Plymouth Industrial REIT (NYSE:PLYM) Sees Large Growth in Short Interest

Key Points

• The short interest in Plymouth Industrial REIT increased by 34.3% in August, totaling 1,370,000 shares as of August 31st.
• Brokerage reports reflect a consensus rating of "Hold" for Plymouth Industrial REIT, with a price target averaging $21.33.
• The company declared a quarterly dividend of $0.24 per share, yielding 4.4%, to be paid on October 31st.

Plymouth Industrial REIT (NYSE:PLYM - Get Free Report) was the recipient of a significant growth in short interest during the month of August. As of August 31st, there was short interest totaling 1,370,000 shares, a growth of 34.3% from the August 15th total of 1,020,000 shares. Based on an average daily trading volume, of 702,500 shares, the short-interest ratio is currently 2.0 days. Approximately 3.1% of the company's stock are short sold. Approximately 3.1% of the company's stock are short sold. Based on an average daily trading volume, of 702,500 shares, the short-interest ratio is currently 2.0 days.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Wall Street Zen upgraded Plymouth Industrial REIT from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. JMP Securities restated a "market perform" rating on shares of Plymouth Industrial REIT in a report on Wednesday, August 20th. Barclays increased their price objective on Plymouth Industrial REIT from $18.00 to $24.00 and gave the stock an "equal weight" rating in a report on Monday, September 15th. Citizens Jmp downgraded Plymouth Industrial REIT from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 20th. Finally, Truist Financial increased their price target on Plymouth Industrial REIT from $18.00 to $21.00 and gave the company a "hold" rating in a report on Wednesday, August 20th. Two investment 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. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $21.33.

Plymouth Industrial REIT Stock Performance

PLYM stock traded up $0.04 during midday trading on Friday, hitting $22.04. The stock had a trading volume of 1,607,420 shares, compared to its average volume of 949,718. The firm has a market capitalization of $981.88 million, a price-to-earnings ratio of 7.65 and a beta of 1.17. The stock has a 50-day simple moving average of $18.30 and a 200 day simple moving average of $16.73. Plymouth Industrial REIT has a 52 week low of $12.70 and a 52 week high of $23.10. The company has a current ratio of 0.13, a quick 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 data on Wednesday, August 6th. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.43 by $0.03. The company had revenue of $47.20 million during the quarter, compared to analysts' expectations of $46.20 million. Plymouth Industrial REIT had a return on equity of 24.24% and a net margin of 67.77%. As a group, equities research analysts anticipate 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 Friday, October 31st. Stockholders of record on Tuesday, September 30th will be paid a $0.24 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.4%. Plymouth Industrial REIT's dividend payout ratio (DPR) is 33.33%.

Institutional Trading of Plymouth Industrial REIT

A number of hedge funds and other institutional investors have recently made changes to their positions in PLYM. Parallel Advisors LLC increased its stake in shares of Plymouth Industrial REIT by 136.1% in the second quarter. Parallel Advisors LLC now owns 1,594 shares of the company's stock valued at $26,000 after buying an additional 919 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Plymouth Industrial REIT by 6,862.5% in the 1st quarter. GAMMA Investing LLC now owns 3,342 shares of the company's stock valued at $54,000 after purchasing an additional 3,294 shares during the last quarter. Copeland Capital Management LLC grew 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 buying an additional 1,558 shares during the period. New York State Teachers Retirement System acquired a new stake in shares of Plymouth Industrial REIT during the 1st quarter worth approximately $60,000. Finally, BNP Paribas Financial Markets grew its position in shares of Plymouth Industrial REIT by 65.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,834 shares of the company's stock worth $62,000 after buying an additional 1,514 shares during the period. 92.67% of the stock is currently owned by institutional investors and hedge funds.

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.