Panagora Asset Management Inc. cut its holdings in Marcus & Millichap, Inc. (NYSE:MMI – Get Rating) by 2.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 135,697 shares of the real estate investment trust’s stock after selling 3,474 shares during the quarter. Panagora Asset Management Inc. owned about 0.34% of Marcus & Millichap worth $4,675,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also made changes to their positions in MMI. Citigroup Inc. raised its stake in Marcus & Millichap by 42.9% during the 1st quarter. Citigroup Inc. now owns 27,112 shares of the real estate investment trust’s stock valued at $1,428,000 after acquiring an additional 8,141 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of Marcus & Millichap by 16.5% during the first quarter. Bank of Montreal Can now owns 7,913 shares of the real estate investment trust’s stock worth $403,000 after purchasing an additional 1,120 shares during the period. MetLife Investment Management LLC grew its position in Marcus & Millichap by 54.3% in the 1st quarter. MetLife Investment Management LLC now owns 13,471 shares of the real estate investment trust’s stock valued at $710,000 after buying an additional 4,743 shares during the last quarter. Rhumbline Advisers increased its stake in Marcus & Millichap by 0.6% in the 1st quarter. Rhumbline Advisers now owns 67,158 shares of the real estate investment trust’s stock valued at $3,538,000 after buying an additional 413 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in Marcus & Millichap by 14.1% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 21,545 shares of the real estate investment trust’s stock valued at $1,135,000 after buying an additional 2,657 shares during the period. 61.56% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, COO John David Parker sold 4,974 shares of Marcus & Millichap stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $30.96, for a total transaction of $153,995.04. Following the completion of the transaction, the chief operating officer now directly owns 5,932 shares of the company’s stock, valued at $183,654.72. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 39.20% of the company’s stock.
Marcus & Millichap Stock Performance
Marcus & Millichap (NYSE:MMI – Get Rating) last released its quarterly earnings data on Friday, May 5th. The real estate investment trust reported ($0.15) EPS 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 company had revenue of $154.79 million for the quarter. During the same quarter in the prior year, the company posted $0.81 earnings per share.
Marcus & Millichap declared that its board has initiated a stock repurchase program on Thursday, May 4th that permits the company to buyback $70.00 million in shares. This buyback authorization permits the real estate investment trust to reacquire up to 6.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
Analyst Upgrades and Downgrades
Several analysts have recently weighed in on MMI shares. TheStreet downgraded shares of Marcus & Millichap from a “b-” rating to a “c+” rating in a report on Monday, April 24th. 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 Company Profile
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.
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