LXP Industrial Trust (NYSE:LXP) Issues FY24 Earnings Guidance

LXP Industrial Trust (NYSE:LXP) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $0.62-$0.65 for the period, compared to the consensus EPS estimate of $0.63. LXP Industrial Trust also updated its FY 2024 guidance to 0.620-0.650 EPS.

LXP Industrial Trust Stock Down 1.2 %

Shares of LXP traded down $0.12 during trading hours on Friday, reaching $9.97. 2,252,445 shares of the stock traded hands, compared to its average volume of 2,365,880. The company has a current ratio of 0.11, a quick ratio of 0.27 and a debt-to-equity ratio of 0.21. The stock has a fifty day simple moving average of $9.32 and a 200 day simple moving average of $9.03. LXP Industrial Trust has a 52 week low of $7.75 and a 52 week high of $10.56. The company has a market cap of $2.93 billion, a price-to-earnings ratio of 249.31 and a beta of 0.86.

LXP Industrial Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 5.22%. The ex-dividend date of this dividend was Friday, June 28th. LXP Industrial Trust’s dividend payout ratio is 1,300.33%.

Analysts Set New Price Targets

Several research firms have recently issued reports on LXP. Evercore ISI raised shares of LXP Industrial Trust to a hold rating in a research report on Thursday. StockNews.com cut shares of LXP Industrial Trust from a hold rating to a sell rating in a research note on Friday, May 3rd. BNP Paribas started coverage on shares of LXP Industrial Trust in a research note on Tuesday, June 4th. They set an outperform rating and a $11.00 price objective for the company. Finally, Jefferies Financial Group boosted their price objective on shares of LXP Industrial Trust from $11.00 to $12.00 and gave the company a buy rating in a research note on Friday, June 7th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, LXP Industrial Trust currently has a consensus rating of Hold and a consensus target price of $11.33.

Insiders Place Their Bets

In related news, Director Arun Gupta acquired 15,000 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was acquired at an average cost of $8.95 per share, for a total transaction of $134,250.00. Following the acquisition, the director now owns 65,474 shares of the company’s stock, valued at $585,992.30. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.17% of the company’s stock.

About LXP Industrial Trust

LXP Industrial Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) focused on single-tenant industrial real estate investments across the United States. LXP seeks to expand its industrial portfolio through acquisitions, build-to-suit transactions, sale-leaseback transactions, development projects and other transactions.