Innovative Industrial Properties (NYSE:IIPR - Get Free Report) was downgraded by equities research analysts at BTIG Research from a "buy" rating to a "neutral" rating in a research report issued to clients and investors on Monday, MarketBeat Ratings reports.
Other research analysts have also issued reports about the stock. Alliance Global Partners assumed coverage on shares of Innovative Industrial Properties in a research note on Tuesday, December 17th. They issued a "buy" rating and a $130.00 price objective for the company. Compass Point cut Innovative Industrial Properties from a "buy" rating to a "neutral" rating and reduced their price target for the company from $125.00 to $78.00 in a research report on Friday. Piper Sandler cut Innovative Industrial Properties from a "neutral" rating to an "underweight" rating and dropped their price objective for the stock from $118.00 to $70.00 in a report on Friday. JMP Securities restated a "market perform" rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Finally, Roth Capital upgraded Innovative Industrial Properties to a "strong-buy" rating in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $104.50.
View Our Latest Analysis on Innovative Industrial Properties
Innovative Industrial Properties Stock Performance
Shares of IIPR stock traded down $3.21 on Monday, hitting $70.45. 1,243,568 shares of the stock were exchanged, compared to its average volume of 220,058. The firm's 50 day moving average is $113.17 and its two-hundred day moving average is $117.72. Innovative Industrial Properties has a one year low of $68.80 and a one year high of $138.35. The firm has a market capitalization of $2.00 billion, a PE ratio of 12.54 and a beta of 1.30. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15.
Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.13 by ($0.76). The business had revenue of $76.53 million for the quarter, compared to analysts' expectations of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. Innovative Industrial Properties's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the company earned $2.29 earnings per share. Sell-side analysts expect that Innovative Industrial Properties will post 8.36 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Innovative Industrial Properties
Institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP increased its holdings in shares of Innovative Industrial Properties by 48.6% in the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company's stock worth $76,490,000 after buying an additional 185,855 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Innovative Industrial Properties by 2.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company's stock valued at $61,563,000 after acquiring an additional 10,711 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Innovative Industrial Properties by 3.3% in the second quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company's stock valued at $36,774,000 after acquiring an additional 10,615 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Innovative Industrial Properties by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company's stock valued at $35,862,000 after purchasing an additional 45,779 shares in the last quarter. Finally, LSV Asset Management lifted its stake in Innovative Industrial Properties by 21.0% during the second quarter. LSV Asset Management now owns 122,646 shares of the company's stock worth $13,395,000 after purchasing an additional 21,273 shares during the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.
About Innovative Industrial Properties
(
Get Free Report)
Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities. Innovative Industrial Properties, Inc has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.
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