Marcus & Millichap (NYSE:MMI) Hits New 52-Week High at $44.59

Marcus & Millichap, Inc. (NYSE:MMI)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $44.59 and last traded at $44.37, with a volume of 140 shares. The stock had previously closed at $43.96.

A number of research firms recently weighed in on MMI. Zacks Investment Research lowered Marcus & Millichap from a “buy” rating to a “hold” rating in a report on Thursday, July 8th. TheStreet upgraded Marcus & Millichap from a “c” rating to a “b-” rating in a research report on Friday, August 6th.

The firm has a 50 day moving average of $40.20 and a 200 day moving average of $38.38. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of 23.26 and a beta of 0.86.

Marcus & Millichap (NYSE:MMI) last issued its quarterly earnings results on Friday, August 6th. The real estate investment trust reported $0.78 EPS for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.38. Marcus & Millichap had a return on equity of 13.69% and a net margin of 8.68%. The business had revenue of $284.90 million for the quarter, compared to analyst estimates of $216.90 million. Marcus & Millichap’s revenue for the quarter was up 142.7% compared to the same quarter last year.

In other news, COO Richard D. Matricaria sold 2,739 shares of the stock in a transaction on Monday, August 16th. The stock was sold at an average price of $39.74, for a total transaction of $108,847.86. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO John David Parker sold 2,498 shares of the stock in a transaction on Friday, August 13th. The stock was sold at an average price of $40.00, for a total value of $99,920.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,595 shares of company stock valued at $461,943. Corporate insiders own 40.60% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in MMI. Louisiana State Employees Retirement System increased its holdings in Marcus & Millichap by 10.1% during the third quarter. Louisiana State Employees Retirement System now owns 12,000 shares of the real estate investment trust’s stock valued at $487,000 after buying an additional 1,100 shares during the period. State of Alaska Department of Revenue lifted its position in Marcus & Millichap by 9.0% during the third quarter. State of Alaska Department of Revenue now owns 18,189 shares of the real estate investment trust’s stock valued at $738,000 after purchasing an additional 1,505 shares during the period. Parametric Portfolio Associates LLC raised its position in shares of Marcus & Millichap by 2.7% in the second quarter. Parametric Portfolio Associates LLC now owns 56,099 shares of the real estate investment trust’s stock worth $2,181,000 after acquiring an additional 1,499 shares during the period. Denali Advisors LLC raised its position in shares of Marcus & Millichap by 227.8% in the second quarter. Denali Advisors LLC now owns 47,200 shares of the real estate investment trust’s stock worth $1,835,000 after acquiring an additional 32,800 shares during the period. Finally, Invesco Ltd. raised its position in shares of Marcus & Millichap by 370.1% in the second quarter. Invesco Ltd. now owns 312,598 shares of the real estate investment trust’s stock worth $12,151,000 after acquiring an additional 246,099 shares during the period. 58.94% of the stock is owned by institutional investors and hedge funds.

About Marcus & Millichap (NYSE:MMI)

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.

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