Alberta Investment Management Corp Takes $6.17 Million Position in Plymouth Industrial REIT $PLYM

Alberta Investment Management Corp acquired a new position in Plymouth Industrial REIT (NYSE:PLYM) in the third quarter, Holdings Channel reports. The fund acquired 276,379 shares of the company’s stock, valued at approximately $6,172,000.

A number of other hedge funds also recently bought and sold shares of PLYM. PNC Financial Services Group Inc. boosted its position in Plymouth Industrial REIT by 21.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 6,063 shares of the company’s stock valued at $135,000 after acquiring an additional 1,081 shares in the last quarter. Alpine Associates Management Inc. purchased a new stake in shares of Plymouth Industrial REIT during the 3rd quarter worth $4,348,000. Wedbush Securities Inc. boosted its position in Plymouth Industrial REIT by 17.0% during the third quarter. Wedbush Securities Inc. now owns 21,257 shares of the company’s stock valued at $475,000 after purchasing an additional 3,083 shares in the last quarter. Allianz Asset Management GmbH grew its stake in Plymouth Industrial REIT by 81.7% in the third quarter. Allianz Asset Management GmbH now owns 42,532 shares of the company’s stock valued at $950,000 after purchasing an additional 19,126 shares during the last quarter. Finally, AlphaQuest LLC raised its holdings in Plymouth Industrial REIT by 85.0% in the third quarter. AlphaQuest LLC now owns 8,668 shares of the company’s stock worth $194,000 after purchasing an additional 3,983 shares in the last quarter. Hedge funds and other institutional investors own 92.67% of the company’s stock.

Insider Buying and Selling

In other Plymouth Industrial REIT news, CEO Jeffrey E. Witherell sold 151,583 shares of the company’s stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $21.86, for a total value of $3,313,604.38. Following the sale, the chief executive officer owned 437,682 shares in the company, valued at approximately $9,567,728.52. This represents a 25.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP James Connolly sold 59,376 shares of Plymouth Industrial REIT stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $21.86, for a total transaction of $1,297,959.36. Following the transaction, the executive vice president directly owned 120,236 shares of the company’s stock, valued at approximately $2,628,358.96. This trade represents a 33.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.60% of the company’s stock.

Wall Street Analysts Forecast Growth

PLYM has been the topic of a number of recent analyst reports. Robert W. Baird cut shares of Plymouth Industrial REIT from an “outperform” rating to a “neutral” rating and raised their price target for the company from $19.00 to $24.00 in a report on Thursday, October 23rd. iA Financial set a $22.00 target price on shares of Plymouth Industrial REIT in a research note on Monday, October 27th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Plymouth Industrial REIT in a research report on Thursday, January 22nd. BMO Capital Markets decreased their price objective on Plymouth Industrial REIT from $24.00 to $22.00 and set a “market perform” rating for the company in a report on Monday, October 27th. Finally, Barclays dropped their target price on Plymouth Industrial REIT from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Monday, October 27th. One analyst has rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, Plymouth Industrial REIT presently has an average rating of “Hold” and a consensus price target of $21.00.

Plymouth Industrial REIT Trading Up 0.1%

Shares of Plymouth Industrial REIT stock opened at $22.00 on Thursday. The stock has a market cap of $979.88 million, a PE ratio of 11.00 and a beta of 1.24. The firm has a fifty day moving average price of $21.93 and a 200 day moving average price of $21.38. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.13 and a quick ratio of 0.13. Plymouth Industrial REIT has a 1 year low of $12.70 and a 1 year high of $22.74.

Plymouth Industrial REIT Profile

Plymouth Industrial REIT, Inc (NYSE: PLYM) is a real estate investment trust specializing in the acquisition, ownership and management of industrial properties across the United States. The company targets bulk distribution warehouses, last-mile fulfillment centers and light manufacturing facilities that serve leading logistics, e-commerce and manufacturing tenants. Plymouth Industrial REIT focuses on assets located in established industrial markets with strong demand drivers, including proximity to major transportation corridors, ports and population centers.

The firm’s portfolio strategy emphasizes geographic diversification and properties with high barriers to entry.