Should You Avoid Prologis Inc (PLD)?

Seeing as Prologis Inc (NYSE:PLD) has witnessed falling interest from the aggregate hedge fund industry, logic holds that there was a specific group of hedgies that elected to cut their full holdings by the end of the third quarter. Interestingly, Israel Englander’s Millennium Management dropped the biggest stake of all the hedgies studied by Insider Monkey, valued at about $50.1 million in stock. Matthew Tewksbury’s fund, Stevens Capital Management, also dropped its stock, about $18.7 million worth.

Let’s now review hedge fund activity in other stocks similar to Prologis Inc (NYSE:PLD). These stocks are V.F. Corporation (NYSE:VFC), PPL Corporation (NYSE:PPL), Deere & Company (NYSE:DE), and Cardinal Health, Inc. (NYSE:CAH). This group of stocks’ market values are similar to PLD’s market value.

As you can see these stocks had an average of 24 hedge funds with bullish positions and the average amount invested in these stocks was $1.23 billion. That figure was $594 million in PLD’s case. Deere & Company (NYSE:DE) is the most popular stock in this table. On the other hand V.F. Corporation (NYSE:VFC) is the least popular one with only 22 bullish hedge fund positions. Compared to these stocks Prologis Inc (NYSE:PLD) is even less popular than VFC. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock.

Disclosure: None