Plymouth Industrial REIT (NYSE:PLYM) Cut to Hold at Truist Financial

Plymouth Industrial REIT (NYSE:PLYM) was downgraded by equities research analysts at Truist Financial from a “buy” rating to a “hold” rating in a research note issued on Friday, Marketbeat.com reports.

A number of other brokerages have also recently weighed in on PLYM. Barclays cut their price objective on shares of Plymouth Industrial REIT from $25.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Monday, November 18th. JMP Securities reaffirmed a “market outperform” rating and issued a $27.00 price target on shares of Plymouth Industrial REIT in a research note on Tuesday. Robert W. Baird lowered their price objective on shares of Plymouth Industrial REIT from $26.00 to $25.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 12th. JPMorgan Chase & Co. dropped their target price on Plymouth Industrial REIT from $20.00 to $19.00 and set an “underweight” rating on the stock in a report on Tuesday. Finally, BNP Paribas lowered Plymouth Industrial REIT from an “outperform” rating to a “neutral” rating and set a $23.00 price target for the company. in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $23.89.

Plymouth Industrial REIT Stock Performance

Plymouth Industrial REIT stock traded down $0.24 during mid-day trading on Friday, hitting $16.99. 103,321 shares of the company’s stock traded hands, compared to its average volume of 223,509. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 1.42. Plymouth Industrial REIT has a one year low of $16.37 and a one year high of $24.71. The firm has a 50 day moving average price of $18.30 and a 200 day moving average price of $21.11. The company has a market cap of $771.18 million, a PE ratio of 849.75, a price-to-earnings-growth ratio of 1.20 and a beta of 1.34.

Insider Buying and Selling

In other news, Director Pendleton P. Jr. White bought 5,000 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were acquired at an average cost of $18.39 per share, with a total value of $91,950.00. Following the completion of the transaction, the director now directly owns 5,000 shares in the company, valued at approximately $91,950. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jeffrey E. Witherell bought 2,000 shares of the business’s stock in a transaction on Friday, November 15th. The shares were purchased at an average cost of $18.49 per share, for a total transaction of $36,980.00. Following the completion of the purchase, 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Plymouth Industrial REIT

A number of large investors have recently bought and sold shares of PLYM. Quarry LP increased its holdings in shares of Plymouth Industrial REIT by 88.4% during the 3rd quarter. Quarry LP now owns 1,833 shares of the company’s stock valued at $41,000 after acquiring an additional 860 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its position in Plymouth Industrial REIT by 1.9% during the third 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 period. Daiwa Securities Group Inc. grew its holdings in Plymouth Industrial REIT by 11.4% during the third quarter. Daiwa Securities Group Inc. now owns 12,834 shares of the company’s stock valued at $290,000 after purchasing an additional 1,317 shares during the last quarter. Tidal Investments LLC lifted its stake in shares of Plymouth Industrial REIT by 7.4% in the third quarter. Tidal Investments LLC now owns 23,433 shares of the company’s stock worth $530,000 after buying an additional 1,614 shares during the last quarter. Finally, Copeland Capital Management LLC acquired a new stake in shares of Plymouth Industrial REIT in the third quarter worth $43,000. 92.67% of the stock is currently owned by institutional investors.

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.