Plymouth Industrial REIT (NYSE:PLYM) Price Target Raised to $24.00

Key Points

• BMO Capital Markets has increased the price target for Plymouth Industrial REIT from $17.00 to $24.00, indicating a potential upside of 14.92% based on the stock's previous close.
• Analyst ratings show a mix with two ratings of "Buy", seven "Hold", and one "Sell", leading to an average rating of "Hold" with a consensus target price of $20.67.
• The company reported $0.46 earnings per share for the last quarter, exceeding analysts' expectations and contributing to its positive financial outlook.

Plymouth Industrial REIT (NYSE:PLYM - Get Free Report) had its price objective increased by equities researchers at BMO Capital Markets from $17.00 to $24.00 in a report released on Thursday,Benzinga reports. The firm presently has a "market perform" rating on the stock. BMO Capital Markets' price target suggests a potential upside of 12.58% from the company's current price.

PLYM has been the subject of several other reports. Citizens Jmp lowered shares of Plymouth Industrial REIT from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 20th. Truist Financial lifted their target price on shares of Plymouth Industrial REIT from $18.00 to $21.00 and gave the company a "hold" rating in a report on Wednesday, August 20th. JMP Securities reiterated a "market perform" rating on shares of Plymouth Industrial REIT in a report on Wednesday, August 20th. Wedbush raised shares of Plymouth Industrial REIT to a "hold" rating in a research report on Wednesday, July 2nd. Finally, Robert W. Baird reduced their price target on shares of Plymouth Industrial REIT from $20.00 to $19.00 and set an "outperform" rating for the company in a research report on Thursday, May 8th. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $20.67.

Plymouth Industrial REIT Stock Up 1.0%

PLYM traded up $0.22 on Thursday, hitting $21.32. The company had a trading volume of 501,698 shares, compared to its average volume of 456,014. The stock has a fifty day simple moving average of $16.13 and a 200-day simple moving average of $16.03. Plymouth Industrial REIT has a 52-week low of $12.70 and a 52-week high of $24.70. The firm has a market capitalization of $949.80 million, a P/E ratio of 7.42 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.

Plymouth Industrial REIT (NYSE:PLYM - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $46.20 million. As a group, equities analysts expect that Plymouth Industrial REIT will post 1.83 EPS for the current fiscal year.

Institutional Investors Weigh In On Plymouth Industrial REIT

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC grew 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 valued at $54,000 after acquiring an additional 3,294 shares during the period. Legal & General Group Plc grew its position in shares of Plymouth Industrial REIT by 17.3% during the 4th quarter. Legal & General Group Plc now owns 41,472 shares of the company's stock valued at $738,000 after acquiring an additional 6,119 shares during the period. Janney Montgomery Scott LLC bought a new stake in shares of Plymouth Industrial REIT during the 1st quarter valued at $408,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Plymouth Industrial REIT by 3.7% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,822 shares of the company's stock valued at $406,000 after acquiring an additional 817 shares during the period. Finally, Bank of America Corp DE grew its position in shares of Plymouth Industrial REIT by 4.0% during the 4th quarter. Bank of America Corp DE now owns 139,150 shares of the company's stock valued at $2,477,000 after acquiring an additional 5,359 shares during the period. Institutional investors own 92.67% of the company's stock.

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.