Jennison Associates LLC Sells 183,249 Shares of Marcus & Millichap, Inc. (NYSE:MMI)

Jennison Associates LLC trimmed its holdings in Marcus & Millichap, Inc. (NYSE:MMI) by 45.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 218,281 shares of the real estate investment trust’s stock after selling 183,249 shares during the period. Jennison Associates LLC’s holdings in Marcus & Millichap were worth $8,650,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. US Bancorp DE lifted its holdings in Marcus & Millichap by 16.4% during the 1st quarter. US Bancorp DE now owns 11,817 shares of the real estate investment trust’s stock valued at $404,000 after purchasing an additional 1,661 shares during the last quarter. UniSuper Management Pty Ltd acquired a new position in shares of Marcus & Millichap in the first quarter valued at $352,000. CANADA LIFE ASSURANCE Co raised its position in shares of Marcus & Millichap by 7.5% in the first quarter. CANADA LIFE ASSURANCE Co now owns 32,238 shares of the real estate investment trust’s stock valued at $1,100,000 after purchasing an additional 2,241 shares during the period. EntryPoint Capital LLC acquired a new stake in shares of Marcus & Millichap during the 1st quarter worth about $85,000. Finally, LRI Investments LLC bought a new stake in shares of Marcus & Millichap during the 1st quarter worth about $143,000. 62.78% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Norma J. Lawrence sold 1,123 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $40.00, for a total transaction of $44,920.00. Following the transaction, the director now directly owns 24,971 shares of the company’s stock, valued at approximately $998,840. This trade represents a 4.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Hessam Nadji sold 659 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $40.33, for a total value of $26,577.47. Following the transaction, the chief executive officer now owns 209,123 shares in the company, valued at approximately $8,433,930.59. This trade represents a 0.31 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 39.20% of the company’s stock.

Marcus & Millichap Trading Up 1.5 %

NYSE:MMI opened at $41.18 on Friday. The stock has a 50 day simple moving average of $38.93 and a 200 day simple moving average of $36.49. The stock has a market cap of $1.60 billion, a P/E ratio of -50.84 and a beta of 1.14. Marcus & Millichap, Inc. has a 1-year low of $29.93 and a 1-year high of $44.24.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company increased their price target on shares of Marcus & Millichap from $20.00 to $30.00 and gave the company an “underweight” rating in a report on Friday, September 6th.

Marcus & Millichap Company Profile

Marcus & Millichap, Inc, an investment brokerage company, provides real estate 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, industrial, single-tenant net lease, seniors housing, self-storage, hospitality, medical office, and manufactured housing, as well as capital markets.