Monmouth Real Estate Investment (MNR) PT Raised to $20.00
Monmouth Real Estate Investment (NYSE:MNR) had its target price hoisted by investment analysts at National Securities from $18.00 to $20.00 in a report released on Wednesday. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. National Securities’ price objective indicates a potential upside of 13.44% from the stock’s previous close.
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 analysts have also issued research reports about the stock. Zacks Investment Research lowered shares of Monmouth Real Estate Investment from a “buy” rating to a “hold” rating in a research note on Friday, August 18th. BMO Capital Markets began coverage on shares of Monmouth Real Estate Investment in a research report on Monday, September 11th. They set a “market perform” rating and a $16.50 price target on the stock. Finally, B. Riley restated a “buy” rating on shares of Monmouth Real Estate Investment in a research report on Wednesday, November 1st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $17.58.
Monmouth Real Estate Investment (NYSE:MNR) last posted its earnings results on Wednesday, November 29th. The real estate investment trust reported $0.09 EPS for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.12). The firm had revenue of $30.40 million for the quarter, compared to analysts’ expectations of $30.91 million. Monmouth Real Estate Investment had a net margin of 30.84% and a return on equity of 7.65%. The company’s revenue was up 19.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.22 EPS. equities research analysts expect that Monmouth Real Estate Investment will post 0.9 earnings per share for the current year.
In other news, Chairman Eugene W. Landy sold 32,500 shares of the firm’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $16.27, for a total value of $528,775.00. Following the transaction, the chairman now directly owns 880,705 shares of the company’s stock, valued at $14,329,070.35. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last quarter, insiders bought 445 shares of company stock worth $7,004. Company insiders own 5.31% of the company’s stock.
Several large investors have recently bought and sold shares of MNR. Vanguard Group Inc. grew its holdings in Monmouth Real Estate Investment by 3.8% during the 2nd quarter. Vanguard Group Inc. now owns 7,955,098 shares of the real estate investment trust’s stock worth $119,724,000 after acquiring an additional 287,857 shares in the last quarter. BlackRock Inc. raised its position in Monmouth Real Estate Investment by 0.3% during the 2nd quarter. BlackRock Inc. now owns 6,034,708 shares of the real estate investment trust’s stock worth $90,823,000 after buying an additional 16,118 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Monmouth Real Estate Investment by 11.4% during the 3rd quarter. BlackRock Institutional Trust Company N.A. now owns 2,460,133 shares of the real estate investment trust’s stock worth $35,106,000 after buying an additional 252,582 shares during the last quarter. Finally, Boulegeris Investments Inc. raised its position in Monmouth Real Estate Investment by 0.5% during the 3rd quarter. Boulegeris Investments Inc. now owns 2,407,307 shares of the real estate investment trust’s stock worth $38,573,000 after buying an additional 11,055 shares during the last quarter. 66.64% of the stock is currently owned by hedge funds and other institutional investors.
About Monmouth Real Estate Investment
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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