Peregrine Capital Management LLC Raises Stake in Plymouth Industrial REIT $PLYM

Peregrine Capital Management LLC lifted its position in shares of Plymouth Industrial REIT (NYSE:PLYM) by 10.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 352,648 shares of the company’s stock after buying an additional 33,668 shares during the quarter. Peregrine Capital Management LLC owned approximately 0.77% of Plymouth Industrial REIT worth $5,664,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Janney Montgomery Scott LLC purchased a new stake in shares of Plymouth Industrial REIT during the first quarter worth about $408,000. Adage Capital Partners GP L.L.C. boosted its position in shares of Plymouth Industrial REIT by 29.6% in the first quarter. Adage Capital Partners GP L.L.C. now owns 700,000 shares of the company’s stock worth $11,410,000 after acquiring an additional 160,000 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of Plymouth Industrial REIT by 7.8% in the first quarter. Russell Investments Group Ltd. now owns 128,593 shares of the company’s stock worth $2,096,000 after acquiring an additional 9,340 shares during the last quarter. BROOKFIELD Corp ON acquired a new stake in shares of Plymouth Industrial REIT in the first quarter worth approximately $3,894,000. Finally, Strs Ohio acquired a new stake in shares of Plymouth Industrial REIT in the first quarter worth approximately $6,652,000. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PLYM has been the topic of several research analyst reports. Robert W. Baird cut shares of Plymouth Industrial REIT from an “outperform” rating to a “neutral” rating and raised their target price for the stock from $19.00 to $24.00 in a research report on Thursday, October 23rd. Citizens Jmp cut shares of Plymouth Industrial REIT from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 20th. Colliers Securities reissued a “neutral” rating and issued a $22.00 target price on shares of Plymouth Industrial REIT in a research report on Monday. BMO Capital Markets reduced their price target on shares of Plymouth Industrial REIT from $24.00 to $22.00 and set a “market perform” rating on the stock in a research report on Monday. Finally, Wall Street Zen raised shares of Plymouth Industrial REIT from a “sell” rating to a “hold” rating in a research report on Saturday, August 16th. One investment analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $21.55.

Plymouth Industrial REIT Trading Down 0.8%

PLYM opened at $21.90 on Tuesday. The stock has a market capitalization of $975.56 million, a PE ratio of 7.60 and a beta of 1.16. The firm’s fifty day moving average price is $21.86 and its 200 day moving average price is $17.77. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.13 and a quick ratio of 0.13. Plymouth Industrial REIT has a 12-month low of $12.70 and a 12-month high of $22.65.

Plymouth Industrial REIT (NYSE:PLYM) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. The firm had revenue of $47.20 million for the quarter, compared to analysts’ expectations of $46.20 million. Plymouth Industrial REIT had a net margin of 67.77% and a return on equity of 24.24%. As a group, research analysts expect that Plymouth Industrial REIT will post 1.83 EPS for the current fiscal year.

Plymouth Industrial REIT Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Tuesday, September 30th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.96 annualized dividend and a yield of 4.4%. Plymouth Industrial REIT’s dividend payout ratio is currently 33.33%.

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.