Marcus & Millichap, Inc. $MMI Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies reduced its Marcus & Millichap stake by 15.6%, selling 40,500 shares and retaining 219,700 shares valued at approximately $5.84 million. Institutional investors collectively own 62.78% of the company.
• Marcus & Millichap reported quarterly revenue of $171.47 million, up 18.3% year over year and above analyst expectations, while adjusted EPS of negative $0.08 matched consensus estimates.
• Analyst sentiment remains weak: the stock carries a consensus “Sell” rating with a $28 target price, below its reported trading price of $31.17. The company also declared a $0.25 quarterly dividend.

Renaissance Technologies LLC decreased its position in shares of Marcus & Millichap, Inc. (NYSE:MMI - Free Report) by 15.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 219,700 shares of the real estate investment trust's stock after selling 40,500 shares during the period. Renaissance Technologies LLC owned 0.58% of Marcus & Millichap worth $5,842,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Pzena Investment Management LLC raised its stake in shares of Marcus & Millichap by 227.6% during the 1st quarter. Pzena Investment Management LLC now owns 2,012,763 shares of the real estate investment trust's stock worth $53,519,000 after buying an additional 1,398,441 shares in the last quarter. Jane Street Group LLC grew its stake in shares of Marcus & Millichap by 542.1% during the 4th quarter. Jane Street Group LLC now owns 269,722 shares of the real estate investment trust's stock worth $7,361,000 after purchasing an additional 227,719 shares during the period. Marshall Wace LLP acquired a new position in shares of Marcus & Millichap during the 4th quarter worth $5,335,000. Millennium Management LLC boosted its holdings in Marcus & Millichap by 1,372.2% during the third quarter. Millennium Management LLC now owns 172,267 shares of the real estate investment trust's stock worth $5,056,000 after buying an additional 160,566 shares in the last quarter. Finally, Tudor Investment Corp ET AL boosted its holdings in Marcus & Millichap by 152.6% during the fourth quarter. Tudor Investment Corp ET AL now owns 229,413 shares of the real estate investment trust's stock worth $6,261,000 after buying an additional 138,583 shares in the last quarter. 62.78% of the stock is owned by hedge funds and other institutional investors.

Marcus & Millichap Trading Up 0.8%

Marcus & Millichap stock opened at $31.17 on Thursday. Marcus & Millichap, Inc. has a 52 week low of $24.43 and a 52 week high of $33.62. The stock has a fifty day moving average price of $30.46 and a 200 day moving average price of $28.21. The firm has a market capitalization of $1.18 billion, a P/E ratio of -3,113.59 and a beta of 1.23.

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

Marcus & Millichap Dividend Announcement

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

Analyst Ratings Changes

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

Marcus & Millichap Company Profile

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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