Monmouth R.E. Inv. (MNR) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research lowered shares of Monmouth R.E. Inv. (NYSE:MNR) from a buy rating to a hold rating in a research note published on Tuesday morning.
According to Zacks, “MONMOUTH REAL ESTATE INVT operates as a qualified hybrid real estate investment trust under the Internal Revenue Code of 1954. “
MNR has been the subject of several other reports. Boenning Scattergood restated a buy rating and set a $19.00 price objective on shares of Monmouth R.E. Inv. in a research report on Friday, September 7th. ValuEngine downgraded shares of Monmouth R.E. Inv. from a hold rating to a sell rating in a research report on Thursday, October 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $18.60.
Monmouth R.E. Inv. (NYSE:MNR) last issued its quarterly earnings data on Wednesday, August 1st. The real estate investment trust reported $0.13 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.10). The company had revenue of $36.20 million for the quarter, compared to analyst estimates of $35.28 million. Monmouth R.E. Inv. had a return on equity of 9.44% and a net margin of 35.32%. On average, sell-side analysts anticipate that Monmouth R.E. Inv. will post 0.9 EPS for the current fiscal year.
The firm also recently declared 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 of this dividend is Wednesday, November 14th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.57%. Monmouth R.E. Inv.’s payout ratio is 89.47%.
In other news, Chairman Eugene W. Landy sold 8,000 shares of Monmouth R.E. Inv. stock in a transaction that occurred on Wednesday, August 15th. The shares were 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Umh Properties, Inc. purchased 9,396 shares of the company’s stock in a transaction dated Monday, September 17th. The stock was acquired at an average price of $16.39 per share, with a total value of $154,000.44. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 12,823 shares of company stock valued at $209,428. 4.63% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Amalgamated Bank acquired a new stake in shares of Monmouth R.E. Inv. in the second quarter valued at approximately $175,000. Campbell & CO Investment Adviser LLC bought a new position in Monmouth R.E. Inv. in the second quarter valued at approximately $180,000. Dynamic Technology Lab Private Ltd bought a new position in Monmouth R.E. Inv. in the second quarter valued at approximately $183,000. Ausdal Financial Partners Inc. bought a new position in Monmouth R.E. Inv. in the second quarter valued at approximately $187,000. Finally, Hsbc Holdings PLC bought a new position in Monmouth R.E. Inv. in the first quarter valued at approximately $173,000. Institutional investors own 66.43% of the company’s stock.
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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