Plymouth Industrial REIT (NYSE:PLYM) Downgraded by Citizens Jmp to "Hold"

Key Points

• Plymouth Industrial REIT (NYSE:PLYM) has been downgraded by Citizens Jmp from a "strong-buy" rating to a "hold" rating, reflecting a shift in analyst sentiment towards the stock.
• Despite the downgrade, two analysts have a Buy rating while seven have assigned a Hold rating, resulting in a consensus rating of "Hold" with an average price target of $20.78.
• In its latest earnings report, Plymouth Industrial REIT exceeded expectations with a reported $0.46 EPS and revenue of $47.20 million.

Plymouth Industrial REIT (NYSE:PLYM - Get Free Report) was downgraded by research analysts at Citizens Jmp from a "strong-buy" rating to a "hold" rating in a research note issued on Wednesday,Zacks.com reports.

A number of other equities analysts have also commented on PLYM. 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. JMP Securities reissued a "market perform" rating on shares of Plymouth Industrial REIT in a research note on Wednesday. Wedbush raised Plymouth Industrial REIT to a "hold" rating in a research report on Wednesday, July 2nd. Robert W. Baird lowered their target price on Plymouth Industrial REIT from $20.00 to $19.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. Finally, Truist Financial increased their target price on shares of Plymouth Industrial REIT from $18.00 to $21.00 and gave the stock a "hold" rating in a report on Wednesday. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $20.78.

Plymouth Industrial REIT Price Performance

NYSE:PLYM opened at $20.8850 on Wednesday. The firm has a market capitalization of $930.43 million, a price-to-earnings ratio of 7.25 and a beta of 1.11. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.13 and a quick ratio of 0.13. The business has a 50 day simple moving average of $15.84 and a 200-day simple moving average of $15.95. Plymouth Industrial REIT has a 1 year low of $12.70 and a 1 year high of $24.70.

Plymouth Industrial REIT (NYSE:PLYM - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.46 EPS for the quarter, topping analysts' consensus estimates of $0.43 by $0.03. The firm had revenue of $47.20 million during 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%. Equities analysts forecast that Plymouth Industrial REIT will post 1.83 EPS for the current year.

Institutional Investors Weigh In On Plymouth Industrial REIT

Hedge funds have recently modified their holdings of the company. Parallel Advisors LLC raised its position in Plymouth Industrial REIT by 136.1% during the second quarter. Parallel Advisors LLC now owns 1,594 shares of the company's stock worth $26,000 after acquiring an additional 919 shares during the period. Quarry LP increased its stake in shares of Plymouth Industrial REIT by 74.1% during the fourth quarter. Quarry LP now owns 3,191 shares of the company's stock worth $57,000 after purchasing an additional 1,358 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Plymouth Industrial REIT by 6,862.5% during the 1st quarter. GAMMA Investing LLC now owns 3,342 shares of the company's stock worth $54,000 after purchasing an additional 3,294 shares during the last quarter. Copeland Capital Management LLC raised its position in shares of 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 purchasing an additional 1,558 shares during the last quarter. Finally, New York State Teachers Retirement System purchased a new position in Plymouth Industrial REIT in the 1st quarter valued at about $60,000. 92.67% of the stock is owned by hedge funds and other institutional investors.

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.

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