Marcus & Millichap (NYSE:MMI) Announces Quarterly Earnings Results

Marcus & Millichap (NYSE:MMI) announced its earnings results on Friday. The real estate investment trust reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.13, Zacks reports. The firm had revenue of $193.89 million during the quarter, compared to analyst estimates of $183.10 million. Marcus & Millichap had a negative return on equity of 1.99% and a negative net margin of 1.69%.

Marcus & Millichap Stock Performance

Marcus & Millichap stock traded down $0.21 during mid-day trading on Friday, reaching $29.27. The company’s stock had a trading volume of 234,302 shares, compared to its average volume of 126,207. Marcus & Millichap has a 12-month low of $27.35 and a 12-month high of $42.80. The company has a market capitalization of $1.14 billion, a P/E ratio of -94.41 and a beta of 1.34. The firm’s fifty day moving average price is $30.31 and its two-hundred day moving average price is $30.52.

Hedge Funds Weigh In On Marcus & Millichap

Several hedge funds have recently made changes to their positions in MMI. Quantbot Technologies LP bought a new stake in shares of Marcus & Millichap during the 2nd quarter valued at $137,000. Strs Ohio bought a new position in Marcus & Millichap in the 1st quarter worth about $145,000. Tower Research Capital LLC TRC grew its holdings in Marcus & Millichap by 769.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,286 shares of the real estate investment trust’s stock valued at $162,000 after buying an additional 4,678 shares in the last quarter. Norges Bank bought a new stake in shares of Marcus & Millichap during the second quarter valued at about $236,000. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Marcus & Millichap by 20.5% in the second quarter. BNP Paribas Financial Markets now owns 10,137 shares of the real estate investment trust’s stock worth $311,000 after buying an additional 1,727 shares in the last quarter. 62.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MMI. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Marcus & Millichap in a research report on Wednesday, October 8th. Citizens Jmp started coverage on Marcus & Millichap in a research note on Monday, July 21st. They issued a “market perform” rating on the stock. Wall Street Zen lowered Marcus & Millichap from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Wells Fargo & Company lowered their target price on Marcus & Millichap from $30.00 to $29.00 and set an “underweight” rating on the stock in a research note on Friday, October 24th. Finally, JMP Securities initiated coverage on Marcus & Millichap in a research report on Monday, July 21st. They set a “market perform” rating on the stock. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $29.00.

Marcus & Millichap Company Profile

Marcus & Millichap, Inc engages in the provision of investment real estate brokerage services. It specializes in commercial real estate investment sales, property financing, research, and advisory services. The company was founded by George M. Marcus and William A. Millichap in 1971 and is headquartered in Calabasas, CA.