Innovative Industrial Properties (NYSE:IIPR) Rating Lowered to Underweight at Piper Sandler

Innovative Industrial Properties (NYSE:IIPR) was downgraded by analysts at Piper Sandler from a “neutral” rating to an “underweight” rating in a report issued on Friday, MarketBeat.com reports. They currently have a $70.00 price objective on the stock, down from their previous price objective of $118.00. Piper Sandler’s target price indicates a potential downside of 4.97% from the stock’s current price.

A number of other research firms have also weighed in on IIPR. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Compass Point downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $125.00 to $78.00 in a report on Friday. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Finally, Alliance Global Partners began coverage on Innovative Industrial Properties in a research note on Tuesday, December 17th. They issued a “buy” rating and a $130.00 price objective on the stock. One research analyst has rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $104.50.

Innovative Industrial Properties Stock Down 22.7 %

Shares of NYSE:IIPR opened at $73.66 on Friday. Innovative Industrial Properties has a 52-week low of $70.88 and a 52-week high of $138.35. The company has a market capitalization of $2.09 billion, a PE ratio of 13.11 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. The company has a fifty day moving average of $114.40 and a 200-day moving average of $117.93.

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

Institutional Investors Weigh In On Innovative Industrial Properties

A number of hedge funds have recently added to or reduced their stakes in IIPR. Wellington Management Group LLP increased its stake in shares of Innovative Industrial Properties by 48.6% in the 3rd 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. increased its stake in Innovative Industrial Properties by 2.4% in the third 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 position 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 in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Innovative Industrial Properties by 16.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock worth $35,862,000 after purchasing an additional 45,779 shares in the last quarter. Finally, LSV Asset Management increased its position in Innovative Industrial Properties by 21.0% in the 2nd 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 in the last quarter. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Company Profile

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.