Short Interest in Plymouth Industrial REIT, Inc. (NYSE:PLYM) Drops By 19.0%

Plymouth Industrial REIT, Inc. (NYSE:PLYM) was the recipient of a large drop in short interest in September. As of September 15th, there was short interest totalling 416,100 shares, a drop of 19.0% from the August 31st total of 513,700 shares. Based on an average daily trading volume, of 279,100 shares, the days-to-cover ratio is presently 1.5 days.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PLYM. Barclays increased their target price on shares of Plymouth Industrial REIT from $22.00 to $25.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 14th. Truist Financial raised their target price on Plymouth Industrial REIT from $26.00 to $27.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Wedbush upped their price target on Plymouth Industrial REIT from $23.00 to $25.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. BMO Capital Markets decreased their price objective on Plymouth Industrial REIT from $26.00 to $25.00 and set a “market perform” rating for the company in a report on Wednesday, August 28th. Finally, JPMorgan Chase & Co. lowered their price objective on Plymouth Industrial REIT from $24.00 to $23.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $25.57.

Insiders Place Their Bets

In other Plymouth Industrial REIT news, major shareholder Mirelf Vi Reit Investments Iv, sold 563,438 shares of the business’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $23.58, for a total value of $13,285,868.04. Following the transaction, the insider now owns 4,474,292 shares of the company’s stock, valued at $105,503,805.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Plymouth Industrial REIT

A number of large investors have recently modified their holdings of PLYM. New York State Teachers Retirement System purchased a new position in Plymouth Industrial REIT during the first quarter worth about $89,000. Garner Asset Management Corp purchased a new position in shares of Plymouth Industrial REIT during the fourth quarter worth about $98,000. EntryPoint Capital LLC grew its holdings in shares of Plymouth Industrial REIT by 33.9% during the first quarter. EntryPoint Capital LLC now owns 4,997 shares of the company’s stock worth $112,000 after purchasing an additional 1,266 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. increased its position in shares of Plymouth Industrial REIT by 431.0% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 9,447 shares of the company’s stock worth $202,000 after purchasing an additional 7,668 shares during the last quarter. Finally, Blue Trust Inc. purchased a new stake in Plymouth Industrial REIT in the second quarter valued at approximately $207,000. 92.67% of the stock is currently owned by institutional investors.

Plymouth Industrial REIT Stock Performance

Shares of NYSE:PLYM traded up $0.07 during midday trading on Friday, reaching $22.84. 246,338 shares of the company traded hands, compared to its average volume of 327,632. The firm’s fifty day moving average price is $23.50 and its two-hundred day moving average price is $22.08. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of 53.12, a price-to-earnings-growth ratio of 1.72 and a beta of 1.36. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 1.49. Plymouth Industrial REIT has a 12 month low of $19.21 and a 12 month high of $25.55.

Plymouth Industrial REIT Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 4.20%. The ex-dividend date is Monday, September 30th. Plymouth Industrial REIT’s dividend payout ratio is presently 223.26%.

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.