Lord Abbett & CO. LLC Sells 75,659 Shares of 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 position in Marcus & Millichap, Inc. (NYSE:MMI - Free Report) by 8.8% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 787,055 shares of the real estate investment trust's stock after selling 75,659 shares during the period. Lord Abbett & CO. LLC owned about 2.02% of Marcus & Millichap worth $27,114,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in MMI. Alliancebernstein L.P. increased its holdings in shares of Marcus & Millichap by 0.9% in the 4th quarter. Alliancebernstein L.P. now owns 33,801 shares of the real estate investment trust's stock valued at $1,293,000 after purchasing an additional 289 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Marcus & Millichap by 3.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,352 shares of the real estate investment trust's stock valued at $511,000 after purchasing an additional 474 shares in the last quarter. Heritage Family Offices LLP grew its position in Marcus & Millichap by 7.9% during the first quarter. Heritage Family Offices LLP now owns 7,586 shares of the real estate investment trust's stock valued at $261,000 after purchasing an additional 556 shares in the last quarter. Sterling Capital Management LLC increased its stake in Marcus & Millichap by 807.2% in the 4th quarter. Sterling Capital Management LLC now owns 753 shares of the real estate investment trust's stock valued at $29,000 after buying an additional 670 shares during the period. Finally, MetLife Investment Management LLC lifted its position in Marcus & Millichap by 7.0% in the 4th quarter. MetLife Investment Management LLC now owns 14,473 shares of the real estate investment trust's stock worth $554,000 after buying an additional 946 shares in the last quarter. 62.78% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MMI has been the topic of several research analyst reports. Citizens Jmp assumed coverage on shares of Marcus & Millichap in a report on Monday, July 21st. They set a "market perform" rating on the stock. JMP Securities began coverage on Marcus & Millichap in a research note on Monday, July 21st. They issued a "market perform" rating on the stock. Finally, Wall Street Zen lowered Marcus & Millichap from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Marcus & Millichap currently has a consensus rating of "Reduce" and a consensus price target of $30.00.

Marcus & Millichap Stock Performance

Shares of Marcus & Millichap stock traded down $0.1340 during midday trading on Wednesday, reaching $30.8760. 80,060 shares of the company's stock traded hands, compared to its average volume of 123,655. Marcus & Millichap, Inc. has a 52 week low of $27.61 and a 52 week high of $42.80. The company's 50 day simple moving average is $31.04 and its 200 day simple moving average is $32.44. The company has a market cap of $1.20 billion, a price-to-earnings ratio of -99.60 and a beta of 1.27.

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

Marcus & Millichap Dividend Announcement

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

Marcus & Millichap 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.