Marcus & Millichap, Inc. (NYSE:MMI) Shares Purchased by First Trust Advisors LP

Posted by Defense World Staff on May 24th, 2023

First Trust Advisors LP boosted its stake in Marcus & Millichap, Inc. (NYSE:MMI – Get Rating) by 13.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 372,517 shares of the real estate investment trust’s stock after purchasing an additional 44,618 shares during the period. First Trust Advisors LP owned approximately 0.95% of Marcus & Millichap worth $12,833,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in MMI. SummerHaven Investment Management LLC boosted its position in Marcus & Millichap by 1.5% during the fourth quarter. SummerHaven Investment Management LLC now owns 20,987 shares of the real estate investment trust’s stock worth $723,000 after purchasing an additional 311 shares during the period. Captrust Financial Advisors grew its holdings in shares of Marcus & Millichap by 23.1% in the second quarter. Captrust Financial Advisors now owns 1,825 shares of the real estate investment trust’s stock worth $68,000 after purchasing an additional 342 shares during the last quarter. Federated Hermes Inc. boosted its holdings in Marcus & Millichap by 0.3% in the first quarter. Federated Hermes Inc. now owns 129,699 shares of the real estate investment trust’s stock valued at $6,833,000 after acquiring an additional 406 shares in the last quarter. Amalgamated Bank boosted its holdings in Marcus & Millichap by 3.4% in the third quarter. Amalgamated Bank now owns 12,255 shares of the real estate investment trust’s stock valued at $402,000 after acquiring an additional 406 shares in the last quarter. Finally, SG Americas Securities LLC boosted its holdings in shares of Marcus & Millichap by 10.6% during the 3rd quarter. SG Americas Securities LLC now owns 4,248 shares of the real estate investment trust’s stock valued at $139,000 after buying an additional 407 shares in the last quarter. 61.56% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Marcus & Millichap

In other news, COO John David Parker sold 4,974 shares of the stock in a transaction dated Tuesday, March 14th. The stock was sold at an average price of $30.96, for a total value of $153,995.04. Following the transaction, the chief operating officer now owns 5,932 shares in the company, valued at approximately $183,654.72. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 39.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. TheStreet lowered Marcus & Millichap from a “b-” rating to a “c+” rating in a research report on Monday, April 24th. Wells Fargo & Company reduced their target price on Marcus & Millichap from $26.00 to $24.00 and set an “underweight” rating on the stock in a research note on Friday, January 27th. Finally, StockNews.com assumed coverage on Marcus & Millichap in a research report on Thursday, May 18th. They set a “hold” rating on the stock.

Marcus & Millichap Price Performance

Shares of MMI stock opened at $30.22 on Wednesday. The company has a market cap of $1.16 billion, a price-to-earnings ratio of 18.65 and a beta of 1.04. The stock has a 50 day simple moving average of $30.65 and a 200-day simple moving average of $33.97. Marcus & Millichap, Inc. has a 1-year low of $27.49 and a 1-year high of $42.15.

Marcus & Millichap (NYSE:MMI – Get Rating) last released its quarterly earnings results on Friday, May 5th. The real estate investment trust reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.38). Marcus & Millichap had a return on equity of 9.25% and a net margin of 5.77%. The business had revenue of $154.79 million for the quarter. During the same period in the previous year, the company posted $0.81 EPS.

Marcus & Millichap declared that its board has initiated a share repurchase program on Thursday, May 4th that permits the company to buyback $70.00 million in outstanding shares. This buyback authorization permits the real estate investment trust to buy up to 6.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Marcus & Millichap Company Profile

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Marcus & Millichap, Inc engages in the provision of investment real estate brokerage services. It specializes in commercial real estate investment sales, property financing, research, and advisory services. The company was founded by George M. Marcus and William A. Millichap in 1971 and is headquartered in Calabasas, CA.