Plymouth Industrial REIT (NYSE:PLYM) Hits New 52-Week Low After Analyst Downgrade

Plymouth Industrial REIT, Inc. (NYSE:PLYM)’s stock price hit a new 52-week low during mid-day trading 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. The stock had previously closed at $18.74.

A number of other research analysts have also recently commented on the company. Wedbush raised 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 target price on shares of Plymouth Industrial REIT from $26.00 to $25.00 and set an “outperform” rating on the stock in a report on Tuesday, November 12th. BNP Paribas downgraded shares of Plymouth Industrial REIT from an “outperform” rating to a “neutral” rating and set a $23.00 price target for the company. in a report on Friday, November 8th. B. Riley lifted their price objective on shares of Plymouth Industrial REIT from $26.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, BMO Capital Markets lowered their price objective on shares of Plymouth Industrial REIT from $26.00 to $25.00 and set a “market perform” rating for the company in a research report on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $24.33.

Insider Buying and Selling at Plymouth Industrial REIT

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Quarry LP boosted its stake in shares of Plymouth Industrial REIT by 88.4% in the 3rd quarter. Quarry LP now owns 1,833 shares of the company’s stock valued at $41,000 after purchasing an additional 860 shares during the last quarter. Copeland Capital Management LLC acquired a new position in Plymouth Industrial REIT in the third quarter valued at $43,000. Loomis Sayles & Co. L P boosted its position in Plymouth Industrial REIT by 3,130.6% during the third quarter. Loomis Sayles & Co. L P now owns 2,003 shares of the company’s stock valued at $45,000 after acquiring an additional 1,941 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in Plymouth Industrial REIT during the 3rd quarter worth about $46,000. Finally, Point72 Hong Kong Ltd bought a new position in shares of Plymouth Industrial REIT in the 3rd quarter worth about $123,000. 92.67% of the stock is owned by institutional investors and hedge funds.

Plymouth Industrial REIT Stock Performance

The stock has a market capitalization of $809.29 million, a P/E ratio of 937.00, a price-to-earnings-growth ratio of 1.45 and a beta of 1.37. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 1.42. The company has a 50-day moving average price of $20.69 and a two-hundred day moving average price of $21.84.

Plymouth Industrial REIT Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, September 30th were issued a $0.24 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.96 dividend on an annualized basis and a yield of 5.38%. Plymouth Industrial REIT’s payout ratio is currently 4,800.00%.

About Plymouth Industrial REIT

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.