Jennison Associates LLC Sells 183,249 Shares of Marcus & Millichap, Inc. (NYSE:MMI)

Jennison Associates LLC lessened its holdings in shares of Marcus & Millichap, Inc. (NYSE:MMI) by 45.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 218,281 shares of the real estate investment trust’s stock after selling 183,249 shares during the period. Jennison Associates LLC owned approximately 0.56% of Marcus & Millichap worth $8,650,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Royce & Associates LP raised its holdings in 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 worth $91,274,000 after buying an additional 6,000 shares during the period. Reinhart Partners LLC. increased its position 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 acquiring an additional 129,333 shares in the last quarter. Pzena Investment Management LLC raised its holdings 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 worth $20,225,000 after acquiring an additional 352,832 shares during the period. Bank of New York Mellon Corp lifted its position in Marcus & Millichap by 0.9% in the 2nd 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 acquiring an additional 1,836 shares in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its position in Marcus & Millichap by 103.8% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 149,403 shares of the real estate investment trust’s stock valued at $5,921,000 after acquiring an additional 76,089 shares in the last quarter. 62.78% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Norma J. Lawrence sold 1,123 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $40.00, for a total value of $44,920.00. Following the completion of 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hessam Nadji sold 659 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $40.33, for a total value 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 position. The disclosure for this sale can be found here. 39.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Separately, Wells Fargo & Company lifted their price target on Marcus & Millichap from $20.00 to $30.00 and gave the company an “underweight” rating in a research note on Friday, September 6th.

Marcus & Millichap Stock Performance

NYSE MMI opened at $41.18 on Friday. Marcus & Millichap, Inc. has a 52 week low of $29.93 and a 52 week high of $44.24. The stock’s 50 day moving average price is $38.93 and its two-hundred day moving average price is $36.49. The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of -50.84 and a beta of 1.14.

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.