Plymouth Industrial REIT, Inc. (NYSE:PLYM) Sees Large Decrease in Short Interest

Plymouth Industrial REIT, Inc. (NYSE:PLYM) was the recipient of a large decrease in short interest in October. As of October 15th, there was short interest totalling 511,900 shares, a decrease of 56.2% from the September 30th total of 1,170,000 shares. Based on an average trading volume of 269,500 shares, the short-interest ratio is currently 1.9 days.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on PLYM shares. BMO Capital Markets decreased 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 report on Wednesday, August 28th. JMP Securities reissued a “market outperform” rating and set a $27.00 price objective on shares of Plymouth Industrial REIT in a report on Wednesday, August 28th. Wedbush raised their price objective on Plymouth Industrial REIT from $23.00 to $25.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. decreased their target price on Plymouth Industrial REIT from $24.00 to $23.00 and set an “underweight” rating for the company in a research report on Wednesday, July 10th. Finally, Barclays lifted their price target on shares of Plymouth Industrial REIT from $22.00 to $25.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $25.57.

Plymouth Industrial REIT Price Performance

NYSE PLYM traded down $0.22 on Monday, reaching $20.52. The company’s stock had a trading volume of 246,001 shares, compared to its average volume of 243,615. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 1.49. The business has a 50-day moving average price of $22.63 and a 200 day moving average price of $22.04. The firm has a market cap of $931.61 million, a PE ratio of 38.02, a price-to-earnings-growth ratio of 1.57 and a beta of 1.36. Plymouth Industrial REIT has a 52 week low of $19.21 and a 52 week high of $25.55.

Plymouth Industrial REIT Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 4.68%. The ex-dividend date of this dividend is Monday, September 30th. Plymouth Industrial REIT’s payout ratio is 177.78%.

Insider Buying and Selling

In related news, major shareholder Mirelf Vi Reit Investments Iv, sold 563,438 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $23.58, for a total transaction of $13,285,868.04. Following the completion of the sale, the insider now directly owns 4,474,292 shares in the company, valued at approximately $105,503,805.36. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Plymouth Industrial REIT

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PLYM. Westwood Holdings Group Inc. increased its stake in shares of Plymouth Industrial REIT by 10.8% in the first quarter. Westwood Holdings Group Inc. now owns 2,935,803 shares of the company’s stock valued at $66,056,000 after buying an additional 286,434 shares in the last quarter. F M Investments LLC acquired a new stake in Plymouth Industrial REIT in the 2nd quarter valued at about $6,088,000. Jennison Associates LLC raised its stake in shares of Plymouth Industrial REIT by 5.9% in the first quarter. Jennison Associates LLC now owns 4,183,540 shares of the company’s stock worth $94,130,000 after acquiring an additional 234,536 shares during the last quarter. Millennium Management LLC lifted its position in shares of Plymouth Industrial REIT by 115.6% during the second quarter. Millennium Management LLC now owns 338,894 shares of the company’s stock worth $7,246,000 after purchasing an additional 181,725 shares in the last quarter. Finally, Heritage Wealth Advisors grew its stake in shares of Plymouth Industrial REIT by 530.6% during the first quarter. Heritage Wealth Advisors now owns 208,730 shares of the company’s stock valued at $4,696,000 after purchasing an additional 175,630 shares during the last quarter. 92.67% of the stock is currently owned by institutional investors and hedge funds.

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.