Zacks Investment Research Lowers Plymouth Industrial REIT (NYSE:PLYM) to Sell

Zacks Investment Research downgraded shares of Plymouth Industrial REIT (NYSE:PLYM) from a hold rating to a sell rating in a research report sent 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. “

Shares of Plymouth Industrial REIT stock opened at $20.19 on Tuesday. The stock has a market capitalization of $593.69 million, a PE ratio of -15.18 and a beta of 1.24. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 1.83. The business’s fifty day simple moving average is $18.58. Plymouth Industrial REIT has a 1 year low of $11.18 and a 1 year high of $20.37.

Plymouth Industrial REIT (NYSE:PLYM) last released its quarterly earnings results on Friday, May 7th. The company reported ($0.24) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by ($0.63). Plymouth Industrial REIT had a negative net margin of 11.00% and a negative return on equity of 6.69%. On average, analysts predict that Plymouth Industrial REIT will post 1.72 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 30th. Investors of record on Wednesday, June 30th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 4.16%. The ex-dividend date of this dividend is Tuesday, June 29th. This is a positive change from Plymouth Industrial REIT’s previous quarterly dividend of $0.20. Plymouth Industrial REIT’s dividend payout ratio (DPR) is currently 43.01%.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Rhumbline Advisers grew its position in shares of Plymouth Industrial REIT by 3.9% in the first quarter. Rhumbline Advisers now owns 22,581 shares of the company’s stock valued at $380,000 after purchasing an additional 846 shares during the period. Winslow Evans & Crocker Inc. grew its position in shares of Plymouth Industrial REIT by 60.9% in the fourth quarter. Winslow Evans & Crocker Inc. now owns 3,700 shares of the company’s stock valued at $56,000 after purchasing an additional 1,400 shares during the period. Daiwa Securities Group Inc. grew its position in shares of Plymouth Industrial REIT by 66.2% in the fourth quarter. Daiwa Securities Group Inc. now owns 5,773 shares of the company’s stock valued at $87,000 after purchasing an additional 2,300 shares during the period. State of Alaska Department of Revenue grew its position in shares of Plymouth Industrial REIT by 36.5% in the first quarter. State of Alaska Department of Revenue now owns 9,472 shares of the company’s stock valued at $159,000 after purchasing an additional 2,535 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position in shares of Plymouth Industrial REIT by 36.1% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 9,785 shares of the company’s stock valued at $165,000 after purchasing an additional 2,596 shares during the period. Institutional investors and hedge funds own 77.53% of the company’s stock.

About Plymouth Industrial REIT

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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