Heartland Advisors Inc. Buys 198,900 Shares of Plymouth Industrial REIT (NYSE:PLYM)

Key Points

• Heartland Advisors Inc. increased its holdings in Plymouth Industrial REIT by 56.7% in the 1st quarter, owning about 1.21% of the company valued at $8.96 million.
• Several analysts have downgraded their ratings for Plymouth Industrial REIT, with the stock currently holding an average rating of "Hold" and a consensus target price of $21.10.
• The company announced a $0.24 quarterly dividend, representing an annual yield of 6.25%, with the ex-dividend date set for June 30th.

Heartland Advisors Inc. increased its stake in Plymouth Industrial REIT (NYSE:PLYM - Free Report) by 56.7% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 549,900 shares of the company's stock after buying an additional 198,900 shares during the period. Heartland Advisors Inc. owned 1.21% of Plymouth Industrial REIT worth $8,963,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Westwood Holdings Group Inc. boosted its stake in Plymouth Industrial REIT by 33.0% during the 4th quarter. Westwood Holdings Group Inc. now owns 3,631,111 shares of the company's stock valued at $64,634,000 after purchasing an additional 901,251 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Plymouth Industrial REIT by 1.7% in the 4th quarter. JPMorgan Chase & Co. now owns 906,149 shares of the company's stock worth $16,129,000 after buying an additional 15,496 shares during the last quarter. Mesirow Institutional Investment Management Inc. purchased a new position in shares of Plymouth Industrial REIT in the 4th quarter worth $10,433,000. Dimensional Fund Advisors LP boosted its stake in shares of Plymouth Industrial REIT by 1.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 567,836 shares of the company's stock worth $10,108,000 after buying an additional 9,883 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. purchased a new position in shares of Plymouth Industrial REIT in the 4th quarter worth $9,612,000. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on PLYM. Wall Street Zen downgraded Plymouth Industrial REIT from a "hold" rating to a "sell" rating in a research note on Saturday, June 14th. Wedbush upgraded Plymouth Industrial REIT to a "hold" rating in a research note on Wednesday, July 2nd. KeyCorp dropped their price target on Plymouth Industrial REIT from $23.00 to $18.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Finally, Robert W. Baird decreased their target price on Plymouth Industrial REIT from $20.00 to $19.00 and set an "outperform" rating on the stock in a report on Thursday, May 8th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $21.10.

Plymouth Industrial REIT Price Performance

NYSE:PLYM traded down $0.06 on Wednesday, reaching $15.23. 115,761 shares of the company's stock traded hands, compared to its average volume of 363,862. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 1.08. The stock has a 50-day simple moving average of $16.09 and a 200-day simple moving average of $16.10. The firm has a market cap of $693.50 million, a PE ratio of 4.99 and a beta of 1.11. Plymouth Industrial REIT has a 12 month low of $12.70 and a 12 month high of $24.70.

Plymouth Industrial REIT (NYSE:PLYM - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.44 EPS for the quarter, missing analysts' consensus estimates of $0.45 by ($0.01). The business had revenue of $45.57 million for the quarter, compared to the consensus estimate of $47.69 million. Plymouth Industrial REIT had a net margin of 71.08% and a return on equity of 26.42%. Equities research analysts forecast that Plymouth Industrial REIT will post 1.83 earnings per share for the current year.

Plymouth Industrial REIT Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be given a dividend of $0.24 per share. The ex-dividend date is Monday, June 30th. This represents a $0.96 annualized dividend and a dividend yield of 6.31%. Plymouth Industrial REIT's dividend payout ratio (DPR) is presently 31.48%.

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.