Convergence Investment Partners LLC purchased a new stake in shares of LXP Industrial Trust (NYSE:LXP – Free Report) in the first quarter, HoldingsChannel.com reports. The institutional investor purchased 60,406 shares of the real estate investment trust’s stock, valued at approximately $2,794,000.
Several other hedge funds have also bought and sold shares of the business. Heartland Advisors Inc. purchased a new position in shares of LXP Industrial Trust during the 1st quarter worth about $10,705,000. Pensionfund Sabic bought a new stake in LXP Industrial Trust in the fourth quarter worth about $912,000. Eurizon Capital SGR S.p.A. bought a new stake in LXP Industrial Trust in the fourth quarter worth about $1,169,000. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of LXP Industrial Trust by 3.2% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,159,623 shares of the real estate investment trust’s stock valued at $53,644,000 after buying an additional 36,043 shares during the period. Finally, Pensionfund PDN purchased a new position in shares of LXP Industrial Trust during the fourth quarter valued at approximately $1,656,000. Institutional investors own 93.52% of the company’s stock.
LXP Industrial Trust Stock Performance
Shares of LXP Industrial Trust stock opened at $60.90 on Tuesday. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 0.18. The stock’s fifty day moving average price is $53.54 and its 200-day moving average price is $50.75. The firm has a market cap of $3.59 billion, a P/E ratio of 41.15 and a beta of 1.04. LXP Industrial Trust has a 12 month low of $38.20 and a 12 month high of $61.61.
LXP Industrial Trust Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $0.70 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $2.80 annualized dividend and a dividend yield of 4.6%. LXP Industrial Trust’s payout ratio is currently 189.19%.
Key Headlines Impacting LXP Industrial Trust
Here are the key news stories impacting LXP Industrial Trust this week:
- Positive Sentiment: LXP agreed to an all-cash takeover at $61.20 per share, giving shareholders a defined exit value. Reuters: LXP Industrial Trust agrees to $5.2 billion deal by Brookfield, CPP Investments
- Positive Sentiment: The offer includes a premium to recent trading levels, which typically supports the share price in merger arbitrage situations. GlobeNewswire: Brookfield and CPP Investments to Acquire LXP Industrial Trust in $5.2 Billion All-Cash Transaction
- Neutral Sentiment: The transaction still needs shareholder approval and other closing conditions, so the deal is not yet final. TipRanks: LXP Industrial Trust to be acquired in cash deal
- Negative Sentiment: LXP will suspend common share dividends until the deal closes or is terminated, reducing near-term income appeal for dividend investors. GlobeNewswire: Brookfield and CPP Investments to Acquire LXP Industrial Trust in 5.2 Billion All-Cash Transaction
- Negative Sentiment: Several law firms have launched investigations into whether the sale price is fair to LXP shareholders, which could add litigation risk and uncertainty. Johnson Fistel investigates proposed acquisition of LXP Industrial Trust
Analysts Set New Price Targets
LXP has been the topic of several recent analyst reports. Citizens Jmp increased their price target on LXP Industrial Trust from $53.00 to $58.00 and gave the stock a “market outperform” rating in a report on Thursday, July 16th. BMO Capital Markets assumed coverage on LXP Industrial Trust in a report on Thursday, July 9th. They set an “outperform” rating and a $65.00 price objective for the company. Citigroup reaffirmed an “outperform” rating on shares of LXP Industrial Trust in a research report on Thursday. Wall Street Zen lowered LXP Industrial Trust from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th. Finally, Raymond James Financial assumed coverage on LXP Industrial Trust in a research report on Wednesday, June 17th. They set a “market perform” rating for the company. Four equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $55.20.
Check Out Our Latest Stock Report on LXP
LXP Industrial Trust Company Profile
LXP Industrial Trust is a real estate investment trust that specializes in the ownership, acquisition and management of industrial properties across North America. The company’s portfolio consists of warehouses, distribution centers and manufacturing facilities designed to support supply-chain and logistics operations. By focusing on long-term leasing arrangements, LXP Industrial Trust aims to provide stable income streams while delivering value to tenants through modern, well-positioned industrial space.
The firm’s primary business activities include sourcing and under-writing new property investments, overseeing development and redevelopment projects, and implementing asset-management strategies to enhance the performance of its holdings.
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