $6,843,648 in the last three months. 1.31% of the stock is owned by insiders.
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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