Plymouth Industrial REIT (NYSE:PLYM) Reaches New 1-Year Low – Here’s What Happened

Plymouth Industrial REIT, Inc. (NYSE:PLYM) shares reached a new 52-week low on Thursday . The stock traded as low as $16.92 and last traded at $16.96, with a volume of 140535 shares changing hands. The stock had previously closed at $17.24.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PLYM. Truist Financial dropped their target price on shares of Plymouth Industrial REIT from $27.00 to $22.00 and set a “buy” rating on the stock in a report on Friday, November 29th. Robert W. Baird reduced their price objective 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. BNP Paribas downgraded Plymouth Industrial REIT from an “outperform” rating to a “neutral” rating and set a $23.00 target price on the stock. in a report on Friday, November 8th. Finally, Barclays cut their price target on Plymouth Industrial REIT from $25.00 to $22.00 and set an “equal weight” rating for the company in a research note on Monday, November 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $24.33.

Plymouth Industrial REIT Trading Down 2.5 %

The stock has a 50 day moving average of $18.58 and a 200-day moving average of $21.23. The company has a market capitalization of $751.64 million, a P/E ratio of 828.00, a P/E/G ratio of 1.47 and a beta of 1.34. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 1.42.

Plymouth Industrial REIT Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders 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 dividend on an annualized basis and a dividend yield of 5.80%. Plymouth Industrial REIT’s payout ratio is currently 4,800.00%.

Insider Activity

In other Plymouth Industrial REIT news, CEO Jeffrey E. Witherell bought 2,000 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were bought at an average price of $18.49 per share, with a total value of $36,980.00. Following the purchase, the chief executive officer now owns 252,248 shares of the company’s stock, valued at $4,664,065.52. This trade represents a 0.80 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Pendleton P. Jr. White purchased 5,000 shares of the company’s stock in a transaction on Friday, November 15th. The stock was acquired at an average price of $18.39 per share, with a total value of $91,950.00. Following the completion of the purchase, the director now directly owns 5,000 shares in the company, valued at $91,950. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.40% of the company’s stock.

Institutional Trading of Plymouth Industrial REIT

Several hedge funds have recently bought and sold shares of the stock. Quarry LP increased its holdings in shares of Plymouth Industrial REIT by 88.4% in the third quarter. Quarry LP now owns 1,833 shares of the company’s stock worth $41,000 after purchasing an additional 860 shares during the last quarter. Copeland Capital Management LLC purchased a new position in Plymouth Industrial REIT during the 3rd quarter valued at approximately $43,000. Loomis Sayles & Co. L P increased its stake in 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 worth $45,000 after acquiring an additional 1,941 shares during the last quarter. Point72 DIFC Ltd bought a new stake in Plymouth Industrial REIT in the 3rd quarter worth approximately $46,000. Finally, Point72 Hong Kong Ltd purchased a new stake in shares of Plymouth Industrial REIT during the 3rd quarter worth approximately $123,000. Hedge funds and other institutional investors own 92.67% of the company’s stock.

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.