New Mexico Educational Retirement Board Cuts Holdings in Prologis, Inc. (NYSE:PLD)

New Mexico Educational Retirement Board trimmed its holdings in shares of Prologis, Inc. (NYSE:PLD) by 10.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 43,070 shares of the real estate investment trust’s stock after selling 4,957 shares during the period. New Mexico Educational Retirement Board’s holdings in Prologis were worth $5,609,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Norges Bank purchased a new position in Prologis during the fourth quarter valued at $1,074,648,000. Capital World Investors lifted its position in Prologis by 1,252.9% during the fourth quarter. Capital World Investors now owns 7,305,582 shares of the real estate investment trust’s stock valued at $973,834,000 after purchasing an additional 6,765,582 shares in the last quarter. Public Employees Retirement Association of Colorado lifted its position in Prologis by 15,575.7% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 1,027,075 shares of the real estate investment trust’s stock valued at $136,909,000 after purchasing an additional 1,020,523 shares in the last quarter. Wellington Management Group LLP lifted its position in Prologis by 14.0% during the fourth quarter. Wellington Management Group LLP now owns 6,568,086 shares of the real estate investment trust’s stock valued at $875,526,000 after purchasing an additional 808,336 shares in the last quarter. Finally, Capital Research Global Investors lifted its position in Prologis by 15.8% during the fourth quarter. Capital Research Global Investors now owns 5,296,833 shares of the real estate investment trust’s stock valued at $706,068,000 after purchasing an additional 723,807 shares in the last quarter. 93.50% of the stock is currently owned by hedge funds and other institutional investors.

Prologis Stock Up 0.9 %

NYSE:PLD traded up $0.96 during trading hours on Friday, reaching $112.31. The company’s stock had a trading volume of 5,436,382 shares, compared to its average volume of 4,492,900. The company has a market capitalization of $103.98 billion, a P/E ratio of 32.84, a price-to-earnings-growth ratio of 2.48 and a beta of 1.07. Prologis, Inc. has a 12 month low of $96.64 and a 12 month high of $137.52. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.29 and a current ratio of 0.29. The stock has a 50 day moving average price of $108.14 and a two-hundred day moving average price of $121.83.

Prologis Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 17th were given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date was Monday, June 17th. Prologis’s payout ratio is presently 112.28%.

Analysts Set New Price Targets

PLD has been the topic of a number of recent analyst reports. Royal Bank of Canada decreased their price target on Prologis from $145.00 to $124.00 and set an “outperform” rating on the stock in a report on Monday, May 6th. Scotiabank decreased their price target on Prologis from $149.00 to $130.00 and set a “sector outperform” rating on the stock in a report on Thursday, May 16th. Mizuho decreased their price target on Prologis from $130.00 to $120.00 and set a “neutral” rating on the stock in a report on Friday, May 31st. Robert W. Baird decreased their price target on Prologis from $137.00 to $117.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. Finally, Evercore ISI decreased their price target on Prologis from $136.00 to $123.00 and set an “in-line” rating on the stock in a report on Thursday, April 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Prologis currently has a consensus rating of “Moderate Buy” and a consensus price target of $129.76.

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.