Marcus & Millichap (NYSE:MMI) Shares Down 6.7% – Here’s What Happened

Shares of Marcus & Millichap, Inc. (NYSE:MMI) fell 6.7% during mid-day trading on Tuesday. The stock traded as low as $26.00 and last traded at $25.8850. 4,487 shares traded hands during mid-day trading, a decline of 98% from the average session volume of 215,688 shares. The stock had previously closed at $27.75.

Analyst Ratings Changes

MMI has been the subject of a number of research reports. Wall Street Zen lowered shares of Marcus & Millichap from a “buy” rating to a “hold” rating in a research note on Saturday. Weiss Ratings upgraded Marcus & Millichap from a “sell (d)” rating to a “hold (c-)” rating in a research note on Friday, August 21st. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $28.00.

Marcus & Millichap Stock Down 3.3%

The firm has a market capitalization of $966.63 million, a PE ratio of 65.45 and a beta of 1.25. The stock’s fifty day simple moving average is $29.21 and its 200 day simple moving average is $28.78.

Marcus & Millichap (NYSE:MMI) last issued its quarterly earnings results on Friday, November 6th. 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 business had revenue of $208.37 million for the quarter, compared to analysts’ expectations of $205.05 million.

Hedge Funds Weigh In On Marcus & Millichap

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in shares of Marcus & Millichap in the second quarter worth $112,801,000. Pzena Investment Management LLC purchased a new position in shares of Marcus & Millichap during the 2nd quarter valued at $66,735,000. Bank of New York Mellon Corp purchased a new position in shares of Marcus & Millichap during the 2nd quarter valued at $5,154,000. Bank of America Corp DE purchased a new position in shares of Marcus & Millichap during the 2nd quarter valued at $3,965,000. Finally, Pacer Advisors Inc. bought a new position in Marcus & Millichap in the 1st quarter worth $2,411,000. 62.78% of the stock is currently owned by hedge funds and other institutional investors.

About Marcus & Millichap

Marcus & Millichap is a commercial real estate brokerage specializing in the sale, financing, and advisory of investment properties. Its services include investment sales, debt and equity financing, and research and market analysis for property owners, investors, and other real estate clients. Founded in 1971, the company serves clients across the United States and Canada through a network of offices and investment professionals. Its financing services include arranging loans and other capital for commercial real estate transactions.