Plymouth Industrial REIT (NYSE:PLYM) Reaches New 12-Month Low – Time to Sell?

Plymouth Industrial REIT, Inc. (NYSE:PLYM)’s stock price hit a new 52-week low during mid-day trading on Friday . The company traded as low as $17.20 and last traded at $17.26, with a volume of 5861 shares changing hands. The stock had previously closed at $17.31.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Robert W. Baird dropped 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. 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 report on Friday, November 8th. Truist Financial decreased their price objective on shares of Plymouth Industrial REIT from $27.00 to $22.00 and set a “buy” rating for the company in a report on Friday, November 29th. Finally, Barclays dropped their target price on shares of 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 investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $24.33.

Plymouth Industrial REIT Stock Performance

The business’s fifty day moving average is $18.99 and its 200-day moving average is $21.40. 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 company has a market cap of $784.78 million, a PE ratio of 864.50, a P/E/G ratio of 1.47 and a beta of 1.34.

Plymouth Industrial REIT Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be given a $0.24 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.96 annualized dividend and a yield of 5.55%. Plymouth Industrial REIT’s payout ratio is presently 4,800.00%.

Insider Activity

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

Institutional Trading of Plymouth Industrial REIT

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its holdings in Plymouth Industrial REIT by 3.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 226,578 shares of the company’s stock valued at $4,844,000 after buying an additional 6,736 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Plymouth Industrial REIT by 7.6% in the 2nd quarter. Victory Capital Management Inc. now owns 55,100 shares of the company’s stock valued at $1,178,000 after acquiring an additional 3,900 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Plymouth Industrial REIT in the 2nd quarter worth $1,078,000. Envestnet Asset Management Inc. boosted its holdings in shares of Plymouth Industrial REIT by 9.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 198,431 shares of the company’s stock valued at $4,242,000 after purchasing an additional 17,710 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Plymouth Industrial REIT by 0.8% during the second quarter. Dimensional Fund Advisors LP now owns 536,974 shares of the company’s stock valued at $11,480,000 after purchasing an additional 4,265 shares in the last quarter. Institutional investors own 92.67% of the company’s stock.

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.