Monmouth Real Estate Investment (NYSE:MNR) had its target price increased by equities research analysts at National Securities from $18.00 to $20.00 in a note issued to investors on Wednesday. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. National Securities’ price objective would suggest a potential upside of 11.98% from the stock’s current price.
The analysts wrote, “Call to Action: With its recent quarter FFO dividend payout ratio of 82.6% the lowest in years, even accounting for its increased dividend, the second such in a decade, MNR is in an excellent position for heightened growth forward. Recent e-commerce retail sales of $115.3bln were up 15.5% Y/Y and accounted for 9.1% of total retail sales, a figure we believe could easily surpass 40% with time. It is driving demand for industrial space across the country like never before, and MNR’s rock solid tenant roster of household names, nearly all of which with exposure to e-commerce, provides a strong catalyst for future share price appreciation. Further, with only 6.6% of its near 100% leased 18,790,021 rentable square feet, which is up 17.4% Y/Y, expiring through 9/30/18, MNR has the most attractive expiration schedule relative to its similarly sized market cap peers. This favorable expiration schedule will shield it from losing valuable tenants as is likely for others with a large amount of leases expiring, especially those with a large number of mixed-use tenants. Attributable to its near volatility free revenue stream, MNR continued to outperform on all metrics in the quarter and FYTD, again posting record single quarter rental revenue of $26.37mln, +19.17% Y/Y, record rent per square foot at $5.93, +3.7% Y/Y and record quarterly NOI of $26.05mln, +19% Y/Y. With a portfolio and tenant roster as enviable as MNR’s we feel its recent outperformance is likely to continue well into the future. As such, we’re maintaining our BUY rating and raising our $18.00 price target to $20.00.”
Other research analysts have also recently issued research reports about the stock. B. Riley restated a “buy” rating on shares of Monmouth Real Estate Investment in a report on Wednesday, November 1st. Zacks Investment Research cut shares of Monmouth Real Estate Investment from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, BMO Capital Markets assumed coverage on shares of Monmouth Real Estate Investment in a report on Monday, September 11th. They issued a “market perform” rating and a $16.50 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. Monmouth Real Estate Investment presently has a consensus rating of “Hold” and an average price target of $17.58.
Monmouth Real Estate Investment (NYSE:MNR) last issued its earnings results on Wednesday, November 29th. The real estate investment trust reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.12). Monmouth Real Estate Investment had a return on equity of 7.65% and a net margin of 30.84%. The firm had revenue of $30.40 million during the quarter, compared to the consensus estimate of $30.91 million. During the same quarter in the prior year, the business posted $0.22 EPS. The firm’s revenue for the quarter was up 19.2% on a year-over-year basis. equities research analysts predict that Monmouth Real Estate Investment will post 0.9 EPS for the current fiscal year.
In related news, Chairman Eugene W. Landy sold 32,500 shares of Monmouth Real Estate Investment stock in a transaction on Monday, September 11th. The shares were sold at an average price of $16.27, for a total value of $528,775.00. Following the sale, the chairman now owns 880,705 shares in the company, valued at $14,329,070.35. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders bought 445 shares of company stock worth $7,004 in the last 90 days. Company insiders own 5.31% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in MNR. Barings LLC bought a new stake in Monmouth Real Estate Investment in the third quarter valued at $168,000. QS Investors LLC boosted its holdings 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 valued at $171,000 after acquiring an additional 720 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in Monmouth Real Estate Investment in the second quarter valued at $173,000. Pekin Singer Strauss Asset Management IL boosted its holdings in Monmouth Real Estate Investment by 5.4% in the second quarter. Pekin Singer Strauss Asset Management IL now owns 11,650 shares of the real estate investment trust’s stock valued at $175,000 after acquiring an additional 595 shares in the last quarter. Finally, Intrust Bank NA bought a new stake in Monmouth Real Estate Investment in the second quarter valued at $181,000. Institutional investors and hedge funds own 66.64% of the company’s stock.
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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