Oppenheimer & Co. Inc. Has $601,000 Position in Monmouth R.E. Inv. Corp. (MNR)
Oppenheimer & Co. Inc. cut its stake in shares of Monmouth R.E. Inv. Corp. (NYSE:MNR) by 20.9% during the 3rd quarter, HoldingsChannel reports. The firm owned 35,946 shares of the real estate investment trust’s stock after selling 9,477 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Monmouth R.E. Inv. were worth $601,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MNR. Cubist Systematic Strategies LLC purchased a new position in Monmouth R.E. Inv. during the first quarter valued at $174,000. Amalgamated Bank purchased a new position in Monmouth R.E. Inv. during the second quarter valued at $175,000. Campbell & CO Investment Adviser LLC purchased a new position in Monmouth R.E. Inv. during the second quarter valued at $180,000. Dynamic Technology Lab Private Ltd purchased a new position in Monmouth R.E. Inv. during the second quarter valued at $183,000. Finally, Ausdal Financial Partners Inc. purchased a new position in Monmouth R.E. Inv. during the second quarter valued at $187,000. Institutional investors own 62.69% of the company’s stock.
In other Monmouth R.E. Inv. news, insider Umh Properties, Inc. acquired 9,396 shares of the stock in a transaction dated Monday, September 17th. The shares were acquired at an average cost of $16.39 per share, for a total transaction of $154,000.44. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Eugene W. Landy sold 8,000 shares of Monmouth R.E. Inv. stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $16.84, for a total value of $134,720.00. Following the completion of the sale, the chairman now directly owns 852,776 shares in the company, valued at $14,360,747.84. The disclosure for this sale can be found here. Insiders bought 12,414 shares of company stock worth $201,001 over the last 90 days. Company insiders own 4.63% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Thursday, November 15th will be given a $0.17 dividend. The ex-dividend date is Wednesday, November 14th. This represents a $0.68 annualized dividend and a dividend yield of 4.58%. Monmouth R.E. Inv.’s payout ratio is 89.47%.
MNR has been the topic of several analyst reports. Boenning Scattergood reiterated a “buy” rating and set a $19.00 target price on shares of Monmouth R.E. Inv. in a research report on Friday, September 7th. Zacks Investment Research downgraded Monmouth R.E. Inv. from a “buy” rating to a “hold” rating in a research report on Tuesday, October 9th. ValuEngine downgraded Monmouth R.E. Inv. from a “hold” rating to a “sell” rating in a research report on Thursday, October 4th. Finally, B. Riley upgraded Monmouth R.E. Inv. from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $17.50 to $17.00 in a research report on Tuesday, October 9th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. Monmouth R.E. Inv. has a consensus rating of “Hold” and an average price target of $18.60.
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About Monmouth R.E. Inv.
Monmouth Real Estate Investment Corporation, founded in 1968, is one of the oldest public equity REITs in the world. The Company specializes in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants. Monmouth Real Estate is a fully-integrated and self-managed real estate company, whose property portfolio consists of 109 properties containing a total of approximately 20.5 million rentable square feet, geographically diversified across 30 states.
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