Plymouth Industrial REIT (NYSE:PLYM) Reaches New 1-Year Low on Analyst Downgrade

Plymouth Industrial REIT, Inc. (NYSE:PLYM)’s share price reached a new 52-week low during mid-day trading on Wednesday after KeyCorp lowered their price target on the stock from $23.00 to $18.00. KeyCorp currently has an overweight rating on the stock. Plymouth Industrial REIT traded as low as $13.36 and last traded at $13.45, with a volume of 608182 shares. The stock had previously closed at $13.96.

Several other research firms have also recently commented on PLYM. Barclays lowered their target price on Plymouth Industrial REIT from $22.00 to $18.00 and set an “equal weight” rating for the company in a research note on Monday, March 31st. Truist Financial cut their target price on shares of Plymouth Industrial REIT from $20.00 to $18.00 and set a “hold” rating on the stock in a research note on Monday, March 24th. Robert W. Baird decreased their price target on shares of Plymouth Industrial REIT from $21.00 to $20.00 and set an “outperform” rating for the company in a research note on Wednesday, March 5th. Wedbush set a $17.00 price objective on shares of Plymouth Industrial REIT in a research report on Friday, February 28th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $27.00 price objective on shares of Plymouth Industrial REIT in a research report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $21.20.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Quarry LP raised its stake in Plymouth Industrial REIT by 88.4% during the 3rd quarter. Quarry LP now owns 1,833 shares of the company’s stock worth $41,000 after acquiring an additional 860 shares in the last quarter. Point72 DIFC Ltd purchased a new position in shares of Plymouth Industrial REIT during the third quarter worth about $46,000. Quadrant Capital Group LLC increased its position in shares of Plymouth Industrial REIT by 38.1% during the fourth quarter. Quadrant Capital Group LLC now owns 3,060 shares of the company’s stock worth $54,000 after purchasing an additional 844 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Plymouth Industrial REIT by 6,862.5% during the first quarter. GAMMA Investing LLC now owns 3,342 shares of the company’s stock worth $54,000 after purchasing an additional 3,294 shares in the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Plymouth Industrial REIT in the 4th quarter valued at about $148,000. Institutional investors and hedge funds own 92.67% of the company’s stock.

Plymouth Industrial REIT Trading Down 3.6 %

The stock has a market capitalization of $612.71 million, a price-to-earnings ratio of 672.55 and a beta of 1.19. The business has a 50-day moving average of $16.54 and a 200-day moving average of $18.34. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.12 and a current ratio of 0.12.

Plymouth Industrial REIT Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 7.14%. Plymouth Industrial REIT’s dividend payout ratio (DPR) is presently 31.37%.

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.