Plymouth Industrial REIT (NYSE:PLYM) Hits New 12-Month Low – Here’s Why

Plymouth Industrial REIT, Inc. (NYSE:PLYM) shares reached a new 52-week low during trading on Wednesday . The company traded as low as $18.04 and last traded at $18.13, with a volume of 311763 shares traded. The stock had previously closed at $19.10.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Truist Financial cut their price target on Plymouth Industrial REIT from $27.00 to $22.00 and set a “buy” rating on the stock in a research note on Friday, November 29th. Robert W. Baird decreased their target price on Plymouth Industrial REIT from $26.00 to $25.00 and set an “outperform” rating for the company in a research report on Tuesday, November 12th. Barclays cut their price target on shares of Plymouth Industrial REIT from $25.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Monday, November 18th. BNP Paribas cut shares of Plymouth Industrial REIT from an “outperform” rating to a “neutral” rating and set a $23.00 price objective for the company. in a report on Friday, November 8th. Finally, BMO Capital Markets cut their target price on shares of Plymouth Industrial REIT from $26.00 to $25.00 and set a “market perform” rating on the stock in a report on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $24.33.

Plymouth Industrial REIT Stock Performance

The stock has a market cap of $817.00 million, a P/E ratio of 900.00, a price-to-earnings-growth ratio of 1.47 and a beta of 1.34. 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 stock’s 50 day simple moving average is $19.70 and its two-hundred day simple moving average is $21.62.

Plymouth Industrial REIT Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be given a $0.24 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.96 annualized dividend and a yield of 5.33%. Plymouth Industrial REIT’s dividend payout ratio is currently 4,800.00%.

Insiders Place Their Bets

In related news, Director Pendleton P. Jr. White acquired 5,000 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was bought at an average price of $18.39 per share, with a total value of $91,950.00. Following the acquisition, the director now owns 5,000 shares in the company, valued at $91,950. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jeffrey E. Witherell bought 2,000 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was purchased at an average cost of $18.49 per share, with a total value of $36,980.00. Following the completion of the purchase, the chief executive officer now directly owns 252,248 shares of the company’s stock, valued at $4,664,065.52. This represents a 0.80 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.40% of the company’s stock.

Institutional Trading of Plymouth Industrial REIT

Large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its holdings in shares of Plymouth Industrial REIT by 3.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 226,578 shares of the company’s stock valued at $4,844,000 after purchasing an additional 6,736 shares during the period. F M Investments LLC acquired a new position in Plymouth Industrial REIT during the second quarter worth approximately $6,088,000. Victory Capital Management Inc. raised its stake in Plymouth Industrial REIT by 7.6% in the second quarter. Victory Capital Management Inc. now owns 55,100 shares of the company’s stock valued at $1,178,000 after buying an additional 3,900 shares during the period. Meeder Asset Management Inc. bought a new stake in Plymouth Industrial REIT in the second quarter valued at approximately $1,078,000. Finally, Envestnet Asset Management Inc. lifted its position in shares of Plymouth Industrial REIT by 9.8% in the second quarter. Envestnet Asset Management Inc. now owns 198,431 shares of the company’s stock valued at $4,242,000 after buying an additional 17,710 shares during the last quarter. Institutional investors and hedge funds own 92.67% of the company’s stock.

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.