Allianz Asset Management AG reduced its position in Marcus & Millichap Inc (NYSE:MMI) by 33.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 16,388 shares of the real estate investment trust’s stock after selling 8,159 shares during the period. Allianz Asset Management AG’s holdings in Marcus & Millichap were worth $438,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in MMI. State of New Jersey Common Pension Fund D purchased a new stake in shares of Marcus & Millichap during the third quarter worth about $523,000. Midas Management Corp purchased a new stake in shares of Marcus & Millichap during the third quarter worth about $393,000. Prescott Group Capital Management L.L.C. increased its stake in shares of Marcus & Millichap by 31.8% in the third quarter. Prescott Group Capital Management L.L.C. now owns 44,494 shares of the real estate investment trust’s stock worth $1,164,000 after buying an additional 10,733 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of Marcus & Millichap by 5.6% in the third quarter. Wells Fargo & Company MN now owns 5,622 shares of the real estate investment trust’s stock worth $147,000 after buying an additional 300 shares during the last quarter. Finally, First Trust Advisors LP purchased a new stake in shares of Marcus & Millichap during the third quarter worth about $368,000. 34.26% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Marcus & Millichap Inc (NYSE:MMI) traded up 0.51% during midday trading on Friday, reaching $25.70. 84,885 shares of the company were exchanged. The company has a 50 day moving average price of $25.20 and a 200-day moving average price of $25.82. Marcus & Millichap Inc has a 12-month low of $22.93 and a 12-month high of $30.31. The stock has a market capitalization of $978.42 million, a P/E ratio of 15.48 and a beta of 1.57.
Marcus & Millichap (NYSE:MMI) last released its quarterly earnings data on Thursday, March 9th. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.02. The business earned $189.20 million during the quarter, compared to analysts’ expectations of $192.93 million. Marcus & Millichap had a return on equity of 31.33% and a net margin of 9.22%. The business’s quarterly revenue was down 6.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.51 EPS. On average, analysts forecast that Marcus & Millichap Inc will post $1.61 earnings per share for the current fiscal year.
MMI has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded shares of Marcus & Millichap from a “hold” rating to a “sell” rating in a report on Wednesday, January 4th. William Blair downgraded shares of Marcus & Millichap from an “outperform” rating to a “market perform” rating in a report on Friday, March 24th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. Marcus & Millichap currently has a consensus rating of “Hold” and a consensus price target of $27.00.
In related news, SVP William E. Hughes sold 6,541 shares of the company’s stock in a transaction dated Wednesday, February 22nd. The stock was sold at an average price of $27.99, for a total value of $183,082.59. Following the completion of the sale, the senior vice president now directly owns 40,540 shares of the company’s stock, valued at approximately $1,134,714.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Hessam Nadji sold 13,500 shares of the company’s stock in a transaction dated Wednesday, March 22nd. The shares were sold at an average price of $25.20, for a total value of $340,200.00. Following the completion of the sale, the chief executive officer now directly owns 331,661 shares of the company’s stock, valued at $8,357,857.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 550,684 shares of company stock valued at $13,529,256. Insiders own 61.80% of the company’s stock.
About Marcus & Millichap
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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