State of New Jersey Common Pension Fund D Has $3.70 Million Stake in Plymouth Industrial REIT $PLYM

State of New Jersey Common Pension Fund D lowered its stake in Plymouth Industrial REIT (NYSE:PLYM) by 19.8% in the third quarter, Holdings Channel.com reports. The institutional investor owned 165,888 shares of the company’s stock after selling 40,923 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Plymouth Industrial REIT were worth $3,704,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. PNC Financial Services Group Inc. lifted its holdings in Plymouth Industrial REIT by 21.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 6,063 shares of the company’s stock worth $135,000 after purchasing an additional 1,081 shares during the last quarter. Alpine Associates Management Inc. bought a new position in shares of Plymouth Industrial REIT in the third quarter valued at approximately $4,348,000. Wedbush Securities Inc. raised its position in shares of Plymouth Industrial REIT by 17.0% in 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 during the period. Allianz Asset Management GmbH boosted its holdings in shares of Plymouth Industrial REIT by 81.7% during the 3rd quarter. Allianz Asset Management GmbH now owns 42,532 shares of the company’s stock worth $950,000 after buying an additional 19,126 shares during the period. Finally, AlphaQuest LLC boosted its holdings in shares of Plymouth Industrial REIT by 85.0% during the 3rd quarter. AlphaQuest LLC now owns 8,668 shares of the company’s stock worth $194,000 after buying an additional 3,983 shares during the period. Institutional investors and hedge funds own 92.67% of the company’s stock.

Insider Buying and Selling at Plymouth Industrial REIT

In other Plymouth Industrial REIT news, CEO Jeffrey E. Witherell sold 151,583 shares of Plymouth Industrial REIT stock in a transaction on Friday, December 19th. The shares were sold at an average price of $21.86, for a total transaction of $3,313,604.38. Following the sale, the chief executive officer owned 437,682 shares in the company, valued at $9,567,728.52. The trade was a 25.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP James Connolly sold 59,376 shares of the business’s stock in a transaction 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 completion of the sale, the executive vice president directly owned 120,236 shares in the company, valued at $2,628,358.96. This trade represents a 33.06% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on PLYM. Robert W. Baird downgraded shares of Plymouth Industrial REIT from an “outperform” rating to a “neutral” rating and lifted their target price for the stock from $19.00 to $24.00 in a report on Thursday, October 23rd. iA Financial set a $22.00 price objective on Plymouth Industrial REIT in a research report on Monday, October 27th. Barclays lowered their target price on Plymouth Industrial REIT from $24.00 to $22.00 and set an “equal weight” rating on the stock in a report on Monday, October 27th. Weiss Ratings reissued a “hold (c)” rating on shares of Plymouth Industrial REIT in a research report on Thursday, January 22nd. Finally, Colliers Securities lowered shares of Plymouth Industrial REIT from a “buy” rating to a “hold” rating and set a $22.00 target price on the stock. in a research report on Monday, October 27th. One research analyst has rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, Plymouth Industrial REIT presently has a consensus rating of “Hold” and an average price target of $21.00.

Plymouth Industrial REIT Price Performance

Shares of PLYM stock opened at $22.00 on Friday. Plymouth Industrial REIT has a 12 month low of $12.70 and a 12 month high of $22.74. The company has a market capitalization of $979.88 million, a P/E ratio of 11.00 and a beta of 1.24. The stock has a 50 day moving average of $21.94 and a two-hundred day moving average of $21.38. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 1.31.

About Plymouth Industrial REIT

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.