Marcus & Millichap Inc (NYSE:MMI) Sees Large Drop in Short Interest

Share on StockTwits

Marcus & Millichap Inc (NYSE:MMI) saw a significant decrease in short interest in the month of June. As of June 30th, there was short interest totalling 755,600 shares, a decrease of 11.0% from the May 30th total of 849,000 shares. Based on an average daily volume of 223,200 shares, the days-to-cover ratio is currently 3.4 days. Approximately 3.4% of the shares of the company are sold short.

In other news, VP Mitchell R. Labar sold 10,586 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $31.24, for a total value of $330,706.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 41.70% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Marcus & Millichap by 81.3% during the fourth quarter. BlackRock Inc. now owns 3,756,301 shares of the real estate investment trust’s stock worth $128,953,000 after acquiring an additional 1,684,313 shares during the period. Dimensional Fund Advisors LP increased its position in Marcus & Millichap by 6.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,219,508 shares of the real estate investment trust’s stock worth $41,866,000 after acquiring an additional 73,942 shares during the period. Tributary Capital Management LLC increased its position in Marcus & Millichap by 12.9% during the first quarter. Tributary Capital Management LLC now owns 666,217 shares of the real estate investment trust’s stock worth $27,135,000 after acquiring an additional 76,320 shares during the period. Norges Bank bought a new position in Marcus & Millichap during the fourth quarter worth about $13,004,000. Finally, Bank of New York Mellon Corp increased its position in Marcus & Millichap by 73.3% during the fourth quarter. Bank of New York Mellon Corp now owns 298,246 shares of the real estate investment trust’s stock worth $10,238,000 after acquiring an additional 126,130 shares during the period. 57.43% of the stock is currently owned by institutional investors and hedge funds.

NYSE:MMI traded up $0.44 during mid-day trading on Friday, reaching $31.67. 141,784 shares of the company’s stock were exchanged, compared to its average volume of 220,442. Marcus & Millichap has a one year low of $29.49 and a one year high of $43.50. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 14.27, a PEG ratio of 2.80 and a beta of 1.33. The business’s fifty day moving average is $31.00. The company has a quick ratio of 4.64, a current ratio of 4.64 and a debt-to-equity ratio of 0.15.

Marcus & Millichap (NYSE:MMI) last released its quarterly earnings results on Tuesday, May 7th. The real estate investment trust reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.02). Marcus & Millichap had a return on equity of 21.53% and a net margin of 10.60%. The business had revenue of $160.70 million for the quarter, compared to the consensus estimate of $178.13 million. During the same period in the prior year, the business posted $0.46 earnings per share. Marcus & Millichap’s revenue was down 7.9% compared to the same quarter last year. As a group, analysts expect that Marcus & Millichap will post 1.86 earnings per share for the current fiscal year.

Several equities analysts have recently weighed in on the stock. ValuEngine lowered shares of Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Zacks Investment Research lowered shares of ExlService from a “hold” rating to a “sell” rating in a research report on Wednesday.

Marcus & Millichap Company Profile

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.

Read More: What is meant by a buy rating?

Receive News & Ratings for Marcus & Millichap Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marcus & Millichap and related companies with MarketBeat.com's FREE daily email newsletter.



Leave a Reply