Marcus & Millichap (NYSE:MMI) Lowered to Hold Rating by Wall Street Zen

Key Points

• Marcus & Millichap was downgraded by Wall Street Zen from a buy to a hold, while Weiss Ratings also cut its view slightly, leaving the stock with a consensus Sell rating and a $28 target price.
• The shares were down 0.5% to $30.73 in Friday trading, with volume below average. The stock remains above its 50-day and 200-day moving averages and has traded between $24.43 and $33.62 over the past year.
• The company’s latest quarterly results were mixed: EPS met expectations at -$0.08, while revenue beat forecasts at $171.47 million, up 18.3% year over year.

Marcus & Millichap (NYSE:MMI - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Sunday.

Separately, Weiss Ratings lowered Marcus & Millichap from a "sell (d+)" rating to a "sell (d)" rating in a research note on Monday, May 11th. One analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Sell" and a consensus target price of $28.00.

Marcus & Millichap Stock Down 0.5%

Shares of NYSE MMI traded down $0.14 during mid-day trading on Friday, reaching $30.73. 97,482 shares of the company were exchanged, compared to its average volume of 184,781. The stock has a market capitalization of $1.16 billion, a P/E ratio of -3,070.43 and a beta of 1.23. The company's 50-day simple moving average is $29.77 and its 200-day simple moving average is $27.74. Marcus & Millichap has a twelve month low of $24.43 and a twelve month high of $33.62.

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

Institutional Trading of Marcus & Millichap

Hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC grew its position in shares of Marcus & Millichap by 27.0% during the 2nd quarter. GAMMA Investing LLC now owns 4,634 shares of the real estate investment trust's stock worth $144,000 after purchasing an additional 984 shares in the last quarter. Pacer Advisors Inc. bought a new stake in shares of Marcus & Millichap in the first quarter valued at approximately $2,411,000. Bank of America Corp DE boosted its stake in shares of Marcus & Millichap by 7.9% in the first quarter. Bank of America Corp DE now owns 49,171 shares of the real estate investment trust's stock valued at $1,307,000 after buying an additional 3,606 shares during the period. Royal Bank of Canada grew its position in Marcus & Millichap by 22.6% during the first quarter. Royal Bank of Canada now owns 36,281 shares of the real estate investment trust's stock worth $964,000 after buying an additional 6,688 shares in the last quarter. Finally, Quantinno Capital Management LP grew its position in Marcus & Millichap by 348.4% during the first quarter. Quantinno Capital Management LP now owns 51,913 shares of the real estate investment trust's stock worth $1,380,000 after buying an additional 40,335 shares in the last quarter. Institutional investors and hedge funds own 62.78% of the company's stock.

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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