Marcus & Millichap (NYSE:MMI) Downgraded by Wall Street Zen to "Hold"

Key Points

• Wall Street Zen downgraded Marcus & Millichap from "buy" to "hold"; the stock now has a consensus rating of "Sell" from analysts with an average target price of $28.00 and recent downgrades from firms like Wells Fargo and Weiss Ratings.
• The company beat quarterly expectations (EPS $0.34 vs. $0.22 est.; revenue $243.95M vs. $229.45M) but still shows a negative net margin and a negative trailing P/E (-694.7), with the stock trading between $24.43 and $33.62 over the past 12 months.
• Insiders and institutions: CEO Hessam Nadji sold shares reducing his stake by ~73%, while several institutional investors (notably Pzena, Tributary, Renaissance, and Jane Street) markedly increased positions, leaving ~62.8% of the stock owned by institutions.

Marcus & Millichap (NYSE:MMI - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report issued on Saturday.

Several other research firms also recently weighed in on MMI. Wells Fargo & Company dropped their target price on shares of Marcus & Millichap from $29.00 to $28.00 and set an "underweight" rating for the company in a research report on Monday, February 2nd. Weiss Ratings reissued a "sell (d+)" rating on shares of Marcus & Millichap in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Sell" and an average target price of $28.00.

Marcus & Millichap Price Performance

Marcus & Millichap stock opened at $27.80 on Friday. Marcus & Millichap has a 12-month low of $24.43 and a 12-month high of $33.62. The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of -694.70 and a beta of 1.25. The firm's fifty day moving average price is $26.62 and its 200 day moving average price is $27.55.

Marcus & Millichap (NYSE:MMI - Get Free Report) last released its quarterly earnings results on Friday, February 13th. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.12. Marcus & Millichap had a negative net margin of 0.25% and a positive return on equity of 0.20%. The firm had revenue of $243.95 million for the quarter, compared to the consensus estimate of $229.45 million.

Insider Transactions at Marcus & Millichap

In other Marcus & Millichap news, CEO Hessam Nadji sold 1,300 shares of the business's stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $25.60, for a total transaction of $33,280.00. Following the completion of the transaction, the chief executive officer directly owned 480 shares of the company's stock, valued at $12,288. The trade was a 73.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 39.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MMI. Pzena Investment Management LLC boosted its stake in 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 valued at $53,519,000 after purchasing an additional 1,398,441 shares during the period. Tributary Capital Management LLC boosted its stake in Marcus & Millichap by 92.4% during the 3rd quarter. Tributary Capital Management LLC now owns 1,339,094 shares of the real estate investment trust's stock valued at $39,302,000 after purchasing an additional 643,277 shares during the period. Renaissance Technologies LLC boosted its stake in Marcus & Millichap by 773.2% during the 4th quarter. Renaissance Technologies LLC now owns 260,200 shares of the real estate investment trust's stock valued at $7,101,000 after purchasing an additional 230,400 shares during the period. Jane Street Group LLC boosted its stake in 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 valued at $7,361,000 after purchasing an additional 227,719 shares during the period. Finally, Marshall Wace LLP acquired a new position in Marcus & Millichap during the 4th quarter valued at about $5,335,000. 62.78% of the stock is owned by institutional investors and hedge funds.

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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