Analysts Set Monmouth Real Estate Investment Corporation (MNR) Target Price at $17.00

Shares of Monmouth Real Estate Investment Corporation (NYSE:MNR) have been given a consensus recommendation of “Buy” by the six ratings firms that are currently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month target price among analysts that have covered the stock in the last year is $17.00.

MNR has been the topic of a number of analyst reports. BMO Capital Markets initiated coverage on shares of Monmouth Real Estate Investment Corporation in a research note on Monday, September 11th. They set a “market perform” rating and a $16.50 price objective on the stock. National Securities reiterated a “buy” rating and set a $18.00 price objective (up previously from $16.50) on shares of Monmouth Real Estate Investment Corporation in a research note on Monday, August 21st. Zacks Investment Research lowered shares of Monmouth Real Estate Investment Corporation from a “buy” rating to a “hold” rating in a research note on Friday, August 18th. BidaskClub lowered shares of Monmouth Real Estate Investment Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Finally, FBR & Co reiterated an “outperform” rating and set a $16.50 price objective on shares of Monmouth Real Estate Investment Corporation in a research note on Tuesday, July 11th.

In related news, Chairman Eugene W. Landy sold 32,500 shares of Monmouth Real Estate Investment Corporation stock in a transaction on Monday, September 11th. The shares were sold at an average price of $16.27, for a total value of $528,775.00. Following the completion of the sale, the chairman now owns 880,705 shares in the company, valued at $14,329,070.35. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last 90 days, insiders purchased 1,827 shares of company stock valued at $35,170. Insiders own 5.31% of the company’s stock.

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Monmouth Real Estate Investment Corporation by 3.8% in the second quarter. Vanguard Group Inc. now owns 7,955,098 shares of the real estate investment trust’s stock worth $119,724,000 after buying an additional 287,857 shares during the last quarter. BlackRock Inc. increased its stake in shares of Monmouth Real Estate Investment Corporation by 0.3% in the second 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. Boulegeris Investments Inc. increased its stake in shares of Monmouth Real Estate Investment Corporation by 1.6% in the second quarter. Boulegeris Investments Inc. now owns 2,396,252 shares of the real estate investment trust’s stock worth $36,063,000 after buying an additional 38,494 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Monmouth Real Estate Investment Corporation by 22.5% in the second quarter. Renaissance Technologies LLC now owns 1,674,797 shares of the real estate investment trust’s stock worth $25,206,000 after buying an additional 307,197 shares during the last quarter. Finally, State Street Corp increased its stake in shares of Monmouth Real Estate Investment Corporation by 7.1% in the second quarter. State Street Corp now owns 1,618,598 shares of the real estate investment trust’s stock worth $24,360,000 after buying an additional 107,580 shares during the last quarter. Institutional investors and hedge funds own 60.56% of the company’s stock.

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Shares of Monmouth Real Estate Investment Corporation (MNR) traded up 0.18% during midday trading on Friday, hitting $16.65. 324,662 shares of the company’s stock were exchanged. The stock has a market cap of $1.16 billion, a PE ratio of 53.71 and a beta of 0.50. Monmouth Real Estate Investment Corporation has a 1-year low of $12.89 and a 1-year high of $16.68. The stock’s 50 day moving average is $16.18 and its 200-day moving average is $15.24.

Monmouth Real Estate Investment Corporation (NYSE:MNR) last posted its quarterly earnings data on Wednesday, August 9th. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.04. The company had revenue of $28.61 million for the quarter, compared to analyst estimates of $28.81 million. Monmouth Real Estate Investment Corporation had a net margin of 32.02% and a return on equity of 7.91%. The business’s quarterly revenue was up 18.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.19 earnings per share. Analysts predict that Monmouth Real Estate Investment Corporation will post $0.33 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Wednesday, November 15th will be paid a dividend of $0.17 per share. The ex-dividend date is Tuesday, November 14th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.08%. This is a positive change from Monmouth Real Estate Investment Corporation’s previous quarterly dividend of $0.16. Monmouth Real Estate Investment Corporation’s dividend payout ratio (DPR) is currently 213.33%.

About Monmouth Real Estate Investment Corporation

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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