Marcus & Millichap Inc. (MMI) Sees Strong Trading Volume
Shares of Marcus & Millichap Inc. (NYSE:MMI) saw unusually-high trading volume on Monday . Approximately 149,307 shares were traded during trading, an increase of 48% from the previous session’s volume of 101,149 shares.The stock last traded at $28.87 and had previously closed at $28.02.
MMI has been the subject of several recent research reports. Zacks Investment Research raised Marcus & Millichap from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a report on Wednesday, May 18th. TheStreet raised Marcus & Millichap from a “sell” rating to a “hold” rating in a report on Wednesday, June 1st. Finally, JMP Securities reissued a “hold” rating on shares of Marcus & Millichap in a report on Wednesday, June 8th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $37.50.
The company has a market capitalization of $1.03 billion and a P/E ratio of 16.00. The stock has a 50-day moving average of $26.86 and a 200-day moving average of $24.89.
Marcus & Millichap (NYSE:MMI) last released its earnings results on Thursday, August 4th. The real estate investment trust reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.06. The company had revenue of $183.38 million for the quarter, compared to analyst estimates of $171.25 million. Marcus & Millichap’s quarterly revenue was up 5.7% on a year-over-year basis. Equities research analysts predict that Marcus & Millichap Inc. will post $1.75 earnings per share for the current fiscal year.
In other news, CEO Hessam Nadji sold 22,022 shares of the stock in a transaction on Tuesday, June 14th. The stock was sold at an average price of $26.16, for a total transaction of $576,095.52. Following the sale, the chief executive officer now directly owns 364,971 shares of the company’s stock, valued at approximately $9,547,641.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP William E. Hughes sold 13,300 shares of the firm’s stock in a transaction dated Wednesday, July 13th. The shares were sold at an average price of $27.61, for a total value of $367,213.00. The disclosure for this sale can be found here.
A number of hedge funds have added to or reduced their stakes in the stock. BlackRock Advisors LLC raised its stake in Marcus & Millichap by 6.5% in the fourth quarter. BlackRock Advisors LLC now owns 751,988 shares of the real estate investment trust’s stock valued at $21,913,000 after buying an additional 45,730 shares during the period. Dimensional Fund Advisors LP raised its stake in Marcus & Millichap by 17.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 348,102 shares of the real estate investment trust’s stock valued at $10,143,000 after buying an additional 51,638 shares during the period. Finally, Jennison Associates LLC raised its stake in Marcus & Millichap by 14.3% in the fourth quarter. Jennison Associates LLC now owns 429,739 shares of the real estate investment trust’s stock valued at $12,523,000 after buying an additional 53,655 shares during the period.
Marcus & Millichap, Inc is a brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. The Company also offers market research, consulting and advisory services to its clients. It also offers two services to its clients, such as commercial real estate investment brokerage, and financing and ancillary services.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.