Global Medical REIT Inc (NASDAQ:GMRE) Lowered to “Hold” at Zacks Investment Research
Global Medical REIT Inc (NASDAQ:GMRE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Global Medical REIT Inc. is engaged primarily in the acquisition of licensed, state-of-the-art, purpose-built healthcare facilities and the leasing of these facilities to clinical operators. Global Medical REIT Inc. is based in Denver, United States. “
A number of other equities analysts have also recently commented on GMRE. FBR & Co reaffirmed an “outperform” rating and issued a $10.00 target price on shares of Global Medical REIT in a report on Tuesday, July 11th. TheStreet raised Global Medical REIT from a “d” rating to a “c-” rating in a report on Monday, July 10th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Global Medical REIT currently has an average rating of “Buy” and an average price target of $10.67.
Global Medical REIT (NASDAQ GMRE) opened at 9.25 on Tuesday. Global Medical REIT has a 12 month low of $6.73 and a 12 month high of $11.24. The stock has a 50 day moving average price of $9.10 and a 200 day moving average price of $9.04.
Global Medical REIT (NASDAQ:GMRE) last announced its earnings results on Thursday, August 10th. The company reported ($0.04) EPS for the quarter, missing the Zacks’ consensus estimate of $0.13 by $0.17. Global Medical REIT had a negative return on equity of 6.70% and a negative net margin of 54.55%. The company had revenue of $7.42 million during the quarter, compared to the consensus estimate of $6.16 million. Equities analysts expect that Global Medical REIT will post ($0.09) EPS for the current fiscal year.
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In other Global Medical REIT news, Chairman Jeffrey Busch purchased 11,100 shares of the business’s stock in a transaction on Friday, June 30th. The stock was acquired at an average price of $9.00 per share, for a total transaction of $99,900.00. Following the purchase, the chairman now owns 20,110 shares of the company’s stock, valued at approximately $180,990. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
A number of large investors have recently modified their holdings of GMRE. State Street Corp raised its stake in shares of Global Medical REIT by 9.7% in the second quarter. State Street Corp now owns 234,183 shares of the company’s stock worth $2,094,000 after buying an additional 20,804 shares during the last quarter. Goldman Sachs Group Inc. acquired a new stake in shares of Global Medical REIT during the second quarter worth about $339,000. Parametric Portfolio Associates LLC raised its stake in shares of Global Medical REIT by 18.9% in the second quarter. Parametric Portfolio Associates LLC now owns 31,546 shares of the company’s stock worth $282,000 after buying an additional 5,017 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Global Medical REIT by 0.8% in the second quarter. Vanguard Group Inc. now owns 521,977 shares of the company’s stock worth $4,667,000 after buying an additional 4,044 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of Global Medical REIT by 2.0% in the second quarter. Northern Trust Corp now owns 147,978 shares of the company’s stock worth $1,323,000 after buying an additional 2,873 shares during the last quarter.
Global Medical REIT Company Profile
Global Medical REIT Inc focuses on operating as a real estate investment trust. The Company is engaged primarily in the acquisition and leasing of licensed purpose-built healthcare facilities in certain markets with various clinical operators. The Company seeks to invest in these purpose-built, specialized facilities, such as surgery centers, specialty hospitals and outpatient treatment centers.
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