Lord Abbett & CO. LLC Has $27.11 Million Stock Position in Marcus & Millichap, Inc. $MMI

Key Points

• Lord Abbett & CO. LLC reduced its stake in Marcus & Millichap (NYSE: MMI) by 8.8%, now holding 787,055 shares worth approximately $27.1 million.
• Several other hedge funds also adjusted their positions, with Public Sector Pension Investment Board increasing its stake by 26.8% during the same quarter.
• Marcus & Millichap reported a quarterly loss with earnings per share of ($0.28), significantly missing analysts' expectations, along with a dividend announcement of $0.25 payable on October 6th.

Lord Abbett & CO. LLC decreased its holdings in Marcus & Millichap, Inc. (NYSE:MMI - Free Report) by 8.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 787,055 shares of the real estate investment trust's stock after selling 75,659 shares during the quarter. Lord Abbett & CO. LLC owned about 2.02% of Marcus & Millichap worth $27,114,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the business. Principal Financial Group Inc. increased its position in shares of Marcus & Millichap by 2.7% in the first quarter. Principal Financial Group Inc. now owns 119,789 shares of the real estate investment trust's stock valued at $4,127,000 after buying an additional 3,095 shares in the last quarter. New York State Teachers Retirement System increased its position in shares of Marcus & Millichap by 11.4% in the first quarter. New York State Teachers Retirement System now owns 23,618 shares of the real estate investment trust's stock valued at $814,000 after buying an additional 2,416 shares in the last quarter. Deutsche Bank AG increased its position in shares of Marcus & Millichap by 54.1% in the fourth quarter. Deutsche Bank AG now owns 21,494 shares of the real estate investment trust's stock valued at $822,000 after buying an additional 7,542 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Marcus & Millichap by 61.5% in the fourth quarter. JPMorgan Chase & Co. now owns 123,089 shares of the real estate investment trust's stock valued at $4,709,000 after buying an additional 46,865 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Marcus & Millichap by 4,330.3% in the first quarter. GAMMA Investing LLC now owns 20,911 shares of the real estate investment trust's stock valued at $720,000 after buying an additional 20,439 shares in the last quarter. Hedge funds and other institutional investors own 62.78% of the company's stock.

Marcus & Millichap Trading Up 1.3%

MMI stock traded up $0.4050 during midday trading on Tuesday, hitting $31.0350. 62,436 shares of the company's stock were exchanged, compared to its average volume of 123,931. Marcus & Millichap, Inc. has a 12-month low of $27.61 and a 12-month high of $42.80. The firm has a 50 day moving average price of $31.04 and a 200-day moving average price of $32.46. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of -100.19 and a beta of 1.27.

Marcus & Millichap (NYSE:MMI - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The real estate investment trust reported ($0.28) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.24). The firm had revenue of $172.28 million during the quarter, compared to the consensus estimate of $172.60 million. Marcus & Millichap had a negative net margin of 1.69% and a negative return on equity of 1.99%.

Marcus & Millichap Dividend Announcement

The company also recently disclosed a half year 25 dividend, which will be paid on Monday, October 6th. Stockholders of record on Monday, September 15th will be issued a $0.25 dividend. The ex-dividend date is Monday, September 15th. This represents a dividend yield of 160.0%. Marcus & Millichap's dividend payout ratio is -161.29%.

Analyst Ratings Changes

A number of analysts recently commented on MMI shares. Wall Street Zen lowered Marcus & Millichap from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Citizens Jmp started coverage on Marcus & Millichap in a research note on Monday, July 21st. They set a "market perform" rating on the stock. Finally, JMP Securities started coverage on Marcus & Millichap in a research note on Monday, July 21st. They set a "market perform" rating on the stock. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Marcus & Millichap currently has a consensus rating of "Reduce" and an average target price of $30.00.

Marcus & Millichap Company Profile

Marcus & Millichap, Inc engages in the provision of investment real estate brokerage services. It specializes in commercial real estate investment sales, property financing, research, and advisory services. The company was founded by George M. Marcus and William A. Millichap in 1971 and is headquartered in Calabasas, CA.