Marcus & Millichap (NYSE:MMI) Shares Gap Down Following Weak Earnings

Marcus & Millichap, Inc. (NYSE:MMI) gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $28.66, but opened at $26.28. Marcus & Millichap shares last traded at $27.7660, with a volume of 42,754 shares trading hands.

The real estate investment trust reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.03). Marcus & Millichap had a return on equity of 2.97% and a net margin of 1.77%. The business had revenue of $208.37 million during the quarter, compared to the consensus estimate of $205.05 million.

Analysts Set New Price Targets

A number of brokerages have commented on MMI. Weiss Ratings upgraded Marcus & Millichap from a “sell (d)” rating to a “hold (c-)” rating in a research report on Friday, August 21st. Wall Street Zen downgraded Marcus & Millichap from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 5th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $28.00.

Institutional Investors Weigh In On Marcus & Millichap

Institutional investors have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in Marcus & Millichap during the second quarter valued at about $112,801,000. Pzena Investment Management LLC purchased a new position in shares of Marcus & Millichap in the second quarter valued at about $66,735,000. Dimensional Fund Advisors LP boosted its stake in shares of Marcus & Millichap by 3.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,481,772 shares of the real estate investment trust’s stock worth $39,400,000 after acquiring an additional 43,196 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Marcus & Millichap in the second quarter worth about $5,154,000. Finally, Sei Investments Co. boosted its stake in shares of Marcus & Millichap by 99.7% in the first quarter. Sei Investments Co. now owns 163,766 shares of the real estate investment trust’s stock worth $4,355,000 after acquiring an additional 81,743 shares during the period. Hedge funds and other institutional investors own 62.78% of the company’s stock.

Marcus & Millichap Price Performance

The firm has a 50-day moving average of $29.42 and a 200-day moving average of $28.78. The stock has a market cap of $1.05 billion, a PE ratio of 75.21 and a beta of 1.25.

Marcus & Millichap Company Profile

Marcus & Millichap, Inc is a commercial real estate brokerage company that specializes in investment sales, financing and advisory services. The company serves owners and investors in a range of property sectors, including multifamily, office, retail, industrial, self-storage, hospitality and land.

Through its brokerage professionals and investment banking platform, Marcus & Millichap helps clients market and acquire commercial properties, arrange financing and evaluate real estate investment opportunities.