Pitcairn Co. Purchases 563 Shares of Marcus & Millichap, Inc. (NYSE:MMI)

Pitcairn Co. boosted its stake in Marcus & Millichap, Inc. (NYSE:MMI) by 4.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 13,005 shares of the real estate investment trust’s stock after buying an additional 563 shares during the quarter. Pitcairn Co.’s holdings in Marcus & Millichap were worth $444,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Pzena Investment Management LLC increased its holdings in Marcus & Millichap by 974.0% in the 4th quarter. Pzena Investment Management LLC now owns 278,306 shares of the real estate investment trust’s stock worth $12,156,000 after acquiring an additional 252,394 shares during the last quarter. Jennison Associates LLC lifted its position in Marcus & Millichap by 109.1% in the 4th quarter. Jennison Associates LLC now owns 466,327 shares of the real estate investment trust’s stock worth $20,369,000 after buying an additional 243,281 shares during the last quarter. Norges Bank bought a new stake in Marcus & Millichap in the 4th quarter worth approximately $6,826,000. First Trust Advisors LP lifted its position in Marcus & Millichap by 13.6% in the 4th quarter. First Trust Advisors LP now owns 612,983 shares of the real estate investment trust’s stock worth $26,775,000 after buying an additional 73,351 shares during the last quarter. Finally, Tributary Capital Management LLC lifted its position in Marcus & Millichap by 10.6% in the 1st quarter. Tributary Capital Management LLC now owns 658,266 shares of the real estate investment trust’s stock worth $22,493,000 after buying an additional 62,946 shares during the last quarter. 62.78% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com raised Marcus & Millichap from a “sell” rating to a “hold” rating in a research note on Wednesday.

Marcus & Millichap Price Performance

Shares of MMI traded up $1.12 during mid-day trading on Thursday, hitting $39.43. 119,546 shares of the company’s stock traded hands, compared to its average volume of 148,193. Marcus & Millichap, Inc. has a 1 year low of $26.81 and a 1 year high of $44.24. The business’s 50-day moving average price is $32.91 and its 200-day moving average price is $34.32.

Marcus & Millichap (NYSE:MMI) last released its quarterly earnings results on Wednesday, May 8th. The real estate investment trust reported ($0.26) earnings per share for the quarter. Marcus & Millichap had a negative net margin of 6.16% and a negative return on equity of 5.91%. The firm had revenue of $129.10 million for the quarter.

Insider Activity

In other Marcus & Millichap news, COO John David Parker sold 1,835 shares of the stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $35.29, for a total value of $64,757.15. Following the transaction, the chief operating officer now owns 13,373 shares of the company’s stock, valued at $471,933.17. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Hessam Nadji sold 15,000 shares of Marcus & Millichap stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $35.27, for a total transaction of $529,050.00. Following the sale, the chief executive officer now owns 224,123 shares of the company’s stock, valued at approximately $7,904,818.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO John David Parker sold 1,835 shares of the firm’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $35.29, for a total value of $64,757.15. Following the transaction, the chief operating officer now owns 13,373 shares of the company’s stock, valued at approximately $471,933.17. The disclosure for this sale can be found here. Insiders have sold a total of 17,835 shares of company stock valued at $626,487 over the last ninety days. 39.20% of the stock is currently owned by corporate insiders.

Marcus & Millichap Company 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.