Robert W. Baird Upgrades Prologis (NYSE:PLD) to “Outperform”

Prologis (NYSE:PLD) was upgraded by Robert W. Baird from a “neutral” rating to an “outperform” rating in a report issued on Monday, MarketBeat reports. The brokerage presently has a $123.00 price target on the real estate investment trust’s stock, down from their prior price target of $124.00. Robert W. Baird’s target price would suggest a potential upside of 15.36% from the company’s current price.

A number of other research analysts have also recently issued reports on PLD. Evercore ISI lifted their price objective on Prologis from $124.00 to $128.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. JPMorgan Chase & Co. dropped their price target on shares of Prologis from $138.00 to $131.00 and set an “overweight” rating on the stock in a research note on Monday, October 21st. Truist Financial reduced their price objective on shares of Prologis from $137.00 to $132.00 and set a “buy” rating for the company in a research note on Thursday, December 5th. Scotiabank dropped their target price on shares of Prologis from $136.00 to $134.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, December 4th. Finally, BMO Capital Markets downgraded shares of Prologis from a “market perform” rating to an “underperform” rating and reduced their price target for the company from $120.00 to $104.00 in a research report on Friday, December 6th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $129.25.

Prologis Stock Performance

Shares of PLD stock opened at $106.62 on Monday. The company’s fifty day moving average price is $111.49 and its 200-day moving average price is $118.63. The stock has a market cap of $98.75 billion, a PE ratio of 32.21, a price-to-earnings-growth ratio of 3.27 and a beta of 1.09. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.56. Prologis has a 12 month low of $100.82 and a 12 month high of $135.76.

Prologis (NYSE:PLD) last posted its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $1.08 EPS for the quarter, missing the consensus estimate of $1.37 by ($0.29). Prologis had a return on equity of 5.34% and a net margin of 39.08%. The business had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.91 billion. During the same period in the previous year, the firm earned $1.30 EPS. The company’s revenue was up 6.9% on a year-over-year basis. On average, equities analysts expect that Prologis will post 5.45 EPS for the current fiscal year.

Institutional Investors Weigh In On Prologis

Several hedge funds and other institutional investors have recently made changes to their positions in PLD. State Street Corp grew its position in Prologis by 1.4% during the third quarter. State Street Corp now owns 57,413,342 shares of the real estate investment trust’s stock valued at $7,250,157,000 after buying an additional 767,609 shares during the period. Geode Capital Management LLC boosted its stake in shares of Prologis by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 20,761,980 shares of the real estate investment trust’s stock worth $2,612,395,000 after acquiring an additional 194,472 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Prologis by 2.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 13,209,926 shares of the real estate investment trust’s stock valued at $1,483,594,000 after acquiring an additional 317,815 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Prologis by 4.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 10,229,200 shares of the real estate investment trust’s stock worth $1,291,743,000 after purchasing an additional 441,841 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Prologis by 534.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,143,554 shares of the real estate investment trust’s stock worth $1,280,928,000 after purchasing an additional 8,545,336 shares in the last quarter. Hedge funds and other institutional investors own 93.50% of the company’s stock.

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.