Riverhead Capital Management LLC lifted its holdings in shares of Innovative Industrial Properties Inc (NYSE:IIPR) by 100.0% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 600 shares of the company’s stock after purchasing an additional 300 shares during the quarter. Riverhead Capital Management LLC’s holdings in Innovative Industrial Properties were worth $74,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also modified their holdings of IIPR. Sheaff Brock Investment Advisors LLC bought a new position in shares of Innovative Industrial Properties during the 2nd quarter worth approximately $7,086,000. Penserra Capital Management LLC bought a new position in shares of Innovative Industrial Properties during the 1st quarter worth approximately $4,807,000. Crown Advisors Management Inc. bought a new position in shares of Innovative Industrial Properties during the 1st quarter worth approximately $3,676,000. CIBC World Markets Inc. bought a new position in shares of Innovative Industrial Properties during the 1st quarter worth approximately $2,580,000. Finally, Wells Fargo & Company MN boosted its stake in shares of Innovative Industrial Properties by 53.2% during the 2nd quarter. Wells Fargo & Company MN now owns 81,555 shares of the company’s stock worth $10,078,000 after acquiring an additional 28,335 shares during the period. Institutional investors own 57.81% of the company’s stock.
Several research analysts have recently commented on IIPR shares. ValuEngine downgraded Innovative Industrial Properties from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Zacks Investment Research upgraded Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $119.00 target price for the company in a research note on Friday, August 9th. BTIG Research lifted their target price on Innovative Industrial Properties to $148.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. Finally, TheStreet downgraded Innovative Industrial Properties from a “b-” rating to a “c” rating in a research note on Wednesday, August 7th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $105.67.
NYSE:IIPR traded up $2.94 during mid-day trading on Friday, hitting $91.33. 447,159 shares of the stock were exchanged, compared to its average volume of 480,482. The stock has a market capitalization of $999.18 million, a price-to-earnings ratio of 46.77 and a beta of 2.12. The firm’s 50-day simple moving average is $99.91 and its 200 day simple moving average is $95.78. The company has a debt-to-equity ratio of 0.53, a quick ratio of 51.96 and a current ratio of 51.96. Innovative Industrial Properties Inc has a fifty-two week low of $39.45 and a fifty-two week high of $139.53.
Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.30 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by ($0.18). The firm had revenue of $8.62 billion for the quarter, compared to analyst estimates of $8.37 million. Innovative Industrial Properties had a return on equity of 5.17% and a net margin of 47.83%. The business’s revenue for the quarter was up 160.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.31 earnings per share. On average, analysts predict that Innovative Industrial Properties Inc will post 2.58 EPS for the current fiscal year.
In other news, Chairman Alan D. Gold purchased 300 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was acquired at an average cost of $84.23 per share, with a total value of $25,269.00. Following the acquisition, the chairman now owns 318,089 shares in the company, valued at approximately $26,792,636.47. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 5.20% 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 industrial properties leased to experienced, state-licensed operators for their regulated medical-use 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.
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