Principal Financial Group Inc. Has $1.25 Million Stock Position in Plymouth Industrial REIT $PLYM

Principal Financial Group Inc. lessened its holdings in Plymouth Industrial REIT (NYSE:PLYM) by 40.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,816 shares of the company’s stock after selling 38,382 shares during the period. Principal Financial Group Inc.’s holdings in Plymouth Industrial REIT were worth $1,246,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. GAMMA Investing LLC boosted its stake in Plymouth Industrial REIT by 233.0% during the 3rd quarter. GAMMA Investing LLC now owns 1,605 shares of the company’s stock valued at $36,000 after purchasing an additional 1,123 shares during the last quarter. CWM LLC lifted its holdings in shares of Plymouth Industrial REIT by 40.5% in the third quarter. CWM LLC now owns 2,210 shares of the company’s stock valued at $49,000 after purchasing an additional 637 shares in the last quarter. Covestor Ltd boosted its position in shares of Plymouth Industrial REIT by 1,965.3% during the third quarter. Covestor Ltd now owns 2,499 shares of the company’s stock valued at $55,000 after buying an additional 2,378 shares during the last quarter. BNP Paribas Financial Markets boosted its position in shares of Plymouth Industrial REIT by 65.3% during the second quarter. BNP Paribas Financial Markets now owns 3,834 shares of the company’s stock valued at $62,000 after buying an additional 1,514 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in Plymouth Industrial REIT by 244.0% during the second quarter. Tower Research Capital LLC TRC now owns 4,228 shares of the company’s stock worth $68,000 after buying an additional 2,999 shares in the last quarter. Institutional investors own 92.67% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PLYM. Robert W. Baird cut Plymouth Industrial REIT from an “outperform” rating to a “neutral” rating and raised their price objective for the company from $19.00 to $24.00 in a research note on Thursday, October 23rd. Barclays cut their price target on shares of 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. iA Financial set a $22.00 price objective on shares of Plymouth Industrial REIT in a research note on Monday, October 27th. BMO Capital Markets dropped their target price on shares of Plymouth Industrial REIT from $24.00 to $22.00 and set a “market perform” rating on the stock in a research report on Monday, October 27th. Finally, Colliers Securities lowered Plymouth Industrial REIT from a “buy” rating to a “hold” rating and set a $22.00 target price for the company. in a report on Monday, October 27th. One research analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $21.00.

Insider Activity at Plymouth Industrial REIT

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

Plymouth Industrial REIT Stock Performance

NYSE PLYM opened at $22.00 on Wednesday. The company has a market capitalization of $979.88 million, a PE ratio of 11.00 and a beta of 1.24. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.13 and a current ratio of 0.13. Plymouth Industrial REIT has a 52-week low of $12.70 and a 52-week high of $22.74. The company has a 50-day simple moving average of $21.93 and a 200 day simple moving average of $21.37.

Plymouth Industrial REIT Company 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.