Summit Industrial Income REIT (SMMCF) Receives a Hold from Echelon Wealth Partners

By Ryan Adsit

Echelon Wealth Partners analyst Stephan Boire maintained a Hold rating on Summit Industrial Income REIT (SMMCFResearch Report) on May 13 and set a price target of C$13.00. The company’s shares closed last Friday at $9.61, close to its 52-week high of $10.51.

According to TipRanks.com, Boire is ranked #5529 out of 7019 analysts.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Summit Industrial Income REIT with a $9.86 average price target, a 2.6% upside from current levels. In a report issued on May 13, RBC Capital also maintained a Hold rating on the stock.

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Based on Summit Industrial Income REIT’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $46.32 million and net profit of $24.83 million. In comparison, last year the company earned revenue of $34.08 million and had a GAAP net loss of $38.06 million.

Based on the recent corporate insider activity of 100 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SMMCF in relation to earlier this year.

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Summit Industrial Income REIT is an open-ended mutual fund trust, which engages in growing and managing a portfolio of light industrial properties. Its properties are located in Ontario, Quebec, Alberta, British Columbia, and New Brunswick. The company was founded on November 4, 2005 and is headquartered in Brampton, Canada.