Innovative Industrial Properties (NYSE:IIPR) Rating Lowered to “Neutral” at BTIG Research

Innovative Industrial Properties (NYSE:IIPR) was downgraded by analysts at BTIG Research from a “buy” rating to a “neutral” rating in a note issued to investors on Monday, Marketbeat reports.

A number of other analysts also recently weighed in on the company. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Alliance Global Partners assumed coverage on shares of Innovative Industrial Properties in a research note on Tuesday, December 17th. They set a “buy” rating and a $130.00 price target on the stock. Compass Point cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $125.00 to $78.00 in a research note on Friday, December 20th. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $104.50.

Innovative Industrial Properties Stock Down 0.1 %

IIPR stock opened at $70.35 on Monday. The stock has a market capitalization of $1.99 billion, a PE ratio of 12.52 and a beta of 1.31. The company has a fifty day moving average of $111.90 and a 200-day moving average of $117.46. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. Innovative Industrial Properties has a one year low of $68.73 and a one year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. During the same quarter in the previous year, the business earned $2.29 EPS. Innovative Industrial Properties’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, analysts expect that Innovative Industrial Properties will post 8.36 EPS for the current year.

Institutional Investors Weigh In On Innovative Industrial Properties

A number of large investors have recently bought and sold shares of the stock. Wellington Management Group LLP lifted its position in shares of Innovative Industrial Properties by 48.6% in the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after acquiring an additional 185,855 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Innovative Industrial Properties by 2.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock valued at $61,563,000 after purchasing an additional 10,711 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Innovative Industrial Properties by 3.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company’s stock worth $36,774,000 after purchasing an additional 10,615 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Innovative Industrial Properties by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock worth $35,862,000 after buying an additional 45,779 shares in the last quarter. Finally, LSV Asset Management raised its position in shares of Innovative Industrial Properties by 21.0% in the second quarter. LSV Asset Management now owns 122,646 shares of the company’s stock valued at $13,395,000 after buying an additional 21,273 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated 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.