Envestnet Asset Management Inc. Purchases 90,737 Shares of Marcus & Millichap, Inc. $MMI

Envestnet Asset Management Inc. raised its position in Marcus & Millichap, Inc. (NYSE:MMI) by 76.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 209,908 shares of the real estate investment trust’s stock after buying an additional 90,737 shares during the period. Envestnet Asset Management Inc.’s holdings in Marcus & Millichap were worth $6,446,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in MMI. AlphaQuest LLC raised its stake in shares of Marcus & Millichap by 410.6% in the first quarter. AlphaQuest LLC now owns 2,931 shares of the real estate investment trust’s stock valued at $101,000 after acquiring an additional 2,357 shares during the last quarter. Strs Ohio bought a new stake in Marcus & Millichap during the 1st quarter worth approximately $145,000. MQS Management LLC acquired a new stake in Marcus & Millichap during the 1st quarter valued at $210,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in Marcus & Millichap in the 1st quarter valued at $279,000. Finally, Linden Thomas Advisory Services LLC raised its position in Marcus & Millichap by 42.8% in the 2nd quarter. Linden Thomas Advisory Services LLC now owns 8,451 shares of the real estate investment trust’s stock valued at $260,000 after purchasing an additional 2,534 shares during the last quarter. 62.78% of the stock is owned by institutional investors.

Marcus & Millichap Stock Up 2.8%

Shares of MMI stock opened at $30.93 on Wednesday. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of -99.77 and a beta of 1.34. Marcus & Millichap, Inc. has a 12 month low of $27.35 and a 12 month high of $42.80. The stock has a 50-day moving average price of $30.24 and a 200 day moving average price of $30.51.

Marcus & Millichap (NYSE:MMI) last issued its earnings results on Friday, November 7th. The real estate investment trust reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.13. Marcus & Millichap had a negative net margin of 1.69% and a negative return on equity of 1.99%. The company had revenue of $193.89 million for the quarter, compared to analyst estimates of $183.10 million.

Wall Street Analysts Forecast Growth

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

Marcus & Millichap Profile

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.