RE/MAX (NYSE:RMAX) Price Target Cut to $18.00

RE/MAX (NYSE:RMAX) had its price objective decreased by Jonestrading from $22.00 to $18.00 in a report released on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Jonestrading’s price objective would suggest a potential upside of 54.51% from the company’s previous close.

Several other research analysts have also recently commented on the stock. Stephens reiterated an “equal weight” rating and issued a $21.00 target price on shares of RE/MAX in a report on Monday, August 21st. StockNews.com cut shares of RE/MAX from a “buy” rating to a “hold” rating in a report on Sunday, October 15th. Finally, BTIG Research began coverage on shares of RE/MAX in a report on Monday, July 17th. They set a “neutral” rating for the company.

RE/MAX Stock Performance

Shares of RMAX opened at $11.65 on Friday. RE/MAX has a 12-month low of $10.08 and a 12-month high of $24.28. The firm’s 50 day moving average is $13.21 and its 200-day moving average is $16.87. The stock has a market capitalization of $211.21 million, a P/E ratio of -3.48 and a beta of 1.54. The company has a debt-to-equity ratio of 18.39, a current ratio of 2.54 and a quick ratio of 2.54.

RE/MAX (NYSE:RMAX) last announced its earnings results on Wednesday, August 2nd. The financial services provider reported $0.30 EPS for the quarter, topping the consensus estimate of $0.28 by $0.02. RE/MAX had a negative net margin of 0.33% and a positive return on equity of 107.26%. The company had revenue of $82.45 million during the quarter, compared to analysts’ expectations of $82.02 million. Equities research analysts anticipate that RE/MAX will post 0.92 EPS for the current fiscal year.

Insider Buying and Selling at RE/MAX

In other RE/MAX news, major shareholder Adam K. Peterson bought 15,000 shares of RE/MAX stock in a transaction on Wednesday, October 18th. The stock was purchased at an average cost of $10.74 per share, for a total transaction of $161,100.00. Following the completion of the purchase, the insider now directly owns 2,907,522 shares of the company’s stock, valued at $31,226,786.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, major shareholder Adam K. Peterson purchased 15,000 shares of the company’s stock in a transaction dated Wednesday, October 18th. The shares were bought at an average price of $10.74 per share, with a total value of $161,100.00. Following the completion of the transaction, the insider now directly owns 2,907,522 shares in the company, valued at approximately $31,226,786.28. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Adam K. Peterson purchased 51,850 shares of the company’s stock in a transaction dated Monday, October 16th. The stock was purchased at an average cost of $10.86 per share, for a total transaction of $563,091.00. Following the transaction, the insider now owns 2,892,522 shares of the company’s stock, valued at $31,412,788.92. The disclosure for this purchase can be found here. Insiders acquired 90,437 shares of company stock worth $1,027,186 over the last ninety days. 4.61% of the stock is currently owned by insiders.

Hedge Funds Weigh In On RE/MAX

A number of institutional investors and hedge funds have recently bought and sold shares of RMAX. Raymond James & Associates bought a new position in RE/MAX during the first quarter worth $368,000. Bank of New York Mellon Corp increased its position in RE/MAX by 3.8% during the first quarter. Bank of New York Mellon Corp now owns 206,357 shares of the financial services provider’s stock worth $5,724,000 after acquiring an additional 7,507 shares during the period. American Century Companies Inc. increased its position in RE/MAX by 28.6% during the first quarter. American Century Companies Inc. now owns 99,191 shares of the financial services provider’s stock worth $2,751,000 after acquiring an additional 22,034 shares during the period. Citigroup Inc. increased its position in RE/MAX by 5.5% during the first quarter. Citigroup Inc. now owns 18,470 shares of the financial services provider’s stock worth $512,000 after acquiring an additional 969 shares during the period. Finally, MetLife Investment Management LLC increased its holdings in RE/MAX by 49.9% in the 1st quarter. MetLife Investment Management LLC now owns 9,368 shares of the financial services provider’s stock valued at $260,000 after buying an additional 3,119 shares during the period. Institutional investors own 93.17% of the company’s stock.

RE/MAX Company Profile

RE/MAX Holdings, Inc operates as a franchisor of real estate and mortgage brokerage services in the United States, Canada, and internationally. It operates through Real Estate, Mortgage, and Marketing Funds segments. The company offers real estate brokerage franchising services under the RE/MAX brand; mortgage brokerage services to real estate brokers, real estate professionals, mortgage professionals, and other investors under the Motto Mortgage brand; and mortgage loan processing software and services under the wemlo brand.