TheStreet upgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a c rating to a b rating in a report issued on Monday morning, TheStreetRatingsTable reports.
A number of other analysts have also recently weighed in on the stock. ValuEngine cut shares of Innovative Industrial Properties from a hold rating to a sell rating in a report on Tuesday. Zacks Investment Research raised shares of Innovative Industrial Properties from a hold rating to a strong-buy rating and set a $79.00 target price for the company in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Innovative Industrial Properties presently has a consensus rating of Buy and a consensus price target of $113.50.
Shares of NYSE IIPR opened at $72.54 on Monday. Innovative Industrial Properties has a 12-month low of $42.55 and a 12-month high of $139.53. The company has a market cap of $917.60 million, a price-to-earnings ratio of 54.13 and a beta of 2.00. The company has a current ratio of 295.73, a quick ratio of 295.73 and a debt-to-equity ratio of 0.31. The stock’s 50 day simple moving average is $77.24 and its 200 day simple moving average is $95.91.
In related news, Chairman Alan D. Gold acquired 350 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were acquired at an average price of $78.49 per share, for a total transaction of $27,471.50. Following the completion of the purchase, the chairman now directly owns 318,439 shares of the company’s stock, valued at $24,994,277.11. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 5.20% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in IIPR. ETF Managers Group LLC bought a new stake in shares of Innovative Industrial Properties in the 2nd quarter worth approximately $32,784,000. TimesSquare Capital Management LLC increased its holdings in shares of Innovative Industrial Properties by 205.6% in the third quarter. TimesSquare Capital Management LLC now owns 271,985 shares of the company’s stock valued at $25,123,000 after buying an additional 182,985 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Innovative Industrial Properties by 15.9% in the second quarter. Vanguard Group Inc. now owns 1,172,681 shares of the company’s stock valued at $144,896,000 after buying an additional 160,642 shares in the last quarter. State Street Corp increased its holdings in shares of Innovative Industrial Properties by 55.1% in the third quarter. State Street Corp now owns 435,834 shares of the company’s stock valued at $40,593,000 after buying an additional 154,879 shares in the last quarter. Finally, River & Mercantile Asset Management LLP acquired a new stake in shares of Innovative Industrial Properties during the 2nd quarter valued at $17,235,000. 68.46% of the stock is currently owned by institutional investors.
Innovative Industrial Properties Company Profile
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.
Featured Story: Key terms to understand channel trading
Receive News & Ratings for Innovative Industrial Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Innovative Industrial Properties and related companies with MarketBeat.com's FREE daily email newsletter.