Plymouth Industrial REIT (NYSE:PLYM) Hits New 12-Month Low Following Analyst Downgrade

Plymouth Industrial REIT, Inc. (NYSE:PLYM)’s stock price reached a new 52-week low 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 changing hands. The stock had previously closed at $13.96.

A number of other equities research analysts also recently weighed in on the stock. Barclays lowered their target price on shares of Plymouth Industrial REIT from $22.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Monday, March 31st. JPMorgan Chase & Co. lowered their price objective on shares of Plymouth Industrial REIT from $20.00 to $19.00 and set an “underweight” rating on the stock in a research report on Tuesday, January 14th. JMP Securities reaffirmed a “market outperform” rating and set a $27.00 price objective on shares of Plymouth Industrial REIT in a report on Tuesday, January 14th. Robert W. Baird reduced their target price on Plymouth Industrial REIT from $21.00 to $20.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 5th. Finally, Wedbush set a $17.00 price target on Plymouth Industrial REIT in a research report on Friday, February 28th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $21.20.

Institutional Trading of Plymouth Industrial REIT

Several institutional investors have recently added to or reduced their stakes in PLYM. Quadrant Capital Group LLC lifted its stake in shares of Plymouth Industrial REIT by 38.1% in the 4th quarter. Quadrant Capital Group LLC now owns 3,060 shares of the company’s stock valued at $54,000 after acquiring an additional 844 shares during the last quarter. Quarry LP increased its stake in Plymouth Industrial REIT by 74.1% in the 4th quarter. Quarry LP now owns 3,191 shares of the company’s stock worth $57,000 after purchasing an additional 1,358 shares during the period. GAMMA Investing LLC lifted its position in Plymouth Industrial REIT by 6,862.5% in the first quarter. GAMMA Investing LLC now owns 3,342 shares of the company’s stock valued at $54,000 after purchasing an additional 3,294 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Plymouth Industrial REIT during the fourth quarter valued at approximately $148,000. Finally, SG Americas Securities LLC grew its holdings in shares of Plymouth Industrial REIT by 15.0% in the fourth quarter. SG Americas Securities LLC now owns 10,390 shares of the company’s stock worth $185,000 after purchasing an additional 1,358 shares during the last quarter. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

Plymouth Industrial REIT Price Performance

The firm’s fifty day moving average price is $16.37 and its 200-day moving average price is $18.19. 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 stock has a market cap of $625.01 million, a P/E ratio of 686.05 and a beta of 1.19.

Plymouth Industrial REIT Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Monday, March 31st will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 7.00%. The ex-dividend date is Monday, March 31st. 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.