Plymouth Industrial REIT, Inc. (NYSE:PLYM) Short Interest Up 68.6% in March

Plymouth Industrial REIT, Inc. (NYSE:PLYM) was the recipient of a significant increase in short interest in March. As of March 15th, there was short interest totalling 805,500 shares, an increase of 68.6% from the February 28th total of 477,800 shares. Approximately 1.8% of the company’s stock are sold short. Based on an average daily volume of 356,400 shares, the days-to-cover ratio is presently 2.3 days.

Analyst Ratings Changes

A number of brokerages have commented on PLYM. JPMorgan Chase & Co. cut their price target on shares of Plymouth Industrial REIT from $20.00 to $19.00 and set an “underweight” rating for the company in a research note on Tuesday, January 14th. JMP Securities reiterated a “market outperform” rating and set a $27.00 price target on shares of Plymouth Industrial REIT in a report on Tuesday, January 14th. Robert W. Baird cut their price objective on Plymouth Industrial REIT from $21.00 to $20.00 and set an “outperform” rating for the company in a research report on Wednesday, March 5th. Truist Financial dropped their price target on 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. Finally, Wedbush set a $17.00 price objective on shares of Plymouth Industrial REIT in a research report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $22.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PLYM. Quarry LP boosted its position in Plymouth Industrial REIT by 88.4% during the third quarter. Quarry LP now owns 1,833 shares of the company’s stock valued at $41,000 after acquiring an additional 860 shares during the last quarter. Loomis Sayles & Co. L P increased its stake in shares of Plymouth Industrial REIT by 3,130.6% in the 3rd quarter. Loomis Sayles & Co. L P now owns 2,003 shares of the company’s stock valued at $45,000 after acquiring an additional 1,941 shares in the last quarter. Point72 DIFC Ltd acquired a new position in shares of Plymouth Industrial REIT during the 3rd quarter valued at $46,000. Quadrant Capital Group LLC boosted its stake in 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 acquiring an additional 844 shares in the last quarter. Finally, Point72 Hong Kong Ltd acquired a new stake in Plymouth Industrial REIT in the third quarter worth $123,000. Institutional investors and hedge funds own 92.67% of the company’s stock.

Plymouth Industrial REIT Price Performance

Shares of NYSE PLYM traded down $0.11 during mid-day trading on Monday, hitting $16.51. 12,220 shares of the stock traded hands, compared to its average volume of 351,170. The company has a market cap of $751.82 million, a PE ratio of 825.35 and a beta of 1.45. Plymouth Industrial REIT has a twelve month low of $16.06 and a twelve month high of $24.71. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.12 and a quick ratio of 0.12. The firm has a 50 day simple moving average of $16.83 and a two-hundred day simple moving average of $18.76.

Plymouth Industrial REIT Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 5.82%. The ex-dividend date is Monday, March 31st. Plymouth Industrial REIT’s payout ratio is 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.