First Trust Advisors LP boosted its position in shares of Marcus & Millichap Inc (NYSE:MMI) by 254.5% in the third quarter, HoldingsChannel.com reports. The firm owned 47,331 shares of the real estate investment trust’s stock after purchasing an additional 33,978 shares during the period. First Trust Advisors LP’s holdings in Marcus & Millichap were worth $1,643,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Royal Bank of Canada grew its holdings in Marcus & Millichap by 1,029.1% during the first quarter. Royal Bank of Canada now owns 5,160 shares of the real estate investment trust’s stock valued at $186,000 after purchasing an additional 4,703 shares during the period. California Public Employees Retirement System bought a new position in Marcus & Millichap in the second quarter valued at approximately $246,000. Zacks Investment Management bought a new position in Marcus & Millichap in the second quarter valued at approximately $246,000. WINTON GROUP Ltd bought a new position in Marcus & Millichap in the second quarter valued at approximately $295,000. Finally, Envestnet Asset Management Inc. bought a new position in Marcus & Millichap in the second quarter valued at approximately $317,000. Hedge funds and other institutional investors own 52.05% of the company’s stock.
Shares of MMI opened at $34.89 on Thursday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.67 and a current ratio of 4.67. Marcus & Millichap Inc has a twelve month low of $28.89 and a twelve month high of $41.45. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of 21.54, a P/E/G ratio of 3.03 and a beta of 1.15.
Marcus & Millichap (NYSE:MMI) last announced its quarterly earnings results on Wednesday, November 7th. The real estate investment trust reported $0.53 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.04. Marcus & Millichap had a net margin of 8.83% and a return on equity of 23.36%. The firm had revenue of $210.60 million for the quarter, compared to analyst estimates of $192.58 million. During the same quarter in the previous year, the firm posted $0.40 earnings per share. The business’s revenue was up 14.9% on a year-over-year basis. Analysts anticipate that Marcus & Millichap Inc will post 2.01 earnings per share for the current year.
MMI has been the topic of a number of research reports. Zacks Investment Research lowered shares of Marcus & Millichap from a “buy” rating to a “hold” rating in a research note on Saturday, August 11th. JMP Securities lowered shares of Marcus & Millichap from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 22nd. Finally, ValuEngine lowered shares of Marcus & Millichap from a “buy” rating to a “hold” rating in a research note on Tuesday, October 2nd. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $41.67.
In other news, Director George M. Marcus sold 8,000 shares of the business’s stock in a transaction on Wednesday, September 12th. The shares were sold at an average price of $35.40, for a total value of $283,200.00. Following the sale, the director now owns 18,021 shares of the company’s stock, valued at $637,943.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Phoenix Investments Holdings L sold 4,000 shares of the business’s stock in a transaction on Friday, September 7th. The stock was sold at an average price of $35.44, for a total transaction of $141,760.00. Following the completion of the sale, the insider now directly owns 15,539,478 shares in the company, valued at approximately $550,719,100.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,040,894 shares of company stock worth $37,498,991. Insiders own 50.10% of the company’s stock.
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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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