Innovative Industrial Properties (NYSE:IIPR) Rating Lowered to Neutral at BTIG Research

Innovative Industrial Properties (NYSE:IIPR) was downgraded by BTIG Research from a “buy” rating to a “neutral” rating in a research report issued on Monday, Marketbeat.com reports.

Other equities analysts have also recently issued research reports about the company. Alliance Global Partners began coverage on Innovative Industrial Properties in a research note on Tuesday, December 17th. They issued a “buy” rating and a $130.00 price objective for the company. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. Compass Point lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $125.00 to $78.00 in a report on Friday, December 20th. Finally, Piper Sandler downgraded shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $118.00 to $70.00 in a research note on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $104.50.

Innovative Industrial Properties Price Performance

Shares of IIPR opened at $70.35 on Monday. The company has a market cap of $1.99 billion, a P/E ratio of 12.52 and a beta of 1.31. Innovative Industrial Properties has a fifty-two week low of $68.73 and a fifty-two week high of $138.35. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. The firm’s 50 day moving average price is $111.90 and its 200 day moving average price is $117.46.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The company had revenue of $76.53 million for the quarter, compared to analysts’ expectations of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The firm’s revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the company posted $2.29 EPS. On average, research analysts forecast that Innovative Industrial Properties will post 8.36 earnings per share for the current fiscal year.

Institutional Trading of Innovative Industrial Properties

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its stake in Innovative Industrial Properties by 3.3% in the second quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company’s stock valued at $36,774,000 after buying an additional 10,615 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Innovative Industrial Properties during the 2nd quarter worth $253,000. TrueMark Investments LLC purchased a new position in Innovative Industrial Properties during the 2nd quarter worth $280,000. Signaturefd LLC increased its stake in Innovative Industrial Properties by 42.3% in the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after purchasing an additional 150 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Innovative Industrial Properties by 30.0% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 8,552 shares of the company’s stock valued at $934,000 after purchasing an additional 1,976 shares during the period. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities. Innovative Industrial Properties, Inc has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.