Plymouth Industrial REIT, Inc. (NYSE:PLYM) Sees Large Increase in Short Interest

Plymouth Industrial REIT, Inc. (NYSE:PLYM) was the target of a significant growth in short interest in March. As of March 31st, there was short interest totalling 1,440,000 shares, a growth of 78.8% from the March 15th total of 805,500 shares. Based on an average daily volume of 370,300 shares, the days-to-cover ratio is currently 3.9 days. Approximately 3.2% of the shares of the stock are sold short.

Analyst Ratings Changes

PLYM has been the subject of a number of analyst reports. Truist Financial cut their price target on Plymouth Industrial REIT from $20.00 to $18.00 and set a “hold” rating for the company in a research note on Monday, March 24th. JMP Securities restated a “market outperform” rating and issued a $27.00 price target on shares of Plymouth Industrial REIT in a research note on Tuesday, January 14th. Robert W. Baird reduced their price objective on shares of Plymouth Industrial REIT from $21.00 to $20.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 5th. KeyCorp cut their target price on shares of Plymouth Industrial REIT from $23.00 to $18.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Finally, Barclays decreased their price target on shares of Plymouth Industrial REIT from $22.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Monday, March 31st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Plymouth Industrial REIT has an average rating of “Hold” and a consensus price target of $21.20.

Plymouth Industrial REIT Trading Up 1.4 %

Shares of PLYM traded up $0.20 during midday trading on Wednesday, hitting $14.35. The stock had a trading volume of 284,308 shares, compared to its average volume of 302,106. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.12 and a quick ratio of 0.12. Plymouth Industrial REIT has a 1 year low of $12.70 and a 1 year high of $24.71. The firm has a market cap of $653.66 million, a PE ratio of 717.50 and a beta of 1.19. The stock’s 50 day moving average is $16.18 and its 200 day moving average is $17.98.

Plymouth Industrial REIT Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 6.69%. The ex-dividend date is Monday, March 31st. Plymouth Industrial REIT’s dividend payout ratio is currently 31.37%.

Hedge Funds Weigh In On Plymouth Industrial REIT

Several hedge funds have recently bought and sold shares of the business. Westwood Holdings Group Inc. increased its stake in Plymouth Industrial REIT by 33.0% in the 4th quarter. Westwood Holdings Group Inc. now owns 3,631,111 shares of the company’s stock worth $64,634,000 after buying an additional 901,251 shares during the period. Mesirow Institutional Investment Management Inc. bought a new position in Plymouth Industrial REIT in the fourth quarter worth approximately $10,433,000. Adage Capital Partners GP L.L.C. purchased a new position in Plymouth Industrial REIT during the 4th quarter worth $9,612,000. Thompson Siegel & Walmsley LLC purchased a new stake in shares of Plymouth Industrial REIT in the 4th quarter worth $7,443,000. Finally, Heartland Advisors Inc. lifted its stake in Plymouth Industrial REIT by 75.5% in the fourth quarter. Heartland Advisors Inc. now owns 351,000 shares of the company’s stock worth $6,248,000 after acquiring an additional 151,000 shares during the period. Institutional investors own 92.67% of the company’s stock.

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.