Monmouth R.E. Inv. (MNR) Cut to “Sell” at Zacks Investment Research

Monmouth R.E. Inv. (NYSE:MNR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

According to Zacks, “MONMOUTH REAL ESTATE INVT operates as a qualified hybrid real estate investment trust under the Internal Revenue Code of 1954. “

A number of other brokerages have also recently issued reports on MNR. ValuEngine cut Monmouth R.E. Inv. from a “hold” rating to a “sell” rating in a report on Thursday, October 4th. B. Riley upgraded Monmouth R.E. Inv. from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $17.50 to $17.00 in a report on Tuesday, October 9th. Finally, Boenning Scattergood reiterated a “buy” rating and set a $19.00 target price on shares of Monmouth R.E. Inv. in a report on Friday, September 7th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $18.60.

Shares of NYSE:MNR traded down $0.07 during trading on Thursday, reaching $14.94. 325,260 shares of the stock were exchanged, compared to its average volume of 651,499. The company has a debt-to-equity ratio of 1.59, a quick ratio of 5.61 and a current ratio of 5.61. Monmouth R.E. Inv. has a 12-month low of $13.87 and a 12-month high of $18.45. The stock has a market capitalization of $1.21 billion, a P/E ratio of 19.66, a PEG ratio of 2.12 and a beta of 0.67.

In other Monmouth R.E. Inv. news, Chairman Eugene W. Landy sold 8,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chairman now owns 852,776 shares in the company, valued at approximately $14,360,747.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Umh Properties, Inc. purchased 9,396 shares of the firm’s stock in a transaction on Monday, September 17th. The stock was bought at an average price of $16.39 per share, with a total value of $154,000.44. The disclosure for this purchase can be found here. Insiders have bought a total of 12,414 shares of company stock valued at $201,001 in the last quarter. Company insiders own 4.63% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its holdings in Monmouth R.E. Inv. by 2.9% in the 3rd quarter. BlackRock Inc. now owns 7,437,398 shares of the real estate investment trust’s stock worth $124,356,000 after acquiring an additional 206,447 shares during the period. Martingale Asset Management L P boosted its holdings in Monmouth R.E. Inv. by 6.3% in the 3rd quarter. Martingale Asset Management L P now owns 232,928 shares of the real estate investment trust’s stock worth $3,895,000 after acquiring an additional 13,820 shares during the period. Bank of New York Mellon Corp boosted its holdings in Monmouth R.E. Inv. by 1.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 736,980 shares of the real estate investment trust’s stock worth $12,322,000 after acquiring an additional 12,348 shares during the period. Eagle Asset Management Inc. boosted its holdings in Monmouth R.E. Inv. by 2.3% in the 3rd quarter. Eagle Asset Management Inc. now owns 523,020 shares of the real estate investment trust’s stock worth $8,744,000 after acquiring an additional 11,608 shares during the period. Finally, Montag A & Associates Inc. purchased a new position in Monmouth R.E. Inv. in the 3rd quarter worth approximately $17,471,000. Hedge funds and other institutional investors own 62.69% of the company’s stock.

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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