Zacks Investment Research upgraded shares of Marcus & Millichap (NYSE:MMI) from a hold rating to a buy rating in a report published on Wednesday, November 22nd. The brokerage currently has $35.00 price target on the real estate investment trust’s stock.
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. “
A number of other research analysts have also weighed in on the company. Citigroup raised Marcus & Millichap from a neutral rating to a buy rating in a research note on Tuesday, November 14th. BidaskClub downgraded Marcus & Millichap from a buy rating to a hold rating in a report on Tuesday, July 25th. Finally, Wells Fargo & Company restated a market perform rating and set a $31.00 price objective (up from $25.00) on shares of Marcus & Millichap in a report on Wednesday, November 8th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Marcus & Millichap has an average rating of Hold and a consensus target price of $33.00.
Marcus & Millichap (NYSE:MMI) opened at $31.69 on Wednesday. Marcus & Millichap has a 52 week low of $23.22 and a 52 week high of $32.38. The firm has a market capitalization of $1,217.07, a price-to-earnings ratio of 20.72, a price-to-earnings-growth ratio of 3.51 and a beta of 1.59. The company has a current ratio of 4.62, a quick ratio of 4.62 and a debt-to-equity ratio of 0.02.
In related news, major shareholder Phoenix Investments Holdings L sold 569,087 shares of the stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $30.63, for a total value of $17,431,134.81. Following the completion of the sale, the insider now directly owns 18,988,795 shares in the company, valued at approximately $581,626,790.85. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director George M. Marcus sold 50,839 shares of the stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $30.75, for a total value of $1,563,299.25. Following the completion of the sale, the director now owns 15,879 shares of the company’s stock, valued at $488,279.25. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,692,911 shares of company stock valued at $51,631,187. Insiders own 58.30% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Schwab Charles Investment Management Inc. boosted its holdings in shares of Marcus & Millichap by 0.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 51,379 shares of the real estate investment trust’s stock valued at $1,355,000 after buying an additional 285 shares during the period. Vivaldi Asset Management LLC lifted its holdings in Marcus & Millichap by 3,527.7% during the second quarter. Vivaldi Asset Management LLC now owns 363,316 shares of the real estate investment trust’s stock valued at $9,577,000 after purchasing an additional 353,301 shares during the last quarter. Swiss National Bank lifted its holdings in Marcus & Millichap by 19.0% during the second quarter. Swiss National Bank now owns 28,200 shares of the real estate investment trust’s stock valued at $743,000 after purchasing an additional 4,500 shares during the last quarter. Jennison Associates LLC lifted its holdings in Marcus & Millichap by 1.7% during the second quarter. Jennison Associates LLC now owns 296,327 shares of the real estate investment trust’s stock valued at $7,811,000 after purchasing an additional 4,850 shares during the last quarter. Finally, New Mountain Vantage Advisers L.L.C. purchased a new stake in Marcus & Millichap during the second quarter valued at about $3,914,000. Hedge funds and other institutional investors own 45.04% of the company’s stock.
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Marcus & Millichap Company Profile
Marcus & Millichap, Inc is a brokerage company specializing in commercial real estate investment sales, financing, research and advisory services. The Company offers three primary services to its clients: commercial real estate investment brokerage, financing, and ancillary services, including other research, advisory and consulting services.
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