Zacks: Brokerages Anticipate Prologis, Inc. (NYSE:PLD) Will Post Quarterly Sales of $623.31 Million
Equities analysts predict that Prologis, Inc. (NYSE:PLD) will post $623.31 million in sales for the current quarter, Zacks reports. Six analysts have issued estimates for Prologis’ earnings, with estimates ranging from $579.86 million to $648.70 million. Prologis posted sales of $704.57 million during the same quarter last year, which suggests a negative year-over-year growth rate of 11.5%. The firm is scheduled to announce its next earnings results on Thursday, October 19th.
On average, analysts expect that Prologis will report full-year sales of $623.31 million for the current year, with estimates ranging from $2.31 billion to $2.65 billion. For the next year, analysts forecast that the firm will report sales of $2.58 billion per share, with estimates ranging from $2.37 billion to $2.74 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Prologis.
Prologis (NYSE:PLD) last issued its quarterly earnings data on Tuesday, July 18th. The real estate investment trust reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.06. The business had revenue of $766.18 million during the quarter, compared to the consensus estimate of $576 million. Prologis had a net margin of 43.99% and a return on equity of 6.64%. The company’s revenue was up 27.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.60 earnings per share.
A number of research firms have recently weighed in on PLD. Stifel Nicolaus raised their target price on Prologis from $57.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, May 30th. Royal Bank Of Canada restated a “buy” rating and issued a $59.00 target price on shares of Prologis in a report on Thursday, June 8th. Zacks Investment Research upgraded Prologis from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a report on Wednesday, June 14th. Citigroup Inc. raised their target price on Prologis from $50.00 to $56.00 and gave the company a “neutral” rating in a report on Tuesday, April 25th. Finally, Bank of America Corporation upgraded Prologis from a “neutral” rating to a “buy” rating and raised their target price for the company from $58.00 to $65.00 in a report on Friday, June 23rd. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $58.50.
In other Prologis news, CEO Gary E. Anderson sold 65,000 shares of the firm’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $58.55, for a total value of $3,805,750.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hamid R. Moghadam sold 71,102 shares of the firm’s stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $56.34, for a total value of $4,005,886.68. Following the completion of the sale, the chief executive officer now directly owns 71,102 shares of the company’s stock, valued at $4,005,886.68. The disclosure for this sale can be found here. Insiders sold 544,572 shares of company stock valued at $30,610,686 over the last three months. Company insiders own 1.31% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in Prologis by 2,123.5% in the first quarter. BlackRock Inc. now owns 50,855,716 shares of the real estate investment trust’s stock worth $2,638,393,000 after buying an additional 48,568,495 shares in the last quarter. Brookfield Asset Management Inc. purchased a new stake in Prologis during the first quarter worth about $227,403,000. FMR LLC increased its stake in Prologis by 9.4% in the first quarter. FMR LLC now owns 24,650,787 shares of the real estate investment trust’s stock worth $1,278,883,000 after buying an additional 2,127,092 shares in the last quarter. Swedbank purchased a new stake in Prologis during the second quarter worth about $120,268,000. Finally, Vanguard Group Inc. increased its stake in Prologis by 2.5% in the first quarter. Vanguard Group Inc. now owns 76,655,768 shares of the real estate investment trust’s stock worth $3,976,902,000 after buying an additional 1,873,351 shares in the last quarter. 95.55% of the stock is owned by institutional investors and hedge funds.
Prologis (NYSE PLD) opened at 58.99 on Friday. The firm has a 50 day moving average of $57.95 and a 200-day moving average of $53.77. The firm has a market cap of $31.28 billion, a P/E ratio of 26.19 and a beta of 0.94. Prologis has a 12 month low of $45.93 and a 12 month high of $60.47.
The company also recently announced a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Wednesday, June 14th were given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date was Monday, June 12th. Prologis’s dividend payout ratio is currently 79.28%.
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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