Pzena Investment Management LLC Cuts Position in Marcus & Millichap, Inc. (NYSE:MMI)

Pzena Investment Management LLC lowered its position in shares of Marcus & Millichap, Inc. (NYSE:MMI) by 9.0% in the third quarter, Holdings Channel reports. The firm owned 583,697 shares of the real estate investment trust’s stock after selling 57,970 shares during the period. Pzena Investment Management LLC’s holdings in Marcus & Millichap were worth $23,132,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Royce & Associates LP lifted its holdings in shares of Marcus & Millichap by 0.3% during the 3rd quarter. Royce & Associates LP now owns 2,303,153 shares of the real estate investment trust’s stock valued at $91,274,000 after acquiring an additional 6,000 shares in the last quarter. Reinhart Partners LLC. lifted its stake in shares of Marcus & Millichap by 7.6% during the third quarter. Reinhart Partners LLC. now owns 1,835,699 shares of the real estate investment trust’s stock worth $72,749,000 after purchasing an additional 129,333 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Marcus & Millichap by 0.9% in the second quarter. Bank of New York Mellon Corp now owns 216,244 shares of the real estate investment trust’s stock worth $6,816,000 after buying an additional 1,836 shares during the period. Harbor Capital Advisors Inc. grew its stake in shares of Marcus & Millichap by 103.8% in the third quarter. Harbor Capital Advisors Inc. now owns 149,403 shares of the real estate investment trust’s stock valued at $5,921,000 after buying an additional 76,089 shares in the last quarter. Finally, Deprince Race & Zollo Inc. purchased a new stake in shares of Marcus & Millichap during the 2nd quarter valued at about $2,543,000. Institutional investors and hedge funds own 62.78% of the company’s stock.

Marcus & Millichap Stock Down 0.9 %

Shares of MMI traded down $0.35 during midday trading on Wednesday, hitting $40.29. The company had a trading volume of 1,523 shares, compared to its average volume of 125,014. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of -50.21 and a beta of 1.14. The company’s 50 day moving average price is $38.83 and its 200 day moving average price is $36.37. Marcus & Millichap, Inc. has a 52 week low of $29.93 and a 52 week high of $44.24.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MMI. Wells Fargo & Company upped their target price on shares of Marcus & Millichap from $20.00 to $30.00 and gave the company an “underweight” rating in a research note on Friday, September 6th. StockNews.com upgraded Marcus & Millichap from a “sell” rating to a “hold” rating in a research note on Wednesday, July 24th.

Insider Buying and Selling

In related news, CEO Hessam Nadji sold 659 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $40.33, for a total transaction of $26,577.47. Following the transaction, the chief executive officer now directly owns 209,123 shares in the company, valued at $8,433,930.59. This trade represents a 0.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Norma J. Lawrence sold 1,123 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $40.00, for a total value of $44,920.00. Following the transaction, the director now owns 24,971 shares in the company, valued at $998,840. This trade represents a 4.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 15,023 shares of company stock worth $603,521. Corporate insiders own 39.89% of the company’s stock.

Marcus & Millichap Profile

Marcus & Millichap, Inc, an investment 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, industrial, single-tenant net lease, seniors housing, self-storage, hospitality, medical office, and manufactured housing, as well as capital markets.