Monmouth Real Estate Investment Corp. (MNR) Sets New 1-Year High at $14.70
Shares of Monmouth Real Estate Investment Corp. (NYSE:MNR) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $14.70 and last traded at $14.45, with a volume of 347,433 shares. The stock had previously closed at $14.08.
Several analysts have recently issued reports on MNR shares. Janney Montgomery Scott started coverage on Monmouth Real Estate Investment Corp. in a report on Tuesday, July 19th. They set a “buy” rating and a $15.00 price objective on the stock. Zacks Investment Research raised Monmouth Real Estate Investment Corp. from a “hold” rating to a “buy” rating and set a $14.00 price objective on the stock in a report on Wednesday, May 11th. DA Davidson upped their price objective on Monmouth Real Estate Investment Corp. from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Monday, August 8th. National Securities upped their price objective on Monmouth Real Estate Investment Corp. from $12.00 to $16.00 and gave the stock a “buy” rating in a report on Tuesday, August 9th. Finally, Wunderlich upped their price objective on Monmouth Real Estate Investment Corp. from $13.00 to $15.50 and gave the stock a “buy” rating in a report on Friday, August 5th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $15.50.
The company has a market cap of $980.38 million and a P/E ratio of 38.61. The firm’s 50 day moving average is $13.79 and its 200-day moving average is $12.40.
Monmouth Real Estate Investment Corp. (NYSE:MNR) last announced its quarterly earnings results on Thursday, August 4th. The real estate investment trust reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.10. During the same quarter in the prior year, the business posted $0.15 earnings per share. The company had revenue of $24.10 million for the quarter, compared to analysts’ expectations of $21.16 million. The firm’s revenue was up 16.4% compared to the same quarter last year. Equities research analysts forecast that Monmouth Real Estate Investment Corp. will post $0.33 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Monday, August 15th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 4.55%. The ex-dividend date is Thursday, August 11th.
In other Monmouth Real Estate Investment Corp. news, insider Umh Properties, Inc. acquired 12,664 shares of the company’s stock in a transaction on Wednesday, June 15th. The shares were bought at an average cost of $12.16 per share, with a total value of $153,994.24. Following the completion of the acquisition, the insider now owns 2,184,857 shares in the company, valued at $26,567,861.12. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Monmouth Real Estate Investment Corporation is a self-administered and self-managed real estate investment trust (REIT). The Company is engaged in ownership of real estate. Its investment focus is to own industrial buildings, leased primarily to investment-grade tenants on long-term net-leases. In addition, the Company owns a portfolio of REIT investment securities.
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