Marcus & Millichap (NYSE:MMI) Shares Gap Down Following Weak Earnings

Marcus & Millichap, Inc. (NYSE:MMI) gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $28.66, but opened at $26.28. Marcus & Millichap shares last traded at $27.7660, with a volume of 42,754 shares traded.

The real estate investment trust reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.03). Marcus & Millichap had a return on equity of 2.97% and a net margin of 1.77%. The company had revenue of $208.37 million during the quarter, compared to analysts’ expectations of $205.05 million.

Analysts Set New Price Targets

A number of research firms have recently commented on MMI. Wall Street Zen cut Marcus & Millichap from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 5th. Weiss Ratings raised Marcus & Millichap from a “sell (d)” rating to a “hold (c-)” rating in a research report on Friday, August 21st. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Marcus & Millichap has a consensus rating of “Reduce” and a consensus target price of $28.00.

Institutional Investors Weigh In On Marcus & Millichap

A number of institutional investors have recently made changes to their positions in MMI. Compass Financial Management LLC bought a new stake in shares of Marcus & Millichap in the second quarter worth approximately $25,000. Allworth Financial LP purchased a new stake in Marcus & Millichap during the 2nd quarter valued at $46,000. Farther Finance Advisors LLC increased its position in Marcus & Millichap by 50.9% during the third quarter. Farther Finance Advisors LLC now owns 1,728 shares of the real estate investment trust’s stock valued at $49,000 after acquiring an additional 583 shares during the last quarter. Fortitude Family Office LLC grew its stake in shares of Marcus & Millichap by 21,900.0% during the 3rd quarter. Fortitude Family Office LLC now owns 2,200 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 2,190 shares during the period. Finally, State of Wyoming bought a new stake in shares of Marcus & Millichap during the 1st quarter valued at about $64,000. Hedge funds and other institutional investors own 62.78% of the company’s stock.

Marcus & Millichap Stock Performance

The stock has a market cap of $1.05 billion, a PE ratio of 75.21 and a beta of 1.25. The company’s 50-day moving average price is $29.42 and its 200 day moving average price is $28.78.

About Marcus & Millichap

Marcus & Millichap, Inc is a commercial real estate brokerage company that specializes in investment sales, financing and advisory services. The company serves owners and investors in a range of property sectors, including multifamily, office, retail, industrial, self-storage, hospitality and land.

Through its brokerage professionals and investment banking platform, Marcus & Millichap helps clients market and acquire commercial properties, arrange financing and evaluate real estate investment opportunities.