Adage Capital Partners GP L.L.C. Boosts Stake in Plymouth Industrial REIT $PLYM

Key Points

• Adage Capital Partners increased its stake in Plymouth Industrial REIT by 29.6% during the first quarter, now holding 700,000 shares valued at approximately $11.41 million.
• Plymouth Industrial REIT recently reported a quarterly earnings per share (EPS) of $0.46, exceeding analyst expectations, alongside a 4.3% dividend yield based on its annualized dividend of $0.96.
• Currently, analysts maintain a consensus rating of "Hold" on PLYM, with a target price of $20.67, as various firms adjust their ratings and price objectives for the stock.

Adage Capital Partners GP L.L.C. increased its position in Plymouth Industrial REIT (NYSE:PLYM - Free Report) by 29.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 700,000 shares of the company's stock after acquiring an additional 160,000 shares during the period. Adage Capital Partners GP L.L.C. owned about 1.54% of Plymouth Industrial REIT worth $11,410,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its holdings in Plymouth Industrial REIT by 6,862.5% in the 1st quarter. GAMMA Investing LLC now owns 3,342 shares of the company's stock worth $54,000 after acquiring an additional 3,294 shares during the last quarter. Copeland Capital Management LLC raised its holdings in Plymouth Industrial REIT by 79.9% in the 1st quarter. Copeland Capital Management LLC now owns 3,509 shares of the company's stock worth $57,000 after acquiring an additional 1,558 shares during the last quarter. New York State Teachers Retirement System purchased a new position in Plymouth Industrial REIT in the 1st quarter worth approximately $60,000. PNC Financial Services Group Inc. raised its holdings in Plymouth Industrial REIT by 43.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,575 shares of the company's stock worth $75,000 after acquiring an additional 1,375 shares during the last quarter. Finally, Signaturefd LLC raised its holdings in Plymouth Industrial REIT by 181.8% in the 1st quarter. Signaturefd LLC now owns 4,946 shares of the company's stock worth $81,000 after acquiring an additional 3,191 shares during the last quarter. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

Plymouth Industrial REIT Stock Performance

Shares of PLYM stock traded down $0.04 during mid-day trading on Friday, reaching $22.02. 785,137 shares of the company's stock traded hands, compared to its average volume of 1,399,387. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.13 and a current ratio of 0.13. The firm has a market capitalization of $981.12 million, a PE ratio of 7.65 and a beta of 1.17. Plymouth Industrial REIT has a 12 month low of $12.70 and a 12 month high of $23.40. The firm has a 50 day moving average price of $17.71 and a two-hundred day moving average price of $16.57.

Plymouth Industrial REIT (NYSE:PLYM - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. The firm had revenue of $47.20 million during the quarter, compared to analyst estimates of $46.20 million. Plymouth Industrial REIT had a return on equity of 24.24% and a net margin of 67.77%. On average, research analysts forecast that Plymouth Industrial REIT will post 1.83 EPS for the current year.

Plymouth Industrial REIT Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 30th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 4.4%. The ex-dividend date was Monday, June 30th. Plymouth Industrial REIT's dividend payout ratio is 33.33%.

Analysts Set New Price Targets

A number of equities research analysts have commented on PLYM shares. 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. Wedbush raised shares of Plymouth Industrial REIT to a "hold" rating in a research report on Wednesday, July 2nd. JMP Securities reaffirmed a "market perform" rating on shares of Plymouth Industrial REIT in a research report on Wednesday, August 20th. BMO Capital Markets lifted their target price on shares of Plymouth Industrial REIT from $17.00 to $24.00 and gave the stock a "market perform" rating in a research report on Thursday, August 21st. Finally, Citizens Jmp downgraded shares of Plymouth Industrial REIT from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 20th. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Plymouth Industrial REIT has an average rating of "Hold" and an average target price of $20.67.

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.