Marcus & Millichap (NYSE:MMI) was downgraded by Zacks Investment Research from a "buy" rating to a "hold" rating in a research note issued to investors on Wednesday, Zacks.com reports.
According to Zacks, "Marcus & Millichap, Inc. operates a brokerage firm specializing in real estate investments. It offers commercial real estate investment brokerage services for multifamily, retail, office, industrial, land, self-storage, seniors housing, manufactured housing, and mixed-use/other property types. The company also provides a range of advisory and consulting services to developers, lenders, owners, real estate investment trusts, high net worth individuals, pension fund advisors, and other institutions. Marcus & Millichap, Inc. is based in Calabasas, California. "
Separately, TheStreet downgraded Marcus & Millichap from a "b" rating to a "c+" rating in a research note on Thursday, April 1st.
MMI stock opened at $36.82 on Wednesday. The stock's 50 day simple moving average is $34.89 and its 200 day simple moving average is $35.43. Marcus & Millichap has a fifty-two week low of $23.16 and a fifty-two week high of $40.89. The company has a market cap of $1.45 billion, a P/E ratio of 36.82 and a beta of 1.03.
Marcus & Millichap (NYSE:MMI) last posted its quarterly earnings results on Thursday, February 18th. The real estate investment trust reported $0.59 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.45. Marcus & Millichap had a return on equity of 7.84% and a net margin of 5.67%. The business had revenue of $250.21 million for the quarter, compared to the consensus estimate of $169.50 million. During the same period in the prior year, the business earned $0.52 EPS. Equities analysts predict that Marcus & Millichap will post 0.62 EPS for the current year.
In other Marcus & Millichap news, Director George M. Marcus sold 1,000 shares of the business's stock in a transaction that occurred on Tuesday, March 9th. The stock was sold at an average price of $34.05, for a total transaction of $34,050.00. Following the completion of the sale, the director now directly owns 22,566 shares of the company's stock, valued at approximately $768,372.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director George M. Marcus sold 4,900 shares of the business's stock in a transaction that occurred on Tuesday, February 23rd. The stock was sold at an average price of $40.28, for a total value of $197,372.00. Following the sale, the director now directly owns 22,566 shares of the company's stock, valued at $908,958.48. The disclosure for this sale can be found here. Insiders have sold a total of 518,378 shares of company stock valued at $18,229,987 over the last three months. Corporate insiders own 41.30% of the company's stock.
Several hedge funds have recently added to or reduced their stakes in the company. Public Sector Pension Investment Board grew its holdings in shares of Marcus & Millichap by 1.0% in the fourth quarter. Public Sector Pension Investment Board now owns 53,130 shares of the real estate investment trust's stock valued at $1,978,000 after acquiring an additional 510 shares in the last quarter. Vantage Consulting Group Inc bought a new position in shares of Marcus & Millichap in the fourth quarter valued at approximately $45,000. Northern Trust Corp grew its holdings in shares of Marcus & Millichap by 0.4% in the fourth quarter. Northern Trust Corp now owns 364,592 shares of the real estate investment trust's stock valued at $13,573,000 after acquiring an additional 1,285 shares in the last quarter. Citigroup Inc. grew its holdings in shares of Marcus & Millichap by 22.3% in the fourth quarter. Citigroup Inc. now owns 7,608 shares of the real estate investment trust's stock valued at $283,000 after acquiring an additional 1,387 shares in the last quarter. Finally, ProShare Advisors LLC bought a new position in shares of Marcus & Millichap in the fourth quarter valued at approximately $209,000. 58.21% of the stock is owned by institutional investors.
About Marcus & Millichap
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.
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