Innovative Industrial Properties (NYSE:IIPR) Downgraded to Neutral Rating by 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,Briefing.com Automated Import reports.

Other research analysts have also recently issued reports about the company. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Alliance Global Partners assumed coverage on Innovative Industrial Properties in a research note on Tuesday, December 17th. They issued a “buy” rating and a $130.00 price target on the stock. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Compass Point cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their target price for the company from $125.00 to $78.00 in a research report on Friday. Finally, Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Innovative Industrial Properties has an average rating of “Hold” and an average price target of $104.50.

Innovative Industrial Properties Stock Down 22.7 %

NYSE IIPR opened at $73.66 on Monday. The business’s fifty day simple moving average is $114.40 and its 200-day simple moving average is $117.98. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. The firm has a market cap of $2.09 billion, a PE ratio of 13.11 and a beta of 1.30. Innovative Industrial Properties has a 52 week low of $70.88 and a 52 week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results 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 return on equity of 8.44% and a net margin of 52.51%. The firm had revenue of $76.53 million for the quarter, compared to analysts’ expectations of $77.30 million. During the same period last year, the firm earned $2.29 earnings per share. Innovative Industrial Properties’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, equities analysts anticipate that Innovative Industrial Properties will post 8.36 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in IIPR. Franklin Resources Inc. grew its position in Innovative Industrial Properties by 10.3% during the 3rd quarter. Franklin Resources Inc. now owns 22,572 shares of the company’s stock worth $2,984,000 after purchasing an additional 2,105 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of Innovative Industrial Properties during the 3rd quarter worth $339,000. TCW Group Inc. purchased a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at about $2,572,000. Geode Capital Management LLC increased its holdings in shares of Innovative Industrial Properties by 31.9% in the 3rd quarter. Geode Capital Management LLC now owns 52,872 shares of the company’s stock valued at $7,133,000 after purchasing an additional 12,791 shares in the last quarter. Finally, Vestcor Inc lifted its stake in shares of Innovative Industrial Properties by 2.8% in the third quarter. Vestcor Inc now owns 25,443 shares of the company’s stock valued at $3,425,000 after purchasing an additional 696 shares during the period. Hedge funds and other institutional investors 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.