Plymouth Industrial REIT (NYSE:PLYM) Sets New 1-Year Low – Time to Sell?

Shares of Plymouth Industrial REIT, Inc. (NYSE:PLYM) reached a new 52-week low on Thursday . The stock traded as low as $15.57 and last traded at $15.61, with a volume of 27109 shares traded. The stock had previously closed at $16.32.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PLYM shares. Barclays dropped their price target 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. Wedbush set a $17.00 price target on shares of Plymouth Industrial REIT in a research note on Friday, February 28th. JMP Securities reissued a “market outperform” rating and issued a $27.00 price target on shares of Plymouth Industrial REIT in a research report on Tuesday, January 14th. Truist Financial dropped their price objective on Plymouth Industrial REIT from $20.00 to $18.00 and set a “hold” rating on the stock in a report on Monday, March 24th. Finally, JPMorgan Chase & Co. reduced their target price on Plymouth Industrial REIT from $20.00 to $19.00 and set an “underweight” rating for the company in a report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $21.56.

Plymouth Industrial REIT Price Performance

The company has a 50-day moving average of $16.80 and a 200-day moving average of $18.65. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.12 and a current ratio of 0.12. The stock has a market cap of $705.36 million, a price-to-earnings ratio of 773.50 and a beta of 1.45.

Plymouth Industrial REIT Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders 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 dividend yield of 6.20%. The ex-dividend date of this dividend is Monday, March 31st. Plymouth Industrial REIT’s payout ratio is currently 31.37%.

Hedge Funds Weigh In On Plymouth Industrial REIT

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Intech Investment Management LLC acquired a new stake in shares of Plymouth Industrial REIT in the 3rd quarter worth $205,000. Charles Schwab Investment Management Inc. lifted its position in Plymouth Industrial REIT by 24.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 910,751 shares of the company’s stock valued at $20,583,000 after purchasing an additional 180,003 shares during the period. Cerity Partners LLC boosted its holdings in Plymouth Industrial REIT by 28.0% in the 3rd quarter. Cerity Partners LLC now owns 34,316 shares of the company’s stock valued at $776,000 after purchasing an additional 7,512 shares in the last quarter. BNP Paribas Financial Markets increased its position in Plymouth Industrial REIT by 40.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,884 shares of the company’s stock worth $269,000 after purchasing an additional 3,448 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Plymouth Industrial REIT by 137.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 67,201 shares of the company’s stock worth $1,519,000 after buying an additional 38,850 shares in the last quarter. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

About Plymouth Industrial REIT

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.