Monmouth R.E. Inv. (NYSE:MNR)‘s stock had its “buy” rating restated by Boenning Scattergood in a report released on Friday, AnalystRatings.com reports. They presently have a $17.50 price target on the real estate investment trust’s stock. Boenning Scattergood’s price target would indicate a potential upside of 23.50% from the company’s previous close.
The analysts wrote, “We think that one of the key reasons that MNR is able to engage in these sale/leasebacks in the face of stiff market competition is that they facilitate expansions over time by purchasing surrounding land. Going-in cap rates between 6.0% and 6.3% have no escalators because the tenant pays property tax, but the run rate returns can be increased through building expansions, even before the term of the initial lease expires.””
Other equities research analysts also recently issued reports about the stock. TheStreet downgraded shares of Monmouth R.E. Inv. from a “b-” rating to a “c” rating in a research note on Friday, February 15th. JPMorgan Chase & Co. assumed coverage on shares of Monmouth R.E. Inv. in a research note on Friday, March 8th. They issued a “neutral” rating and a $14.00 price target for the company. Zacks Investment Research cut shares of Monmouth R.E. Inv. from a “hold” rating to a “sell” rating in a report on Tuesday, February 12th. ValuEngine cut shares of Monmouth R.E. Inv. from a “hold” rating to a “sell” rating in a report on Friday, March 1st. Finally, Royal Bank of Canada assumed coverage on shares of Monmouth R.E. Inv. in a report on Friday, March 29th. They set a “sector perform” rating and a $14.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. Monmouth R.E. Inv. presently has a consensus rating of “Hold” and an average target price of $16.30.
Monmouth R.E. Inv. (NYSE:MNR) last posted its quarterly earnings results on Thursday, February 7th. The real estate investment trust reported ($0.36) earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.59). Monmouth R.E. Inv. had a net margin of 1.33% and a return on equity of 0.27%. The company had revenue of $39.15 million during the quarter, compared to the consensus estimate of $40.22 million. On average, research analysts forecast that Monmouth R.E. Inv. will post 0.94 EPS for the current fiscal year.
In other news, insider Umh Properties, Inc. purchased 19,365 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were acquired at an average cost of $12.60 per share, for a total transaction of $243,999.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Eugene W. Landy sold 20,000 shares of the business’s stock in a transaction dated Wednesday, February 27th. The stock was sold at an average price of $13.34, for a total transaction of $266,800.00. Following the transaction, the chairman now owns 918,733 shares in the company, valued at $12,255,898.22. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 22,713 shares of company stock valued at $287,689 and have sold 29,000 shares valued at $396,800. 4.02% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Buffington Mohr McNeal purchased a new position in Monmouth R.E. Inv. during the first quarter worth about $36,000. Private Capital Group LLC raised its position in Monmouth R.E. Inv. by 212.2% in the fourth quarter. Private Capital Group LLC now owns 2,953 shares of the real estate investment trust’s stock worth $37,000 after acquiring an additional 2,007 shares during the period. First Quadrant L P CA bought a new stake in Monmouth R.E. Inv. in the fourth quarter worth about $73,000. New York State Teachers Retirement System bought a new stake in Monmouth R.E. Inv. in the fourth quarter worth about $84,000. Finally, Quantamental Technologies LLC bought a new stake in Monmouth R.E. Inv. in the fourth quarter worth about $96,000. Institutional investors and hedge funds own 67.90% of the company’s stock.
Monmouth R.E. Inv. Company Profile
Monmouth Real Estate Investment Corporation, founded in 1968, is one of the oldest public equity REITs in the world. We specialize 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 113 properties containing a total of approximately 21.6 million rentable square feet, geographically diversified across 30 states.
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