Menta Capital LLC Has $1.10 Million Position in Innovative Industrial Properties Inc (IIPR)

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Menta Capital LLC increased its holdings in Innovative Industrial Properties Inc (NYSE:IIPR) by 1.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,409 shares of the company’s stock after purchasing an additional 200 shares during the quarter. Menta Capital LLC’s holdings in Innovative Industrial Properties were worth $1,095,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in IIPR. Emerald Mutual Fund Advisers Trust raised its holdings in Innovative Industrial Properties by 106.3% in the 4th quarter. Emerald Mutual Fund Advisers Trust now owns 249,220 shares of the company’s stock worth $11,312,000 after purchasing an additional 128,421 shares during the period. BlackRock Inc. raised its holdings in Innovative Industrial Properties by 28.9% in the 4th quarter. BlackRock Inc. now owns 540,995 shares of the company’s stock worth $24,557,000 after purchasing an additional 121,138 shares during the period. Cannell Capital LLC acquired a new position in Innovative Industrial Properties in the 4th quarter worth about $5,149,000. Thomson Horstmann & Bryant Inc. acquired a new position in Innovative Industrial Properties in the 4th quarter worth about $2,705,000. Finally, Essex Investment Management Co. LLC raised its holdings in Innovative Industrial Properties by 33.8% in the 4th quarter. Essex Investment Management Co. LLC now owns 187,567 shares of the company’s stock worth $8,514,000 after purchasing an additional 47,370 shares during the period. 54.78% of the stock is owned by institutional investors.

Shares of Innovative Industrial Properties stock traded up $1.19 during mid-day trading on Friday, reaching $85.73. 2,926 shares of the stock traded hands, compared to its average volume of 405,355. Innovative Industrial Properties Inc has a fifty-two week low of $31.61 and a fifty-two week high of $93.24. The stock has a market capitalization of $841.75 million, a P/E ratio of 63.59 and a beta of 1.65.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Wednesday, March 13th. The company reported $0.24 EPS for the quarter. The business had revenue of $4.78 million during the quarter. Innovative Industrial Properties had a return on equity of 4.01% and a net margin of 44.95%. As a group, equities analysts forecast that Innovative Industrial Properties Inc will post 2.6 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were given a $0.45 dividend. The ex-dividend date was Thursday, March 28th. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $0.35. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.10%. Innovative Industrial Properties’s dividend payout ratio is 134.33%.

A number of equities analysts have commented on IIPR shares. Zacks Investment Research cut Innovative Industrial Properties from a “buy” rating to a “hold” rating in a report on Wednesday, March 27th. LADENBURG THALM/SH SH cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Wednesday, March 20th. Finally, BTIG Research increased their target price on Innovative Industrial Properties to $101.00 and gave the company a “buy” rating in a report on Tuesday, March 19th. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Innovative Industrial Properties has an average rating of “Buy” and an average price target of $66.75.

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About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.

Further Reading: Fiduciary

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Institutional Ownership by Quarter for Innovative Industrial Properties (NYSE:IIPR)

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