Oppenheimer Asset Management Inc. increased its position in shares of Monmouth R.E. Inv. Corp. (NYSE:MNR) by 25.7% during the third quarter, Holdings Channel reports. The institutional investor owned 22,237 shares of the real estate investment trust’s stock after buying an additional 4,549 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Monmouth R.E. Inv. were worth $372,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC acquired a new stake in shares of Monmouth R.E. Inv. in the 1st quarter valued at approximately $174,000. Amalgamated Bank acquired a new stake in shares of Monmouth R.E. Inv. in the 2nd quarter valued at approximately $175,000. Campbell & CO Investment Adviser LLC acquired a new stake in shares of Monmouth R.E. Inv. in the 2nd quarter valued at approximately $180,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Monmouth R.E. Inv. in the 2nd quarter valued at approximately $183,000. Finally, Ausdal Financial Partners Inc. acquired a new position in Monmouth R.E. Inv. during the second quarter worth $187,000. Hedge funds and other institutional investors own 62.69% of the company’s stock.
Shares of MNR stock opened at $15.01 on Friday. The firm has a market cap of $1.21 billion, a P/E ratio of 16.85, a PEG ratio of 2.12 and a beta of 0.67. Monmouth R.E. Inv. Corp. has a 1 year low of $13.87 and a 1 year high of $18.45. The company has a quick ratio of 5.61, a current ratio of 5.61 and a debt-to-equity ratio of 1.59.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Thursday, November 15th will be issued a dividend of $0.17 per share. The ex-dividend date is Wednesday, November 14th. This represents a $0.68 annualized dividend and a yield of 4.53%. Monmouth R.E. Inv.’s dividend payout ratio is presently 89.47%.
MNR has been the subject of several research reports. B. Riley raised Monmouth R.E. Inv. from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $17.50 to $17.00 in a report on Tuesday, October 9th. Zacks Investment Research cut Monmouth R.E. Inv. from a “buy” rating to a “hold” rating in a report on Tuesday, October 9th. ValuEngine cut Monmouth R.E. Inv. from a “hold” rating to a “sell” rating in a report on Thursday, October 4th. Finally, Boenning Scattergood reaffirmed a “buy” rating and set a $19.00 price objective on shares of Monmouth R.E. Inv. in a report on Friday, September 7th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $18.60.
In other news, insider Umh Properties, Inc. acquired 9,396 shares of Monmouth R.E. Inv. stock in a transaction that occurred on Monday, September 17th. The stock was purchased at an average cost of $16.39 per share, with a total value of $154,000.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Eugene W. Landy sold 8,000 shares of the firm’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $16.84, for a total value of $134,720.00. Following the transaction, the chairman now directly owns 852,776 shares of the company’s stock, valued at approximately $14,360,747.84. The disclosure for this sale can be found here. Over the last ninety days, insiders have purchased 12,414 shares of company stock valued at $201,001. 4.63% of the stock is currently owned by insiders.
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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