Shares of Marcus & Millichap, Inc. (NYSE:MMI – Get Rating) traded down 6.3% on Friday after Wells Fargo & Company lowered their price target on the stock from $26.00 to $24.00. Wells Fargo & Company currently has an underweight rating on the stock. Marcus & Millichap traded as low as $35.74 and last traded at $35.84. 22,082 shares were traded during mid-day trading, a decline of 79% from the average session volume of 107,188 shares. The stock had previously closed at $38.25.
Separately, StockNews.com began coverage on Marcus & Millichap in a research note on Wednesday, October 12th. They set a “hold” rating on the stock.
Insiders Place Their Bets
In other Marcus & Millichap news, insider Gregory A. Laberge sold 1,257 shares of the stock in a transaction dated Thursday, November 10th. The stock was sold at an average price of $36.75, for a total transaction of $46,194.75. Following the completion of the transaction, the insider now owns 8,915 shares in the company, valued at approximately $327,626.25. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Marcus & Millichap news, insider Gregory A. Laberge sold 1,257 shares of the stock in a transaction dated Thursday, November 10th. The stock was sold at an average price of $36.75, for a total transaction of $46,194.75. Following the completion of the transaction, the insider now owns 8,915 shares in the company, valued at approximately $327,626.25. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Hessam Nadji sold 5,428 shares of the stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $35.03, for a total value of $190,142.84. Following the transaction, the chief executive officer now owns 157,133 shares of the company’s stock, valued at approximately $5,504,368.99. The disclosure for this sale can be found here. In the last 90 days, insiders sold 8,185 shares of company stock worth $290,563. Corporate insiders own 38.80% of the company’s stock.
Hedge Funds Weigh In On Marcus & Millichap
Hedge funds have recently modified their holdings of the stock. First Horizon Advisors Inc. bought a new position in shares of Marcus & Millichap in the 2nd quarter valued at about $35,000. Captrust Financial Advisors grew its holdings in Marcus & Millichap by 342.7% during the first quarter. Captrust Financial Advisors now owns 1,483 shares of the real estate investment trust’s stock worth $79,000 after purchasing an additional 1,148 shares during the period. Point72 Hong Kong Ltd bought a new position in Marcus & Millichap during the second quarter worth about $58,000. Lazard Asset Management LLC grew its holdings in Marcus & Millichap by 117.8% during the second quarter. Lazard Asset Management LLC now owns 1,760 shares of the real estate investment trust’s stock worth $65,000 after purchasing an additional 952 shares during the period. Finally, KBC Group NV bought a new stake in shares of Marcus & Millichap during the second quarter worth approximately $79,000. Institutional investors own 61.56% of the company’s stock.
Marcus & Millichap Stock Down 6.3 %
The stock has a 50 day moving average price of $36.13 and a two-hundred day moving average price of $36.68. The company has a market cap of $1.41 billion, a P/E ratio of 9.17 and a beta of 1.00.
Marcus & Millichap (NYSE:MMI – Get Rating) last released its quarterly earnings results on Thursday, November 3rd. The real estate investment trust reported $0.53 EPS for the quarter. Marcus & Millichap had a net margin of 10.32% and a return on equity of 22.51%. The business had revenue of $323.84 million for the quarter.
Marcus & Millichap Company Profile
Marcus & Millichap, Inc, an investment brokerage company, provides real estate 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, industrial, single-tenant net lease, seniors housing, self-storage, hospitality, medical office, and manufactured housing.
