Plymouth Industrial REIT, Inc. (NYSE:PLYM) Short Interest Update

Plymouth Industrial REIT, Inc. (NYSE:PLYM) was the target of a significant drop in short interest in April. As of April 15th, there was short interest totalling 1,040,000 shares, a drop of 27.8% from the March 31st total of 1,440,000 shares. Based on an average daily trading volume, of 370,000 shares, the days-to-cover ratio is presently 2.8 days. Currently, 2.3% of the shares of the company are sold short.

Hedge Funds Weigh In On Plymouth Industrial REIT

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc lifted its holdings in shares of Plymouth Industrial REIT by 17.3% during the 4th quarter. Legal & General Group Plc now owns 41,472 shares of the company’s stock valued at $738,000 after purchasing an additional 6,119 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its position in shares of Plymouth Industrial REIT by 30.2% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 11,628 shares of the company’s stock worth $207,000 after purchasing an additional 2,697 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Plymouth Industrial REIT by 8.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 890,653 shares of the company’s stock worth $20,129,000 after purchasing an additional 66,886 shares during the last quarter. Rhumbline Advisers increased its position in shares of Plymouth Industrial REIT by 1.4% during the 4th quarter. Rhumbline Advisers now owns 73,529 shares of the company’s stock worth $1,309,000 after purchasing an additional 1,010 shares during the last quarter. Finally, Barclays PLC increased its position in shares of Plymouth Industrial REIT by 321.2% during the 3rd quarter. Barclays PLC now owns 63,101 shares of the company’s stock worth $1,426,000 after purchasing an additional 48,119 shares during the last quarter. Institutional investors own 92.67% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PLYM. Truist Financial cut their price target on shares of Plymouth Industrial REIT from $20.00 to $18.00 and set a “hold” rating for the company in a research note on Monday, March 24th. Robert W. Baird cut their price target on shares of Plymouth Industrial REIT from $21.00 to $20.00 and set an “outperform” rating for the company in a research note on Wednesday, March 5th. Wedbush set a $17.00 price target on shares of Plymouth Industrial REIT in a research note on Friday, February 28th. KeyCorp cut their price target on shares of Plymouth Industrial REIT from $23.00 to $18.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $27.00 target price on shares of Plymouth Industrial REIT in a research note on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $21.20.

Plymouth Industrial REIT Price Performance

Plymouth Industrial REIT stock opened at $14.91 on Wednesday. The business’s 50-day simple moving average is $15.83 and its 200 day simple moving average is $17.51. The stock has a market cap of $679.30 million, a price-to-earnings ratio of 745.65 and a beta of 1.19. Plymouth Industrial REIT has a 12-month low of $12.70 and a 12-month high of $24.71. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 1.42.

Plymouth Industrial REIT Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 6.44%. The ex-dividend date is Monday, March 31st. Plymouth Industrial REIT’s dividend payout ratio (DPR) is currently 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.