MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Lowers Stake in Innovative Industrial Properties, Inc. $IIPR

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 4.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 87,404 shares of the company’s stock after selling 3,692 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Innovative Industrial Properties were worth $4,728,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. AQR Capital Management LLC acquired a new position in shares of Innovative Industrial Properties during the 1st quarter worth about $1,470,000. Advisors Asset Management Inc. raised its holdings in Innovative Industrial Properties by 37.8% in the 1st quarter. Advisors Asset Management Inc. now owns 3,115 shares of the company’s stock valued at $168,000 after acquiring an additional 855 shares during the last quarter. Amundi raised its holdings in Innovative Industrial Properties by 3.4% in the 1st quarter. Amundi now owns 15,766 shares of the company’s stock valued at $826,000 after acquiring an additional 523 shares during the last quarter. Cubist Systematic Strategies LLC raised its holdings in Innovative Industrial Properties by 55.5% in the 1st quarter. Cubist Systematic Strategies LLC now owns 79,295 shares of the company’s stock valued at $4,289,000 after acquiring an additional 28,308 shares during the last quarter. Finally, Royal Bank of Canada raised its holdings in Innovative Industrial Properties by 34.4% in the 1st quarter. Royal Bank of Canada now owns 14,318 shares of the company’s stock valued at $773,000 after acquiring an additional 3,667 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

NYSE:IIPR opened at $57.11 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 10.30 and a current ratio of 10.30. The stock has a market capitalization of $1.60 billion, a P/E ratio of 12.36 and a beta of 1.61. The company has a 50 day moving average price of $53.90 and a 200 day moving average price of $56.72. Innovative Industrial Properties, Inc. has a fifty-two week low of $45.44 and a fifty-two week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.03. The firm had revenue of $62.89 million during the quarter, compared to analysts’ expectations of $64.36 million. Innovative Industrial Properties had a net margin of 47.71% and a return on equity of 7.26%. The firm’s quarterly revenue was down 21.2% on a year-over-year basis. During the same quarter last year, the company posted $2.06 EPS. Equities research analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Analysts Set New Price Targets

Separately, Wolfe Research downgraded shares of Innovative Industrial Properties from an “outperform” rating to a “peer perform” rating in a report on Wednesday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $78.67.

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.