Plymouth Industrial REIT (NYSE:PLYM) Downgraded by Zacks Investment Research

Plymouth Industrial REIT (NYSE:PLYMGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “Plymouth Industrial REIT, Inc. is a full service, vertically integrated real estate investment company. It focused on the acquisition and management of single and multi-tenant distribution centers, warehouses and light industrial properties, primarily located in secondary and select primary markets. Plymouth Industrial REIT, Inc. is based in Boston, United States. “

Other research analysts also recently issued research reports about the company. JMP Securities lifted their price target on Plymouth Industrial REIT from $26.00 to $32.00 and gave the company a “market outperform” rating in a report on Wednesday, January 12th. Truist Financial began coverage on Plymouth Industrial REIT in a report on Thursday, January 27th. They set a “buy” rating and a $31.00 price target on the stock. B. Riley began coverage on Plymouth Industrial REIT in a report on Wednesday, March 2nd. They set a “buy” rating on the stock. Finally, BMO Capital Markets began coverage on Plymouth Industrial REIT in a report on Monday, February 7th. They set a “market perform” rating and a $30.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $30.50.

Shares of PLYM stock opened at $23.10 on Tuesday. Plymouth Industrial REIT has a 1-year low of $17.87 and a 1-year high of $32.37. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 1.81. The company has a market capitalization of $844.14 million, a price-to-earnings ratio of -24.57, a P/E/G ratio of 1.88 and a beta of 1.26. The stock’s fifty day simple moving average is $26.21 and its 200-day simple moving average is $27.67.

A number of hedge funds and other institutional investors have recently modified their holdings of PLYM. Morgan Stanley grew its stake in Plymouth Industrial REIT by 81.5% in the second quarter. Morgan Stanley now owns 73,836 shares of the company’s stock valued at $1,479,000 after purchasing an additional 33,164 shares in the last quarter. Citadel Advisors LLC boosted its stake in shares of Plymouth Industrial REIT by 133.4% during the 2nd quarter. Citadel Advisors LLC now owns 31,766 shares of the company’s stock worth $636,000 after acquiring an additional 18,156 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Plymouth Industrial REIT by 20.8% during the 2nd quarter. Wells Fargo & Company MN now owns 14,127 shares of the company’s stock worth $283,000 after acquiring an additional 2,435 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in shares of Plymouth Industrial REIT by 23.9% during the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 12,126 shares of the company’s stock worth $276,000 after acquiring an additional 2,341 shares in the last quarter. Finally, Deutsche Bank AG boosted its stake in shares of Plymouth Industrial REIT by 23.9% during the 3rd quarter. Deutsche Bank AG now owns 21,546 shares of the company’s stock worth $490,000 after acquiring an additional 4,162 shares in the last quarter. Hedge funds and other institutional investors own 86.17% of the company’s stock.

About Plymouth Industrial REIT (Get Rating)

Plymouth Industrial REIT, Inc is a vertically integrated and self-managed real estate investment trust focused on the acquisition and operation of single and multi-tenant industrial properties located in secondary and select primary markets across the United States. The Company seeks to acquire properties that provide income and growth that enable the Company to leverage its real estate operating expertise to enhance shareholder value through active asset management, prudent property re-positioning and disciplined capital deployment.

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