Marcus & Millichap (NYSE:MMI) Hits New 52-Week Low Following Analyst Downgrade

Marcus & Millichap, Inc. (NYSE:MMI) shares reached a new 52-week low on Tuesday after Wells Fargo & Company lowered their price target on the stock from $29.00 to $28.00. Wells Fargo & Company currently has an underweight rating on the stock. Marcus & Millichap traded as low as $25.09 and last traded at $25.1420, with a volume of 141070 shares changing hands. The stock had previously closed at $26.89.

MMI has been the topic of several other reports. Wall Street Zen downgraded shares of Marcus & Millichap from a “buy” rating to a “hold” rating in a research report on Sunday, December 28th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Marcus & Millichap in a research note on Monday, December 29th. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $28.00.

Institutional Trading of Marcus & Millichap

A number of institutional investors have recently bought and sold shares of MMI. Hsbc Holdings PLC lifted its position in shares of Marcus & Millichap by 260.9% during the 2nd quarter. Hsbc Holdings PLC now owns 47,328 shares of the real estate investment trust’s stock valued at $1,440,000 after acquiring an additional 34,215 shares during the period. Pzena Investment Management LLC increased its stake in Marcus & Millichap by 6.6% in the second quarter. Pzena Investment Management LLC now owns 614,410 shares of the real estate investment trust’s stock valued at $18,869,000 after purchasing an additional 38,159 shares in the last quarter. State of Alaska Department of Revenue raised its holdings in shares of Marcus & Millichap by 7.9% during the second quarter. State of Alaska Department of Revenue now owns 14,383 shares of the real estate investment trust’s stock valued at $441,000 after purchasing an additional 1,050 shares during the period. Janney Montgomery Scott LLC boosted its position in shares of Marcus & Millichap by 2.1% during the 2nd quarter. Janney Montgomery Scott LLC now owns 34,025 shares of the real estate investment trust’s stock worth $1,045,000 after purchasing an additional 685 shares in the last quarter. Finally, Jennison Associates LLC boosted its position in shares of Marcus & Millichap by 7.4% during the 2nd quarter. Jennison Associates LLC now owns 282,533 shares of the real estate investment trust’s stock worth $8,677,000 after purchasing an additional 19,351 shares in the last quarter. Institutional investors own 62.78% of the company’s stock.

Marcus & Millichap Stock Performance

The company has a market capitalization of $979.73 million, a price-to-earnings ratio of -157.33 and a beta of 1.32. The company has a 50 day moving average price of $27.57 and a 200 day moving average price of $29.47.

Marcus & Millichap (NYSE:MMI) last announced its quarterly earnings results on Friday, November 7th. The real estate investment trust reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.13. Marcus & Millichap had a negative return on equity of 0.58% and a negative net margin of 0.89%.The business had revenue of $193.89 million for the quarter, compared to analyst estimates of $183.10 million.

About Marcus & Millichap

Marcus & Millichap (NYSE: MMI) is a leading commercial real estate brokerage firm focused on investment sales, financing, research and advisory services. Founded in 1971 by George M. Marcus and William A. Millichap, the company has grown to specialize in the marketing of multifamily, retail, office, industrial, hospitality and other commercial property types. Through an extensive network of investment specialists, Marcus & Millichap connects property owners and investors with tailored transactions across a range of asset classes.

The firm offers comprehensive capital markets solutions, including debt and equity placement, structured finance, and customized financing programs.