Marcus & Millichap, Inc. (NYSE:MMI) Sees Large Growth in Short Interest
by Danessa Lincoln · The Markets DailyMarcus & Millichap, Inc. (NYSE:MMI – Get Free Report) was the target of a significant growth in short interest during the month of March. As of March 13th, there was short interest totaling 773,256 shares, a growth of 39.0% from the February 26th total of 556,297 shares. Based on an average daily volume of 305,574 shares, the days-to-cover ratio is currently 2.5 days. Approximately 3.4% of the company’s stock are short sold.
Insider Transactions at Marcus & Millichap
In other news, CEO Hessam Nadji sold 1,300 shares of the company’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $25.60, for a total transaction of $33,280.00. Following the transaction, the chief executive officer directly owned 480 shares of the company’s stock, valued at approximately $12,288. This represents a 73.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 39.20% of the company’s stock.
Hedge Funds Weigh In On Marcus & Millichap
Institutional investors have recently bought and sold shares of the business. Savant Capital LLC increased its stake in shares of Marcus & Millichap by 5.7% in the third quarter. Savant Capital LLC now owns 9,632 shares of the real estate investment trust’s stock worth $283,000 after acquiring an additional 519 shares during the period. Hunter Perkins Capital Management LLC lifted its position in Marcus & Millichap by 1.9% during the fourth quarter. Hunter Perkins Capital Management LLC now owns 31,130 shares of the real estate investment trust’s stock valued at $850,000 after purchasing an additional 580 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Marcus & Millichap by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,952 shares of the real estate investment trust’s stock valued at $481,000 after purchasing an additional 600 shares during the last quarter. Illinois Municipal Retirement Fund grew its position in Marcus & Millichap by 4.9% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 12,807 shares of the real estate investment trust’s stock worth $376,000 after purchasing an additional 601 shares during the period. Finally, AlphaQuest LLC grew its position in Marcus & Millichap by 6.4% during the 3rd quarter. AlphaQuest LLC now owns 11,649 shares of the real estate investment trust’s stock worth $342,000 after purchasing an additional 696 shares during the period. 62.78% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several research analysts recently weighed in on MMI shares. Weiss Ratings restated a “sell (d+)” rating on shares of Marcus & Millichap in a research note on Monday, December 29th. Wall Street Zen raised Marcus & Millichap from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Wells Fargo & Company dropped their price target on Marcus & Millichap from $29.00 to $28.00 and set an “underweight” rating on the stock in a research note on Monday, February 2nd. One equities research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Sell” and a consensus target price of $28.00.
Marcus & Millichap Trading Down 1.2%
Shares of NYSE:MMI traded down $0.32 on Friday, hitting $25.75. 282,728 shares of the company were exchanged, compared to its average volume of 312,535. The firm has a market capitalization of $980.31 million, a P/E ratio of -643.61 and a beta of 1.32. Marcus & Millichap has a 1-year low of $24.43 and a 1-year high of $35.64. The stock’s 50 day moving average price is $26.20 and its 200 day moving average price is $28.03.
Marcus & Millichap (NYSE:MMI – Get Free Report) last released its earnings results on Friday, February 13th. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.12. The firm had revenue of $243.95 million for the quarter, compared to the consensus estimate of $229.45 million. Marcus & Millichap had a positive return on equity of 0.20% and a negative net margin of 0.25%.
Marcus & Millichap Announces Dividend
The company also recently announced a dividend, which will be paid on Friday, April 3rd. Investors of record on Friday, March 13th will be given a $0.25 dividend. The ex-dividend date is Friday, March 13th. This represents a yield of 196.0%. Marcus & Millichap’s dividend payout ratio is currently -1,250.00%.
Marcus & Millichap Company Profile
Marcus & Millichap (NYSE: MMI) is a leading commercial real estate brokerage firm focused on investment sales, financing, research and advisory services. Founded in 1971 by George M. Marcus and William A. Millichap, the company has grown to specialize in the marketing of multifamily, retail, office, industrial, hospitality and other commercial property types. Through an extensive network of investment specialists, Marcus & Millichap connects property owners and investors with tailored transactions across a range of asset classes.
The firm offers comprehensive capital markets solutions, including debt and equity placement, structured finance, and customized financing programs.