Plymouth Industrial REIT, Inc. (NYSE:PLYM) Short Interest Up 68.6% in March

Plymouth Industrial REIT, Inc. (NYSE:PLYM) saw a large growth in short interest in the month of March. As of March 15th, there was short interest totalling 805,500 shares, a growth of 68.6% from the February 28th total of 477,800 shares. Based on an average daily trading volume, of 356,400 shares, the short-interest ratio is presently 2.3 days. Currently, 1.8% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PLYM shares. JMP Securities reissued a “market outperform” rating and issued a $27.00 price objective on shares of Plymouth Industrial REIT in a research report on Tuesday, January 14th. Robert W. Baird lowered their target price on shares of Plymouth Industrial REIT from $21.00 to $20.00 and set an “outperform” rating for the company in a research note on Wednesday, March 5th. Wedbush set a $17.00 price target on shares of Plymouth Industrial REIT in a research note on Friday, February 28th. Truist Financial lowered their price objective on shares of Plymouth Industrial REIT from $20.00 to $18.00 and set a “hold” rating for the company in a research report on Monday, March 24th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Plymouth Industrial REIT from $20.00 to $19.00 and set an “underweight” rating on the stock in a research report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $22.00.

Institutional Trading of Plymouth Industrial REIT

Institutional investors and hedge funds have recently made changes to their positions in the business. Westwood Holdings Group Inc. boosted its holdings 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 last quarter. Mesirow Institutional Investment Management Inc. acquired a new stake in Plymouth Industrial REIT during the 4th quarter worth $10,433,000. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Plymouth Industrial REIT in the fourth quarter valued at about $9,612,000. Thompson Siegel & Walmsley LLC purchased a new position in shares of Plymouth Industrial REIT in the fourth quarter worth about $7,443,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Plymouth Industrial REIT by 24.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 910,751 shares of the company’s stock worth $20,583,000 after acquiring an additional 180,003 shares during the last quarter. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

Plymouth Industrial REIT Stock Performance

NYSE PLYM traded up $0.03 on Friday, reaching $16.84. 261,515 shares of the company’s stock traded hands, compared to its average volume of 294,186. Plymouth Industrial REIT has a fifty-two week low of $16.06 and a fifty-two week high of $24.71. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.12 and a current ratio of 0.12. The firm has a market cap of $766.90 million, a price-to-earnings ratio of 841.80 and a beta of 1.45. The stock has a 50 day moving average price of $16.83 and a 200-day moving average price of $18.78.

Plymouth Industrial REIT Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 5.70%. The ex-dividend date is Monday, March 31st. Plymouth Industrial REIT’s payout ratio is currently 31.37%.

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.