Innovative Industrial Properties (NYSE:IIPR) Lowered to “Neutral” Rating by Compass Point

Innovative Industrial Properties (NYSE:IIPR) was downgraded by Compass Point from a “buy” rating to a “neutral” rating in a research note issued to investors on Friday, Marketbeat reports. They presently have a $78.00 price target on the stock, down from their prior price target of $125.00. Compass Point’s price objective indicates a potential downside of 18.19% from the company’s current price.

IIPR has been the topic of a number of other reports. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Piper Sandler reduced their price objective on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Finally, Alliance Global Partners assumed coverage on shares of Innovative Industrial Properties in a research note on Tuesday. They issued a “buy” rating and a $130.00 price objective for the company. Four analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Innovative Industrial Properties has a consensus rating of “Moderate Buy” and a consensus price target of $116.50.

Innovative Industrial Properties Stock Performance

NYSE:IIPR opened at $95.34 on Friday. The company has a 50-day moving average of $115.55 and a 200-day moving average of $118.10. The firm has a market cap of $2.70 billion, a price-to-earnings ratio of 16.96 and a beta of 1.30. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties has a twelve month low of $87.52 and a twelve month high of $138.35.

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

Hedge Funds Weigh In On Innovative Industrial Properties

Several institutional investors and hedge funds have recently modified their holdings of IIPR. Franklin Resources Inc. raised its position in Innovative Industrial Properties by 10.3% during the third quarter. Franklin Resources Inc. now owns 22,572 shares of the company’s stock valued at $2,984,000 after acquiring an additional 2,105 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Innovative Industrial Properties during the 3rd quarter valued at $339,000. TCW Group Inc. bought a new position in shares of Innovative Industrial Properties during the 3rd quarter valued at $2,572,000. Geode Capital Management LLC boosted its holdings in Innovative Industrial Properties by 31.9% in the third quarter. Geode Capital Management LLC now owns 52,872 shares of the company’s stock worth $7,133,000 after purchasing an additional 12,791 shares in the last quarter. Finally, Vestcor Inc increased its position in Innovative Industrial Properties by 2.8% during the third quarter. Vestcor Inc now owns 25,443 shares of the company’s stock worth $3,425,000 after buying an additional 696 shares during the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

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.