Lazard Asset Management LLC Purchases New Stake in Marcus & Millichap, Inc. $MMI

Key Points

• Lazard Asset Management acquired 68,040 shares of Marcus & Millichap worth approximately $1.81 million, giving it a 0.18% stake. Institutional investors and hedge funds collectively own 62.78% of the company.
• Analyst sentiment remains negative: Weiss Ratings downgraded the stock to “sell,” Wall Street Zen lowered it to “hold,” and the consensus rating is currently “Sell” with an average price target of $28.
• Marcus & Millichap reported quarterly revenue of $171.47 million, above estimates, while matching the consensus loss of $0.08 per share. The company also declared a quarterly dividend of $0.25 per share.

Lazard Asset Management LLC acquired a new position in shares of Marcus & Millichap, Inc. (NYSE:MMI - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 68,040 shares of the real estate investment trust's stock, valued at approximately $1,809,000. Lazard Asset Management LLC owned 0.18% of Marcus & Millichap as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Kestra Advisory Services LLC bought a new position in Marcus & Millichap in the 4th quarter valued at about $30,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Marcus & Millichap by 79,800.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,598 shares of the real estate investment trust's stock worth $44,000 after acquiring an additional 1,596 shares during the period. State of Wyoming acquired a new stake in shares of Marcus & Millichap during the 1st quarter worth approximately $64,000. Quantbot Technologies LP acquired a new stake in shares of Marcus & Millichap during the 2nd quarter worth approximately $137,000. Finally, Strs Ohio bought a new position in Marcus & Millichap in the first quarter valued at approximately $145,000. 62.78% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on MMI. Weiss Ratings downgraded shares of Marcus & Millichap from a "sell (d+)" rating to a "sell (d)" rating in a research report on Monday, May 11th. Wall Street Zen downgraded Marcus & Millichap from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Two investment analysts have rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Sell" and an average price target of $28.00.

Marcus & Millichap Trading Up 0.1%

MMI stock opened at $30.77 on Tuesday. The firm has a 50-day moving average price of $30.35 and a 200-day moving average price of $28.15. Marcus & Millichap, Inc. has a 12 month low of $24.43 and a 12 month high of $33.62. The stock has a market capitalization of $1.16 billion, a P/E ratio of -3,073.83 and a beta of 1.23.

Marcus & Millichap (NYSE:MMI - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The real estate investment trust reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.08). The company had revenue of $171.47 million for the quarter, compared to analyst estimates of $162.20 million. Marcus & Millichap had a negative net margin of 0.08% and a positive return on equity of 0.43%. The firm's revenue was up 18.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.11) EPS.

Marcus & Millichap Announces Dividend

The business also recently announced a dividend, which will be paid on Tuesday, October 6th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.25 per share. This represents a dividend yield of 163.0%. The ex-dividend date of this dividend is Tuesday, September 15th. Marcus & Millichap's payout ratio is presently -5,000.00%.

About Marcus & Millichap

Marcus & Millichap NYSE: MMI is a leading commercial real estate brokerage firm focused on investment sales, financing, research and advisory services. Founded in 1971 by George M. Marcus and William A. Millichap, the company has grown to specialize in the marketing of multifamily, retail, office, industrial, hospitality and other commercial property types. Through an extensive network of investment specialists, Marcus & Millichap connects property owners and investors with tailored transactions across a range of asset classes.

The firm offers comprehensive capital markets solutions, including debt and equity placement, structured finance, and customized financing programs.

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