Ellington Management Group LLC reduced its stake in shares of Marcus & Millichap Inc (NYSE:MMI) by 23.6% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 11,300 shares of the real estate investment trust’s stock after selling 3,500 shares during the period. Ellington Management Group LLC’s holdings in Marcus & Millichap were worth $368,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently modified their holdings of the company. Granite Investment Partners LLC bought a new position in shares of Marcus & Millichap in the third quarter valued at approximately $14,391,000. Cambiar Investors LLC bought a new position in shares of Marcus & Millichap in the fourth quarter valued at approximately $7,153,000. Old Mutual Global Investors UK Ltd. bought a new position in shares of Marcus & Millichap in the fourth quarter valued at approximately $4,962,000. Dimensional Fund Advisors LP grew its holdings in shares of Marcus & Millichap by 12.1% in the third quarter. Dimensional Fund Advisors LP now owns 873,709 shares of the real estate investment trust’s stock valued at $23,581,000 after acquiring an additional 94,285 shares in the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of Marcus & Millichap by 87.2% in the fourth quarter. Wells Fargo & Company MN now owns 171,172 shares of the real estate investment trust’s stock valued at $5,582,000 after acquiring an additional 79,743 shares in the last quarter. 44.97% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently issued reports on the company. Zacks Investment Research raised Marcus & Millichap from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a report on Wednesday, March 14th. ValuEngine raised Marcus & Millichap from a “hold” rating to a “buy” rating in a report on Saturday, March 10th. Wells Fargo set a $37.00 target price on Marcus & Millichap and gave the company a “hold” rating in a report on Wednesday, March 21st. JMP Securities raised Marcus & Millichap from a “market perform” rating to an “outperform” rating in a report on Wednesday, January 24th. Finally, William Blair reaffirmed a “market perform” rating on shares of Marcus & Millichap in a report on Thursday, February 1st. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $38.50.
In other Marcus & Millichap news, CFO Martin E. Louie sold 7,800 shares of the stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $28.90, for a total transaction of $225,420.00. Following the sale, the chief financial officer now owns 56,966 shares in the company, valued at $1,646,317.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hessam Nadji sold 15,196 shares of the stock in a transaction on Friday, March 9th. The stock was sold at an average price of $34.00, for a total value of $516,664.00. Following the sale, the chief executive officer now owns 278,296 shares in the company, valued at approximately $9,462,064. The disclosure for this sale can be found here. Over the last three months, insiders have sold 679,569 shares of company stock valued at $24,301,869. 58.30% of the stock is owned by corporate insiders.
NYSE MMI traded down $0.67 on Friday, hitting $34.73. 290,311 shares of the stock traded hands, compared to its average volume of 224,244. Marcus & Millichap Inc has a 12 month low of $23.40 and a 12 month high of $36.70. The firm has a market cap of $1,324.64, a price-to-earnings ratio of 21.44, a price-to-earnings-growth ratio of 3.00 and a beta of 1.31. The company has a current ratio of 3.85, a quick ratio of 3.85 and a debt-to-equity ratio of 0.02.
Marcus & Millichap (NYSE:MMI) last announced its quarterly earnings data on Thursday, March 8th. The real estate investment trust reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.12. Marcus & Millichap had a return on equity of 21.35% and a net margin of 7.16%. The business had revenue of $202.80 million during the quarter, compared to analyst estimates of $189.10 million. During the same period in the prior year, the company earned $0.44 earnings per share. Marcus & Millichap’s revenue was up 7.2% compared to the same quarter last year. analysts forecast that Marcus & Millichap Inc will post 1.93 EPS for the current year.
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About Marcus & Millichap
Marcus & Millichap, Inc, a brokerage firm, provides investment brokerage and financing services to sellers and buyers of commercial real estate in the United States and Canada. The company offers commercial real estate investment sales, financing, research, and advisory services for multifamily, retail, office, and industrial properties, as well as hospitality, self-storage, seniors housing, land, and manufactured housing properties.
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