Great Lakes Advisors LLC Trims Position in Plymouth Industrial REIT $PLYM

Key Points

• Great Lakes Advisors LLC reduced its stake in Plymouth Industrial REIT by 15.7%, holding approximately $3.12 million worth of shares after selling 35,682 shares.
• Plymouth Industrial REIT reported earnings per share of $0.46 for the last quarter, exceeding analysts' expectations of $0.43, and achieved a net margin of 67.77%.
• The company declared a quarterly dividend of $0.24 per share, resulting in an annualized yield of 4.3% and a dividend payout ratio of 33.33%.

Great Lakes Advisors LLC decreased its stake in shares of Plymouth Industrial REIT (NYSE:PLYM - Free Report) by 15.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 191,280 shares of the company's stock after selling 35,682 shares during the quarter. Great Lakes Advisors LLC owned about 0.42% of Plymouth Industrial REIT worth $3,118,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. GAMMA Investing LLC grew its holdings in shares of Plymouth Industrial REIT by 6,862.5% during the first quarter. GAMMA Investing LLC now owns 3,342 shares of the company's stock valued at $54,000 after buying an additional 3,294 shares during the last quarter. Copeland Capital Management LLC lifted its position in Plymouth Industrial REIT by 79.9% during 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 period. New York State Teachers Retirement System purchased a new stake in Plymouth Industrial REIT during the 1st quarter valued at about $60,000. PNC Financial Services Group Inc. increased its holdings in shares of Plymouth Industrial REIT by 43.0% in the first quarter. PNC Financial Services Group Inc. now owns 4,575 shares of the company's stock valued at $75,000 after purchasing an additional 1,375 shares during the period. Finally, Signaturefd LLC increased its holdings in shares of Plymouth Industrial REIT by 181.8% in the first quarter. Signaturefd LLC now owns 4,946 shares of the company's stock valued at $81,000 after purchasing an additional 3,191 shares during the period. 92.67% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PLYM. Truist Financial increased their price target on shares of Plymouth Industrial REIT from $18.00 to $21.00 and gave the stock a "hold" rating in a report on Wednesday, August 20th. Citizens Jmp downgraded shares of Plymouth Industrial REIT from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 20th. Wall Street Zen raised shares of Plymouth Industrial REIT from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. BMO Capital Markets increased their price target on 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, JMP Securities reissued a "market perform" rating on shares of Plymouth Industrial REIT in a report on Wednesday, August 20th. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Plymouth Industrial REIT has a consensus rating of "Hold" and an average price target of $20.67.

Plymouth Industrial REIT Price Performance

Shares of PLYM stock traded down $0.04 during trading hours on Friday, hitting $22.02. 785,137 shares of the company's stock were exchanged, compared to its average volume of 1,399,387. The firm has a 50 day moving average of $17.71 and a two-hundred day moving average of $16.57. Plymouth Industrial REIT has a fifty-two week low of $12.70 and a fifty-two week high of $23.40. The firm has a market cap of $981.21 million, a P/E ratio of 7.65 and a beta of 1.17. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 1.15.

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

Plymouth Industrial REIT Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 30th were given a dividend of $0.24 per share. The ex-dividend date was Monday, June 30th. This represents a $0.96 dividend on an annualized basis and a yield of 4.4%. Plymouth Industrial REIT's payout ratio is presently 33.33%.

Plymouth Industrial REIT 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.