Marcus & Millichap (NYSE:MMI) Raised to “Buy” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Marcus & Millichap (NYSE:MMI) from a hold rating to a buy rating in a report published on Saturday morning, Zacks.com reports. Zacks Investment Research currently has $39.00 target price on the real estate investment trust’s stock.

According to Zacks, “Marcus & Millichap, Inc. operates a brokerage firm specializing in real estate investments. It offers commercial real estate investment brokerage services for multifamily, retail, office, industrial, land, self-storage, seniors housing, manufactured housing, and mixed-use/other property types. The company also provides a range of advisory and consulting services to developers, lenders, owners, real estate investment trusts, high net worth individuals, pension fund advisors, and other institutions. Marcus & Millichap, Inc. is based in Calabasas, California. “

Separately, ValuEngine raised Marcus & Millichap from a sell rating to a hold rating in a report on Friday, July 26th.

Shares of NYSE MMI opened at $35.53 on Friday. The company has a current ratio of 4.36, a quick ratio of 4.64 and a debt-to-equity ratio of 0.15. The business’s fifty day moving average is $32.01. Marcus & Millichap has a 1-year low of $29.49 and a 1-year high of $43.50. The firm has a market capitalization of $1.36 billion, a P/E ratio of 16.00, a PEG ratio of 3.00 and a beta of 1.33.

Marcus & Millichap (NYSE:MMI) last issued its quarterly earnings results on Tuesday, August 6th. The real estate investment trust reported $0.54 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.11. Marcus & Millichap had a return on equity of 20.13% and a net margin of 10.35%. The firm had revenue of $209.59 million during the quarter, compared to the consensus estimate of $188.33 million. During the same period last year, the company earned $0.56 earnings per share. The company’s revenue for the quarter was up 5.1% on a year-over-year basis. On average, research analysts expect that Marcus & Millichap will post 1.94 EPS for the current year.

In other Marcus & Millichap news, VP Mitchell R. Labar sold 10,586 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $31.24, for a total value of $330,706.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 41.70% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its stake in shares of Marcus & Millichap by 19.5% in the fourth quarter. Geode Capital Management LLC now owns 227,088 shares of the real estate investment trust’s stock worth $7,795,000 after buying an additional 37,117 shares in the last quarter. Metropolitan Life Insurance Co. NY lifted its stake in shares of Marcus & Millichap by 356.7% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 6,521 shares of the real estate investment trust’s stock worth $224,000 after buying an additional 5,093 shares in the last quarter. Municipal Employees Retirement System of Michigan bought a new position in shares of Marcus & Millichap in the fourth quarter worth approximately $211,000. Thrivent Financial for Lutherans bought a new position in shares of Marcus & Millichap in the fourth quarter worth approximately $518,000. Finally, Legal & General Group Plc lifted its stake in shares of Marcus & Millichap by 497.2% in the fourth quarter. Legal & General Group Plc now owns 50,478 shares of the real estate investment trust’s stock worth $1,731,000 after buying an additional 42,026 shares in the last quarter. Hedge funds and other institutional investors own 56.98% of the company’s stock.

About Marcus & Millichap

Marcus & Millichap, Inc, a 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, and industrial properties, as well as hospitality, self-storage, seniors housing, land, and manufactured housing properties.

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