Compass Point Lowers Innovative Industrial Properties (NYSE:IIPR) Price Target to $60.00

Innovative Industrial Properties (NYSE:IIPR) had its price target reduced by Compass Point from $78.00 to $60.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Compass Point’s price target points to a potential downside of 6.10% from the stock’s current price.

A number of other research analysts have also recently commented on the company. Roth Mkm decreased their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Piper Sandler decreased their price objective on Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating on the stock in a report on Monday. Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Finally, JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $88.00.

Innovative Industrial Properties Price Performance

NYSE:IIPR opened at $63.90 on Tuesday. Innovative Industrial Properties has a 12 month low of $62.45 and a 12 month high of $138.35. The stock has a 50 day moving average of $70.45 and a two-hundred day moving average of $98.12. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. The firm has a market cap of $1.81 billion, a P/E ratio of 11.55 and a beta of 1.49.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, hitting the consensus estimate of $2.22. The company had revenue of $76.74 million during the quarter, compared to analyst estimates of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. On average, analysts expect that Innovative Industrial Properties will post 8.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the completion of the sale, the director now owns 1,346 shares in the company, valued at approximately $94,960.30. This represents a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Innovative Industrial Properties

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Innovative Industrial Properties by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company’s stock valued at $294,798,000 after buying an additional 64,908 shares in the last quarter. Pacer Advisors Inc. purchased a new position in Innovative Industrial Properties in the fourth quarter valued at about $42,006,000. Wellington Management Group LLP increased its holdings in Innovative Industrial Properties by 48.6% in the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after buying an additional 185,855 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Innovative Industrial Properties by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company’s stock valued at $30,958,000 after buying an additional 7,179 shares in the last quarter. Finally, Northern Trust Corp increased its stake in shares of Innovative Industrial Properties by 20.6% during the 4th quarter. Northern Trust Corp now owns 435,879 shares of the company’s stock worth $29,047,000 after purchasing an additional 74,342 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

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.