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

Plymouth Industrial REIT, Inc. (NYSE:PLYM) was the recipient of a significant increase in short interest in March. As of March 15th, there was short interest totalling 805,500 shares, an increase of 68.6% from the February 28th total of 477,800 shares. Currently, 1.8% of the shares of the company are short sold. Based on an average daily volume of 356,400 shares, the days-to-cover ratio is currently 2.3 days.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio lifted its holdings in Plymouth Industrial REIT by 25.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 258,599 shares of the company’s stock valued at $4,603,000 after acquiring an additional 53,012 shares during the last quarter. PharVision Advisers LLC acquired a new stake in Plymouth Industrial REIT during the 4th quarter worth approximately $241,000. Westwood Holdings Group Inc. raised its stake in Plymouth Industrial REIT by 33.0% during the 4th quarter. Westwood Holdings Group Inc. now owns 3,631,111 shares of the company’s stock worth $64,634,000 after acquiring an additional 901,251 shares in the last quarter. Two Sigma Advisers LP lifted its holdings in shares of Plymouth Industrial REIT by 0.6% in the 4th quarter. Two Sigma Advisers LP now owns 185,700 shares of the company’s stock valued at $3,305,000 after purchasing an additional 1,100 shares during the last quarter. Finally, Tidal Investments LLC grew its stake in Plymouth Industrial REIT by 14.7% during the 4th quarter. Tidal Investments LLC now owns 26,889 shares of the company’s stock worth $479,000 after buying an additional 3,456 shares during the last quarter. 92.67% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Plymouth Industrial REIT Stock Performance

Shares of PLYM traded up $0.03 during mid-day trading on Friday, reaching $16.84. The company had a trading volume of 261,515 shares, compared to its average volume of 294,186. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 1.42. The stock has a market capitalization of $766.90 million, a P/E ratio of 841.80 and a beta of 1.45. The stock has a 50 day moving average of $16.83 and a two-hundred day moving average of $18.78. Plymouth Industrial REIT has a 52-week low of $16.06 and a 52-week high of $24.71.

Plymouth Industrial REIT Dividend Announcement

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

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.