The Goldman Sachs Group Has Lowered Expectations for Newmark Group (NASDAQ:NMRK) Stock Price

Newmark Group (NASDAQ:NMRK) had its price objective reduced by stock analysts at The Goldman Sachs Group from $19.50 to $17.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s target price indicates a potential upside of 36.88% from the stock’s current price.

Separately, Wolfe Research cut Newmark Group from an “outperform” rating to a “peer perform” rating in a report on Monday, November 25th.

Newmark Group Price Performance

Shares of NASDAQ:NMRK traded up $0.14 on Wednesday, hitting $12.42. The stock had a trading volume of 19,552 shares, compared to its average volume of 960,717. Newmark Group has a twelve month low of $9.44 and a twelve month high of $16.10. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.42 and a current ratio of 0.42. The firm’s 50 day moving average price is $13.56 and its 200-day moving average price is $14.28. The company has a market capitalization of $2.24 billion, a price-to-earnings ratio of 35.43 and a beta of 1.96.

Newmark Group (NASDAQ:NMRK) last released its quarterly earnings results on Friday, February 14th. The company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.07. Newmark Group had a return on equity of 20.74% and a net margin of 2.22%. The business had revenue of $888.30 million during the quarter, compared to analysts’ expectations of $790.76 million. During the same period in the previous year, the business posted $0.46 earnings per share. The firm’s revenue for the quarter was up 18.9% compared to the same quarter last year. On average, equities research analysts predict that Newmark Group will post 1.45 earnings per share for the current year.

Hedge Funds Weigh In On Newmark Group

Several institutional investors have recently modified their holdings of NMRK. Principal Financial Group Inc. grew its position in shares of Newmark Group by 1,017.4% during the 3rd quarter. Principal Financial Group Inc. now owns 2,137,630 shares of the company’s stock worth $33,197,000 after buying an additional 1,946,322 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Newmark Group by 103.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,948,511 shares of the company’s stock valued at $37,770,000 after purchasing an additional 1,502,372 shares during the period. Millennium Management LLC grew its position in shares of Newmark Group by 138.5% in the 4th quarter. Millennium Management LLC now owns 1,916,186 shares of the company’s stock valued at $24,546,000 after purchasing an additional 1,112,610 shares during the period. Vision Capital Corp acquired a new position in shares of Newmark Group in the 3rd quarter valued at approximately $17,203,000. Finally, Wells Fargo & Company MN grew its position in shares of Newmark Group by 851.7% in the 4th quarter. Wells Fargo & Company MN now owns 848,475 shares of the company’s stock valued at $10,869,000 after purchasing an additional 759,324 shares during the period. 58.42% of the stock is currently owned by institutional investors and hedge funds.

About Newmark Group

Newmark Group, Inc provides commercial real estate services in the United States, the United Kingdom, and internationally. The company offers capital markets consisting of investment sales and commercial mortgage brokerage; landlord or agency representation leasing; valuation and advisory; property management; commercial real estate technology platform and capabilities; the United Kingdom business rates services; due diligence, consulting, and other advisory services; GSEs and the Federal Housing Administration lending services comprising multifamily lending and loan servicing; asset management; and flexible workspace solutions for owners.