Marcus & Millichap (NYSE:MMI) Sets New 12-Month Low – What’s Next?

Shares of Marcus & Millichap, Inc. (NYSE:MMI) hit a new 52-week low on Friday . The stock traded as low as $26.65 and last traded at $26.21, with a volume of 12241 shares traded. The stock had previously closed at $26.91.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Weiss Ratings reissued a “sell (d+)” rating on shares of Marcus & Millichap in a report on Monday, December 29th. Wall Street Zen lowered shares of Marcus & Millichap from a “buy” rating to a “hold” rating in a research report on Sunday, December 28th. Finally, Wells Fargo & Company dropped their target price on shares of Marcus & Millichap from $30.00 to $29.00 and set an “underweight” rating on the stock in a research report on Friday, October 24th. Two analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $29.00.

Marcus & Millichap Stock Down 3.0%

The stock has a market capitalization of $1.02 billion, a PE ratio of -163.16 and a beta of 1.33. The firm has a 50 day moving average price of $28.60 and a 200-day moving average price of $30.08.

Marcus & Millichap (NYSE:MMI) last issued its quarterly earnings results on Friday, November 7th. The real estate investment trust reported $0.09 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.13. Marcus & Millichap had a negative net margin of 0.89% and a negative return on equity of 0.58%. The company had revenue of $193.89 million for the quarter, compared to the consensus estimate of $183.10 million.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tributary Capital Management LLC lifted its holdings in shares of Marcus & Millichap by 92.4% in the 3rd quarter. Tributary Capital Management LLC now owns 1,339,094 shares of the real estate investment trust’s stock valued at $39,302,000 after buying an additional 643,277 shares during the period. Millennium Management LLC raised its position in Marcus & Millichap by 1,372.2% during the third quarter. Millennium Management LLC now owns 172,267 shares of the real estate investment trust’s stock valued at $5,056,000 after acquiring an additional 160,566 shares in the last quarter. Envestnet Asset Management Inc. raised its position in Marcus & Millichap by 76.1% during the second quarter. Envestnet Asset Management Inc. now owns 209,908 shares of the real estate investment trust’s stock valued at $6,446,000 after acquiring an additional 90,737 shares in the last quarter. Reinhart Partners LLC. lifted its holdings in Marcus & Millichap by 2.4% in the second quarter. Reinhart Partners LLC. now owns 2,214,779 shares of the real estate investment trust’s stock valued at $68,016,000 after acquiring an additional 51,844 shares during the period. Finally, Invesco Ltd. boosted its position in Marcus & Millichap by 64.1% in the 3rd quarter. Invesco Ltd. now owns 128,485 shares of the real estate investment trust’s stock worth $3,771,000 after purchasing an additional 50,204 shares in the last quarter. 62.78% of the stock is currently owned by institutional investors and hedge funds.

About Marcus & Millichap

Marcus & Millichap (NYSE: MMI) is a leading commercial real estate brokerage firm focused on investment sales, financing, research and advisory services. Founded in 1971 by George M. Marcus and William A. Millichap, the company has grown to specialize in the marketing of multifamily, retail, office, industrial, hospitality and other commercial property types. Through an extensive network of investment specialists, Marcus & Millichap connects property owners and investors with tailored transactions across a range of asset classes.

The firm offers comprehensive capital markets solutions, including debt and equity placement, structured finance, and customized financing programs.