California Public Employees Retirement System trimmed its stake in Monmouth R.E. Inv. Corp. (NYSE:MNR) by 6.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 111,994 shares of the real estate investment trust’s stock after selling 7,311 shares during the quarter. California Public Employees Retirement System owned 0.14% of Monmouth R.E. Inv. worth $1,851,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently bought and sold shares of MNR. Cubist Systematic Strategies LLC purchased a new stake in shares of Monmouth R.E. Inv. in the first quarter worth approximately $174,000. Amalgamated Bank acquired a new position in Monmouth R.E. Inv. in the second quarter worth approximately $175,000. Campbell & CO Investment Adviser LLC acquired a new position in Monmouth R.E. Inv. in the second quarter worth approximately $180,000. Dynamic Technology Lab Private Ltd acquired a new position in Monmouth R.E. Inv. in the second quarter worth approximately $183,000. Finally, Ausdal Financial Partners Inc. acquired a new position in Monmouth R.E. Inv. in the second quarter worth approximately $187,000. 62.67% of the stock is owned by institutional investors and hedge funds.
In other Monmouth R.E. Inv. news, Chairman Eugene W. Landy sold 8,000 shares of the stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $16.84, for a total transaction of $134,720.00. Following the transaction, the chairman now owns 852,776 shares in the company, valued at $14,360,747.84. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Umh Properties, Inc. purchased 9,396 shares of the stock in a transaction on Monday, September 17th. The shares were bought at an average price of $16.39 per share, for a total transaction of $154,000.44. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 12,914 shares of company stock worth $209,421. Corporate insiders own 4.63% of the company’s stock.
Monmouth R.E. Inv. (NYSE:MNR) last released its quarterly earnings data on Wednesday, August 1st. The real estate investment trust reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.10). Monmouth R.E. Inv. had a return on equity of 9.44% and a net margin of 35.32%. The firm had revenue of $36.20 million during the quarter, compared to analyst estimates of $35.28 million. On average, sell-side analysts anticipate that Monmouth R.E. Inv. Corp. will post 0.91 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Shareholders 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 4.55%. Monmouth R.E. Inv.’s dividend payout ratio (DPR) is presently 89.47%.
A number of research firms recently commented on MNR. ValuEngine upgraded Monmouth R.E. Inv. from a “sell” rating to a “hold” rating in a report on Wednesday, October 17th. B. Riley upgraded Monmouth R.E. Inv. from a “neutral” rating to a “buy” rating and dropped their price objective for the stock from $17.50 to $17.00 in a report on Tuesday, October 9th. Zacks Investment Research downgraded Monmouth R.E. Inv. from a “buy” rating to a “hold” rating in a report on Tuesday, October 9th. Finally, Boenning Scattergood restated a “buy” rating and issued a $19.00 price objective on shares of Monmouth R.E. Inv. in a report on Friday, September 7th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Monmouth R.E. Inv. currently has a consensus rating of “Buy” and a consensus price target of $18.60.
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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