Marcus & Millichap (NYSE:MMI) Raised to Buy at ValuEngine

ValuEngine upgraded shares of Marcus & Millichap (NYSE:MMI) from a hold rating to a buy rating in a research report released on Saturday, March 10th.

Several other analysts have also recently weighed in on the stock. William Blair reissued a market perform rating on shares of Marcus & Millichap in a research note on Thursday, February 1st. Zacks Investment Research cut shares of Marcus & Millichap from a hold rating to a sell rating in a research note on Wednesday, January 31st. JMP Securities raised shares of Marcus & Millichap from a market perform rating to an outperform rating in a research note on Wednesday, January 24th. Finally, Citigroup raised shares of Marcus & Millichap from a neutral rating to a buy rating in a research note on Tuesday, November 14th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $38.50.

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NYSE MMI traded up $0.13 during trading hours on Friday, hitting $35.81. 261,774 shares of the company’s stock traded hands, compared to its average volume of 157,983. Marcus & Millichap has a 52-week low of $23.40 and a 52-week high of $36.70. The stock has a market cap of $1,370.02, a PE ratio of 22.10, a P/E/G ratio of 3.10 and a beta of 1.31. The company has a current ratio of 3.85, a quick ratio of 3.85 and a debt-to-equity ratio of 0.02.

Marcus & Millichap (NYSE:MMI) last posted its quarterly earnings results on Thursday, March 8th. The real estate investment trust reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.12. Marcus & Millichap had a net margin of 7.16% and a return on equity of 21.35%. The business had revenue of $202.80 million during the quarter, compared to analysts’ expectations of $189.10 million. During the same quarter in the prior year, the company posted $0.44 EPS. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. sell-side analysts forecast that Marcus & Millichap will post 1.93 EPS for the current fiscal year.

In related news, major shareholder Phoenix Investments Holdings L sold 218,446 shares of the stock in a transaction that occurred on Thursday, March 15th. The shares were sold at an average price of $36.03, for a total transaction of $7,870,609.38. Following the completion of the transaction, the insider now owns 18,466,766 shares of the company’s stock, valued at approximately $665,357,578.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP William E. Hughes sold 12,255 shares of the stock in a transaction that occurred on Wednesday, March 14th. The stock was sold at an average price of $36.00, for a total transaction of $441,180.00. Following the transaction, the senior vice president now directly owns 61,701 shares of the company’s stock, valued at approximately $2,221,236. The disclosure for this sale can be found here. Insiders have sold a total of 679,569 shares of company stock valued at $24,301,869 in the last ninety days. 50.10% of the stock is currently owned by corporate insiders.

Several large investors have recently bought and sold shares of MMI. Northern Trust Corp boosted its position in shares of Marcus & Millichap by 9.3% during the 2nd quarter. Northern Trust Corp now owns 202,017 shares of the real estate investment trust’s stock worth $5,326,000 after purchasing an additional 17,202 shares during the period. Parametric Portfolio Associates LLC lifted its holdings in Marcus & Millichap by 34.7% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 11,281 shares of the real estate investment trust’s stock worth $297,000 after buying an additional 2,909 shares in the last quarter. Goldman Sachs Group Inc. acquired a new stake in Marcus & Millichap during the 2nd quarter worth approximately $249,000. State Street Corp lifted its holdings in Marcus & Millichap by 8.1% during the 2nd quarter. State Street Corp now owns 273,854 shares of the real estate investment trust’s stock worth $7,218,000 after buying an additional 20,583 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in Marcus & Millichap by 7.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,515 shares of the real estate investment trust’s stock worth $356,000 after buying an additional 967 shares in the last quarter. 44.97% of the stock is owned by hedge funds and other institutional investors.

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About Marcus & Millichap

Marcus & Millichap, Inc, a brokerage firm, provides investment brokerage and financing services to sellers and buyers of commercial real estate in the United States and Canada. The company offers commercial real estate investment sales, financing, research, and advisory services for multifamily, retail, office, and industrial properties, as well as hospitality, self-storage, seniors housing, land, and manufactured housing properties.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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