Zacks Investment Research lowered shares of Monmouth Real Estate Investment (NYSE:MNR) from a hold rating to a sell rating in a report published on Wednesday morning.
According to Zacks, “MONMOUTH REAL ESTATE INVT operates as a qualified hybrid real estate investment trust under the Internal Revenue Code of 1954. “
Several other research firms have also recently weighed in on MNR. B. Riley increased their price objective on Monmouth Real Estate Investment from $16.50 to $18.50 and gave the company a buy rating in a research report on Friday, December 1st. BMO Capital Markets assumed coverage on Monmouth Real Estate Investment in a research report on Monday, September 11th. They issued a market perform rating and a $16.50 price objective for the company. Finally, National Securities reaffirmed a buy rating and issued a $18.00 target price (up from $16.50) on shares of Monmouth Real Estate Investment in a research report on Monday, August 21st. One analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $17.58.
Monmouth Real Estate Investment (NYSE:MNR) last posted its quarterly earnings data on Wednesday, November 29th. The real estate investment trust reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.12). Monmouth Real Estate Investment had a net margin of 30.84% and a return on equity of 7.65%. The business had revenue of $30.40 million during the quarter, compared to the consensus estimate of $30.91 million. During the same period in the prior year, the company posted $0.22 earnings per share. The firm’s revenue was up 19.2% compared to the same quarter last year. equities research analysts anticipate that Monmouth Real Estate Investment will post 0.9 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Wednesday, November 15th will be given a $0.17 dividend. This is a boost from Monmouth Real Estate Investment’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a yield of 3.85%. The ex-dividend date of this dividend is Tuesday, November 14th. Monmouth Real Estate Investment’s dividend payout ratio (DPR) is 212.50%.
In related news, Chairman Eugene W. Landy sold 32,500 shares of the firm’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $16.27, for a total value of $528,775.00. Following the completion of the transaction, the chairman now directly owns 880,705 shares of the company’s stock, valued at $14,329,070.35. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders purchased 445 shares of company stock valued at $7,004. 5.31% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Barings LLC bought a new position in Monmouth Real Estate Investment in the third quarter worth $168,000. QS Investors LLC lifted its position in Monmouth Real Estate Investment by 6.8% in the second quarter. QS Investors LLC now owns 11,357 shares of the real estate investment trust’s stock worth $171,000 after purchasing an additional 720 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in Monmouth Real Estate Investment in the second quarter worth $173,000. Pekin Singer Strauss Asset Management IL raised its stake in Monmouth Real Estate Investment by 5.4% during the second quarter. Pekin Singer Strauss Asset Management IL now owns 11,650 shares of the real estate investment trust’s stock worth $175,000 after acquiring an additional 595 shares in the last quarter. Finally, Intrust Bank NA acquired a new position in Monmouth Real Estate Investment during the second quarter worth $181,000. 66.64% of the stock is owned by hedge funds and other institutional investors.
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Monmouth Real Estate Investment Company Profile
Monmouth Real Estate Investment Corporation is a real estate investment trust (REIT). The Company’s primary business is the ownership of real estate. Its investment focus is to own single tenant, industrial buildings and leased to investment-grade tenants or their subsidiaries on long-term net leases.
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