Credit Suisse AG boosted its holdings in Marcus & Millichap Inc (NYSE:MMI) by 30.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,994 shares of the real estate investment trust’s stock after purchasing an additional 3,931 shares during the quarter. Credit Suisse AG’s holdings in Marcus & Millichap were worth $590,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in the stock. Zacks Investment Management purchased a new stake in Marcus & Millichap during the second quarter valued at about $246,000. California Public Employees Retirement System purchased a new stake in Marcus & Millichap during the second quarter valued at about $246,000. WINTON GROUP Ltd purchased a new stake in Marcus & Millichap during the second quarter valued at about $295,000. Trexquant Investment LP purchased a new stake in Marcus & Millichap during the third quarter valued at about $298,000. Finally, Envestnet Asset Management Inc. purchased a new stake in Marcus & Millichap during the second quarter valued at about $317,000. Hedge funds and other institutional investors own 52.05% of the company’s stock.
In other news, major shareholder Phoenix Investments Holdings L sold 100,000 shares of the company’s stock in a transaction dated Thursday, November 1st. The stock was sold at an average price of $35.00, for a total value of $3,500,000.00. Following the completion of the sale, the insider now owns 15,393,662 shares of the company’s stock, valued at $538,778,170. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director George M. Marcus sold 2,500 shares of the company’s stock in a transaction dated Monday, November 19th. The stock was sold at an average price of $37.00, for a total value of $92,500.00. Following the completion of the sale, the director now directly owns 18,021 shares of the company’s stock, valued at approximately $666,777. The disclosure for this sale can be found here. Insiders sold 900,174 shares of company stock valued at $32,512,708 in the last ninety days. Company insiders own 50.10% of the company’s stock.
MMI stock opened at $36.59 on Friday. Marcus & Millichap Inc has a 12-month low of $28.89 and a 12-month high of $41.45. The company has a quick ratio of 4.67, a current ratio of 4.67 and a debt-to-equity ratio of 0.02. The stock has a market cap of $1.41 billion, a price-to-earnings ratio of 22.59, a PEG ratio of 2.80 and a beta of 1.08.
Marcus & Millichap (NYSE:MMI) last issued its earnings results on Wednesday, November 7th. The real estate investment trust reported $0.53 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.04. Marcus & Millichap had a return on equity of 23.36% and a net margin of 8.83%. The company had revenue of $210.60 million during the quarter, compared to the consensus estimate of $192.58 million. During the same quarter in the prior year, the business earned $0.40 earnings per share. The company’s revenue was up 14.9% compared to the same quarter last year. On average, research analysts anticipate that Marcus & Millichap Inc will post 2.06 earnings per share for the current year.
MMI has been the subject of a number of research reports. ValuEngine downgraded Marcus & Millichap from a “buy” rating to a “hold” rating in a research report on Tuesday, October 2nd. Zacks Investment Research raised Marcus & Millichap from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a research report on Tuesday, November 13th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $41.67.
About Marcus & Millichap
Marcus & Millichap, Inc, a brokerage firm, provides investment brokerage and financing services to sellers and buyers of commercial real estate in the United States and Canada. The company offers commercial real estate investment sales, financing, research, and advisory services for multifamily, retail, office, and industrial properties, as well as hospitality, self-storage, seniors housing, land, and manufactured housing properties.
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