Marcus & Millichap (MMI) Lifted to “Buy” at ValuEngine

ValuEngine upgraded shares of Marcus & Millichap (NYSE:MMI) from a hold rating to a buy rating in a research report report published on Wednesday.

Several other equities analysts have also issued reports on the stock. Zacks Investment Research lowered shares of Marcus & Millichap from a buy rating to a hold rating in a report on Saturday, August 11th. JMP Securities lowered shares of Marcus & Millichap from an outperform rating to a market perform rating in a report on Wednesday, August 22nd. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Marcus & Millichap has a consensus rating of Hold and a consensus target price of $42.67.

MMI stock traded up $0.49 during midday trading on Wednesday, hitting $37.38. The stock had a trading volume of 420,772 shares, compared to its average volume of 473,856. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of 23.07, a PEG ratio of 3.09 and a beta of 1.13. The company has a quick ratio of 5.69, a current ratio of 5.69 and a debt-to-equity ratio of 0.02. Marcus & Millichap has a 1-year low of $28.89 and a 1-year high of $41.45.

Marcus & Millichap (NYSE:MMI) last released its earnings results on Wednesday, November 7th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.04. The business had revenue of $210.60 million for the quarter, compared to analyst estimates of $192.58 million. Marcus & Millichap had a net margin of 8.83% and a return on equity of 24.17%. Marcus & Millichap’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.40 earnings per share. Research analysts expect that Marcus & Millichap will post 1.99 earnings per share for the current year.

In other Marcus & Millichap news, major shareholder Phoenix Investments Holdings L sold 109,458 shares of Marcus & Millichap stock in a transaction on Monday, August 20th. The shares were sold at an average price of $37.95, for a total value of $4,153,931.10. Following the completion of the sale, the insider now directly owns 15,743,744 shares of the company’s stock, valued at $597,475,084.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director George M. Marcus sold 28,315 shares of Marcus & Millichap stock in a transaction on Monday, August 20th. The shares were sold at an average price of $38.30, for a total transaction of $1,084,464.50. Following the completion of the sale, the director now directly owns 18,021 shares of the company’s stock, valued at $690,204.30. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 919,500 shares of company stock valued at $33,119,810. Insiders own 58.30% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of MMI. BlackRock Inc. increased its stake in Marcus & Millichap by 82.9% in the second quarter. BlackRock Inc. now owns 1,943,505 shares of the real estate investment trust’s stock valued at $75,817,000 after purchasing an additional 880,988 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Marcus & Millichap during the third quarter worth about $3,780,000. Renaissance Technologies LLC increased its position in shares of Marcus & Millichap by 39.4% during the second quarter. Renaissance Technologies LLC now owns 348,600 shares of the real estate investment trust’s stock worth $13,599,000 after acquiring an additional 98,600 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its position in shares of Marcus & Millichap by 189.3% during the second quarter. Fuller & Thaler Asset Management Inc. now owns 138,278 shares of the real estate investment trust’s stock worth $5,394,000 after acquiring an additional 90,478 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its position in shares of Marcus & Millichap by 63.3% during the second quarter. Schwab Charles Investment Management Inc. now owns 190,175 shares of the real estate investment trust’s stock worth $7,419,000 after acquiring an additional 73,741 shares in the last quarter. 50.88% of the stock is owned by hedge funds and other institutional investors.

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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