Innovative Industrial Properties (NYSE:IIPR) Upgraded at TheStreet

TheStreet upgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a c rating to a b rating in a report issued on Monday, TheStreetRatingsTable reports.

IIPR has been the subject of a number of other research reports. ValuEngine lowered shares of Innovative Industrial Properties from a hold rating to a sell rating in a research 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 on the stock in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. Innovative Industrial Properties presently has an average rating of Buy and a consensus price target of $113.50.

NYSE:IIPR opened at $78.09 on Monday. Innovative Industrial Properties has a 1 year low of $42.55 and a 1 year high of $139.53. The stock has a market cap of $917.60 million, a price-to-earnings ratio of 58.28 and a beta of 2.00. The business has a fifty day moving average of $77.40 and a 200-day moving average of $96.07. The company has a debt-to-equity ratio of 0.31, a quick ratio of 295.73 and a current ratio of 295.73.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.12). Innovative Industrial Properties had a net margin of 51.10% and a return on equity of 5.45%. The business had revenue of $11.56 million for the quarter, compared to analyst estimates of $10.70 million. During the same period last year, the business posted $0.32 earnings per share. Innovative Industrial Properties’s revenue for the quarter was up 194.1% on a year-over-year basis. On average, equities research analysts predict that Innovative Industrial Properties will post 2.67 EPS for the current year.

In other Innovative Industrial Properties news, Chairman Alan D. Gold purchased 350 shares of the company’s stock in a transaction on Monday, November 25th. The shares were purchased at an average cost of $78.49 per share, for a total transaction of $27,471.50. Following the completion of the transaction, the chairman now owns 318,439 shares in the company, valued at $24,994,277.11. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 5.20% of the stock is owned by insiders.

Institutional investors have recently bought and sold shares of the business. Metropolitan Life Insurance Co NY lifted its position in shares of Innovative Industrial Properties by 8.5% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 3,982 shares of the company’s stock valued at $368,000 after acquiring an additional 312 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Innovative Industrial Properties by 70.1% in the 3rd quarter. Millennium Management LLC now owns 6,203 shares of the company’s stock worth $572,000 after acquiring an additional 2,557 shares during the last quarter. Granahan Investment Management Inc. MA raised its position in shares of Innovative Industrial Properties by 1.3% during the third quarter. Granahan Investment Management Inc. MA now owns 71,305 shares of the company’s stock worth $6,586,000 after purchasing an additional 933 shares during the period. Barclays PLC raised its position in shares of Innovative Industrial Properties by 6.2% during the third quarter. Barclays PLC now owns 18,902 shares of the company’s stock worth $1,746,000 after purchasing an additional 1,111 shares during the period. Finally, Penserra Capital Management LLC lifted its holdings in shares of Innovative Industrial Properties by 2.0% during the third quarter. Penserra Capital Management LLC now owns 39,373 shares of the company’s stock valued at $3,636,000 after purchasing an additional 789 shares during the last quarter. Hedge funds and other institutional investors own 68.46% of the company’s stock.

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.

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