Plymouth Industrial REIT (NYSE:PLYM) Sets New 12-Month Low After Analyst Downgrade

Plymouth Industrial REIT, Inc. (NYSE:PLYM) shares reached a new 52-week low on Monday after Truist Financial lowered their price target on the stock from $27.00 to $22.00. Truist Financial currently has a buy rating on the stock. Plymouth Industrial REIT traded as low as $17.83 and last traded at $17.83, with a volume of 1896 shares trading hands. The stock had previously closed at $18.74.

A number of other equities research analysts also recently issued reports on the stock. BNP Paribas downgraded shares of Plymouth Industrial REIT from an “outperform” rating to a “neutral” rating and set a $23.00 price target on the stock. in a research note on Friday, November 8th. Wedbush lifted their price target on Plymouth Industrial REIT from $23.00 to $25.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Robert W. Baird decreased their price objective on Plymouth Industrial REIT from $26.00 to $25.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 12th. BMO Capital Markets dropped their target price on Plymouth Industrial REIT from $26.00 to $25.00 and set a “market perform” rating for the company in a report on Wednesday, August 28th. Finally, Barclays decreased their price target on Plymouth Industrial REIT from $25.00 to $22.00 and set an “equal weight” rating on the stock in a report on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Plymouth Industrial REIT presently has a consensus rating of “Hold” and a consensus target price of $24.33.

Insider Activity

In other news, Director Pendleton P. Jr. White purchased 5,000 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was purchased at an average price of $18.39 per share, for a total transaction of $91,950.00. Following the completion of the acquisition, the director now owns 5,000 shares of the company’s stock, valued at approximately $91,950. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Jeffrey E. Witherell acquired 2,000 shares of Plymouth Industrial REIT stock in a transaction on Friday, November 15th. The shares were purchased at an average price of $18.49 per share, for a total transaction of $36,980.00. Following the completion of the acquisition, the chief executive officer now directly owns 252,248 shares in the company, valued at $4,664,065.52. This trade represents a 0.80 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tidal Investments LLC raised its holdings in shares of Plymouth Industrial REIT by 7.4% in the 3rd quarter. Tidal Investments LLC now owns 23,433 shares of the company’s stock valued at $530,000 after purchasing an additional 1,614 shares in the last quarter. Barclays PLC increased its holdings in shares of Plymouth Industrial REIT by 321.2% in the 3rd quarter. Barclays PLC now owns 63,101 shares of the company’s stock valued at $1,426,000 after acquiring an additional 48,119 shares during the period. Geode Capital Management LLC raised its position in shares of Plymouth Industrial REIT by 2.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,047,832 shares of the company’s stock worth $23,685,000 after acquiring an additional 29,924 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in shares of Plymouth Industrial REIT by 1.9% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 47,100 shares of the company’s stock worth $1,064,000 after purchasing an additional 900 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd boosted its position in Plymouth Industrial REIT by 7.0% during the third quarter. Y Intercept Hong Kong Ltd now owns 32,352 shares of the company’s stock valued at $731,000 after purchasing an additional 2,110 shares in the last quarter. 92.67% of the stock is currently owned by institutional investors.

Plymouth Industrial REIT Price Performance

The company has a market cap of $837.90 million, a PE ratio of 923.00, a price-to-earnings-growth ratio of 1.47 and a beta of 1.34. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 1.42. The firm has a 50 day simple moving average of $20.62 and a 200-day simple moving average of $21.82.

Plymouth Industrial REIT Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 30th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 5.20%. The ex-dividend date was Monday, September 30th. Plymouth Industrial REIT’s payout ratio is presently 4,800.00%.

Plymouth Industrial REIT Company Profile

Plymouth Industrial REIT, Inc (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on the acquisition, ownership and management of single and multi-tenant industrial properties. Our mission is to provide tenants with cost effective space that is functional, flexible and safe.