Jennison Associates LLC trimmed its holdings in shares of Marcus & Millichap, Inc. (NYSE:MMI - Free Report) by 45.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 218,281 shares of the real estate investment trust's stock after selling 183,249 shares during the period. Jennison Associates LLC owned about 0.56% of Marcus & Millichap worth $8,650,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the business. Royce & Associates LP boosted its holdings in shares of Marcus & Millichap by 0.3% during the third quarter. Royce & Associates LP now owns 2,303,153 shares of the real estate investment trust's stock worth $91,274,000 after purchasing an additional 6,000 shares during the period. Reinhart Partners LLC. increased 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 valued at $72,749,000 after purchasing an additional 129,333 shares in the last quarter. Pzena Investment Management LLC increased its stake in shares of Marcus & Millichap by 122.2% during the second quarter. Pzena Investment Management LLC now owns 641,667 shares of the real estate investment trust's stock valued at $20,225,000 after purchasing an additional 352,832 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Marcus & Millichap by 0.9% during the second quarter. Bank of New York Mellon Corp now owns 216,244 shares of the real estate investment trust's stock valued at $6,816,000 after purchasing an additional 1,836 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its stake in shares of Marcus & Millichap by 103.8% during 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 purchasing an additional 76,089 shares in the last quarter. 62.78% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Separately, Wells Fargo & Company raised their price target on shares of Marcus & Millichap from $20.00 to $30.00 and gave the company an "underweight" rating in a research report on Friday, September 6th.
Get Our Latest Report on MMI
Insider Buying and Selling at Marcus & Millichap
In other Marcus & Millichap news, CEO Hessam Nadji sold 659 shares of Marcus & Millichap stock in a transaction on Monday, August 26th. The shares were sold at an average price of $40.33, for a total value of $26,577.47. Following the sale, the chief executive officer now directly owns 209,123 shares in the company, valued at approximately $8,433,930.59. The trade was a 0.31 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Norma J. Lawrence sold 1,123 shares of Marcus & Millichap stock in a transaction on Friday, September 13th. The shares were sold at an average price of $40.00, for a total transaction of $44,920.00. Following the completion of the sale, the director now owns 24,971 shares in the company, valued at approximately $998,840. This represents a 4.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 39.20% of the stock is currently owned by insiders.
Marcus & Millichap Stock Performance
Shares of Marcus & Millichap stock traded up $0.62 on Friday, hitting $41.20. 103,765 shares of the company's stock were exchanged, compared to its average volume of 85,912. Marcus & Millichap, Inc. has a 1 year low of $29.93 and a 1 year high of $44.24. The company has a 50-day simple moving average of $38.93 and a 200-day simple moving average of $36.51. The stock has a market capitalization of $1.60 billion, a PE ratio of -50.86 and a beta of 1.14.
Marcus & Millichap Profile
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Free Report)
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.
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