Short Interest in Plymouth Industrial REIT, Inc. (NYSE:PLYM) Declines By 19.0%

Plymouth Industrial REIT, Inc. (NYSE:PLYM - Get Free Report) was the recipient of a significant drop in short interest in September. As of September 15th, there was short interest totalling 416,100 shares, a drop of 19.0% from the August 31st total of 513,700 shares. Based on an average daily volume of 279,100 shares, the days-to-cover ratio is currently 1.5 days.

Plymouth Industrial REIT Stock Performance

Shares of NYSE PLYM traded up $0.15 during mid-day trading on Friday, hitting $22.92. The company had a trading volume of 2,495 shares, compared to its average volume of 243,573. The stock's 50-day moving average price is $23.52 and its 200-day moving average price is $22.07. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of 52.95, a P/E/G ratio of 1.71 and a beta of 1.36. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 1.49. Plymouth Industrial REIT has a 1 year low of $19.21 and a 1 year high of $25.55.

Plymouth Industrial REIT Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.19%. The ex-dividend date is Monday, September 30th. Plymouth Industrial REIT's payout ratio is 223.26%.

Wall Street Analysts Forecast Growth

PLYM has been the topic of a number of recent research reports. Truist Financial raised their target price on Plymouth Industrial REIT from $26.00 to $27.00 and gave the company a "buy" rating in a report on Wednesday, August 28th. Barclays raised their price target on shares of Plymouth Industrial REIT from $22.00 to $25.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 14th. JPMorgan Chase & Co. dropped their target price on shares of Plymouth Industrial REIT from $24.00 to $23.00 and set an "underweight" rating on the stock in a research report on Wednesday, July 10th. B. Riley raised their target price on Plymouth Industrial REIT from $26.00 to $27.00 and gave the company a "buy" rating in a research report on Monday, August 5th. Finally, JMP Securities restated a "market outperform" rating and set a $27.00 price target on shares of Plymouth Industrial REIT in a research report on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $25.57.

Insider Activity

In other news, major shareholder Mirelf Vi Reit Investments Iv, sold 563,438 shares of the firm's stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $23.58, for a total transaction of $13,285,868.04. Following the completion of the transaction, the insider now directly owns 4,474,292 shares in the company, valued at $105,503,805.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.30% of the company's stock.

Hedge Funds Weigh In On Plymouth Industrial REIT

Hedge funds have recently bought and sold shares of the company. New York State Teachers Retirement System bought a new position in Plymouth Industrial REIT in the 1st quarter worth about $89,000. Garner Asset Management Corp bought a new position in shares of Plymouth Industrial REIT in the fourth quarter worth approximately $98,000. EntryPoint Capital LLC raised its stake in Plymouth Industrial REIT by 33.9% in the first quarter. EntryPoint Capital LLC now owns 4,997 shares of the company's stock valued at $112,000 after purchasing an additional 1,266 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its position in Plymouth Industrial REIT by 431.0% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 9,447 shares of the company's stock valued at $202,000 after purchasing an additional 7,668 shares during the last quarter. Finally, Blue Trust Inc. purchased a new position in Plymouth Industrial REIT in the 2nd quarter worth approximately $207,000. Hedge funds and other 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.