Marcus & Millichap (NYSE:MMI) Posts Quarterly Earnings Results, Beats Estimates By $0.13 EPS

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

Marcus & Millichap Price Performance

Shares of Marcus & Millichap stock traded down $0.21 on Friday, hitting $29.27. 234,302 shares of the company’s stock traded hands, compared to its average volume of 126,207. The company has a fifty day moving average of $30.31 and a two-hundred day moving average of $30.52. Marcus & Millichap has a one year low of $27.35 and a one year high of $42.80. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of -94.41 and a beta of 1.34.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Marcus & Millichap

Institutional investors and hedge funds have recently modified their holdings of the business. Public Sector Pension Investment Board lifted its position in Marcus & Millichap by 7.9% in the 2nd quarter. Public Sector Pension Investment Board now owns 82,323 shares of the real estate investment trust’s stock valued at $2,528,000 after acquiring an additional 6,032 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Marcus & Millichap by 12.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 77,339 shares of the real estate investment trust’s stock worth $2,664,000 after purchasing an additional 8,369 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Marcus & Millichap by 6.2% in the second quarter. American Century Companies Inc. now owns 64,472 shares of the real estate investment trust’s stock valued at $1,980,000 after purchasing an additional 3,756 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Marcus & Millichap by 79.6% in the third quarter. JPMorgan Chase & Co. now owns 57,410 shares of the real estate investment trust’s stock valued at $1,685,000 after purchasing an additional 25,441 shares in the last quarter. Finally, Jane Street Group LLC boosted its position in shares of Marcus & Millichap by 325.7% during the first quarter. Jane Street Group LLC now owns 43,091 shares of the real estate investment trust’s stock valued at $1,484,000 after buying an additional 32,968 shares during the last quarter. 62.78% of the stock is currently owned by institutional investors.

About Marcus & Millichap

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.