Connor Clark & Lunn Investment Management Ltd. Sells 77,187 Shares of RE/MAX Holdings, Inc. $RMAX

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its holdings in RE/MAX Holdings, Inc. by 35.9%, now owning 137,554 shares valued at approximately $1.15 million.
• Several other institutional investors, including Charles Schwab and Meeder Asset Management, adjusted their stakes in RE/MAX, reflecting significant market interest in the company.
• Analyst ratings reports indicate a drop in price targets for RE/MAX, with Keefe, Bruyette & Woods reducing their target from $10 to $9 and changing the rating to "market perform."

Connor Clark & Lunn Investment Management Ltd. lessened its position in RE/MAX Holdings, Inc. (NYSE:RMAX - Free Report) by 35.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 137,554 shares of the financial services provider's stock after selling 77,187 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.72% of RE/MAX worth $1,151,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State of Wyoming acquired a new stake in shares of RE/MAX in the fourth quarter worth $91,000. Wells Fargo & Company MN lifted its stake in shares of RE/MAX by 27.5% in the 4th quarter. Wells Fargo & Company MN now owns 10,603 shares of the financial services provider's stock valued at $113,000 after purchasing an additional 2,286 shares during the last quarter. GAMMA Investing LLC boosted its holdings in RE/MAX by 913.8% in the first quarter. GAMMA Investing LLC now owns 15,978 shares of the financial services provider's stock worth $134,000 after purchasing an additional 14,402 shares in the last quarter. Victory Capital Management Inc. acquired a new position in RE/MAX during the first quarter worth $148,000. Finally, Quantinno Capital Management LP raised its holdings in RE/MAX by 36.2% during the fourth quarter. Quantinno Capital Management LP now owns 14,807 shares of the financial services provider's stock valued at $158,000 after buying an additional 3,934 shares in the last quarter. Institutional investors and hedge funds own 93.17% of the company's stock.

RE/MAX Trading Down 3.3%

NYSE:RMAX traded down $0.30 during trading hours on Wednesday, hitting $8.66. 205,039 shares of the company traded hands, compared to its average volume of 179,052. RE/MAX Holdings, Inc. has a twelve month low of $6.90 and a twelve month high of $14.31. The firm has a 50-day moving average of $8.26 and a 200 day moving average of $8.31. The stock has a market capitalization of $173.46 million, a price-to-earnings ratio of 18.46 and a beta of 1.17.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RMAX. Keefe, Bruyette & Woods reduced their price target on RE/MAX from $10.00 to $9.00 and set a "market perform" rating for the company in a research report on Monday, April 28th. Wall Street Zen lowered RE/MAX from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $9.00.

RE/MAX Company Profile

RE/MAX Holdings, Inc operates as a franchisor of real estate brokerage services in the United States, Canada, and internationally. It operates through Real Estate, Mortgage, and Marketing Funds segments. The company offers real estate brokerage franchising services under the RE/MAX brand; mortgage brokerage services to real estate brokers, real estate professionals, mortgage professionals, and other investors under the Motto Mortgage brand; and mortgage loan processing software and services under the wemlo brand.