Zacks Investment Research Lowers RE/MAX (NYSE:RMAX) to Hold
RE/MAX (NYSE:RMAX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday, Zacks.com reports.
According to Zacks, “Re/Max Holdings, Inc. is a franchisor of real estate brokerage services. Re/Max Holdings, Inc. is based in Denver, CO.”
Separately, Morgan Stanley cut their target price on shares of RE/MAX from $33.50 to $30.50 and set an “equal weight” rating for the company in a research note on Thursday, December 9th.
NYSE:RMAX opened at $30.43 on Wednesday. RE/MAX has a 1 year low of $26.05 and a 1 year high of $43.85. The firm has a 50-day moving average of $29.70 and a 200-day moving average of $31.32. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 6.78. The stock has a market capitalization of $574.85 million, a P/E ratio of -32.37 and a beta of 1.47.
RE/MAX (NYSE:RMAX) last posted its earnings results on Monday, November 22nd. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.08. RE/MAX had a negative net margin of 5.61% and a positive return on equity of 44.19%. The company had revenue of $91.00 million during the quarter, compared to analysts’ expectations of $89.80 million. During the same quarter in the previous year, the company posted $0.64 earnings per share. RE/MAX’s quarterly revenue was up 28.0% compared to the same quarter last year. As a group, analysts forecast that RE/MAX will post 1.49 EPS for the current fiscal year.
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Hedge funds have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. bought a new position in RE/MAX in the 2nd quarter worth approximately $34,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in RE/MAX by 143.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,708 shares of the financial services provider’s stock worth $83,000 after purchasing an additional 1,594 shares during the last quarter. PNC Financial Services Group Inc. raised its position in RE/MAX by 134.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,750 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 1,576 shares during the last quarter. Federated Hermes Inc. raised its position in RE/MAX by 15.2% in the 2nd quarter. Federated Hermes Inc. now owns 4,169 shares of the financial services provider’s stock worth $139,000 after purchasing an additional 549 shares during the last quarter. Finally, Metropolitan Life Insurance Co NY raised its position in RE/MAX by 94,733.3% in the 2nd quarter. Metropolitan Life Insurance Co NY now owns 5,690 shares of the financial services provider’s stock worth $190,000 after purchasing an additional 5,684 shares during the last quarter. Hedge funds and other institutional investors own 92.42% of the company’s stock.
RE/MAX Company Profiles
RE/MAX Holdings, Inc engages in the provision of real estate franchise services through its subsidiaries. It operates through the following segments: Real Estate, Mortgage, Marketing Funds, and Other. The Real Estate segment includes operations of the company’s owned and independent global franchising operations under the RE/MAX brand name and technology and data subscription revenue.
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