RE/MAX (NYSE:RMAX) PT Lowered to $28.00 at Jonestrading

RE/MAX (NYSE:RMAX – Get Rating) had its target price decreased by equities research analysts at Jonestrading from $34.00 to $28.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Jonestrading’s target price points to a potential upside of 50.70% from the company’s previous close.

RE/MAX price performance

NYSE:RMAX opened at $18.58 on Monday. The company has a debt-to-equity ratio of 7.01, a quick ratio of 2.17 and a current ratio of 2.17. The stock’s 50-day simple moving average is $23.97 and its 200 day simple moving average is $24.64. The company has a market cap of $358.04 million, a P/E ratio of -23.22 and a beta of 1.28. RE/MAX has a 52-week low of $17.97 and a 52-week high of $33.05.

RE/MAX (NYSE:RMAX – Get Rating) last released its earnings results on Thursday, August 4th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.09. The business had revenue of $92.17 million for the quarter, compared to the consensus estimate of $92.54 million. RE/MAX had a positive return on equity of 88.21% and a negative net margin of 4.06%. RE/MAX’s quarterly revenue was up 19.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.51 earnings per share. As a group, sell-side analysts forecast that RE/MAX will post 1.78 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Adam K. Peterson acquired 12,000 shares of the firm’s stock in a transaction that occurred on Monday, July 18th. The stock was acquired at an average cost of $24.37 per share, for a total transaction of $292,440.00. Following the completion of the acquisition, the insider now directly owns 2,120,805 shares of the company’s stock, valued at approximately $51,684,017.85. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other RE/MAX news, major shareholder Adam K. Peterson purchased 20,196 shares of the company’s stock in a transaction that occurred on Thursday, July 14th. The shares were acquired at an average price of $23.51 per share, with a total value of $474,807.96. Following the transaction, the insider now owns 2,108,805 shares in the company, valued at $49,578,005.55. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Adam K. Peterson bought 12,000 shares of the company’s stock in a transaction on Monday, July 18th. The shares were purchased at an average cost of $24.37 per share, for a total transaction of $292,440.00. Following the transaction, the insider now owns 2,120,805 shares in the company, valued at $51,684,017.85. The disclosure for this purchase can be found here. Insiders acquired 56,696 shares of company stock worth $1,361,618 over the last three months. Insiders own 3.37% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Legal & General Group Plc lifted its holdings in shares of RE/MAX by 0.9% during the 2nd quarter. Legal & General Group Plc now owns 44,992 shares of the financial services provider’s stock worth $1,104,000 after acquiring an additional 408 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in RE/MAX by 3.1% in the second quarter. JPMorgan Chase & Co. now owns 16,357 shares of the financial services provider’s stock worth $401,000 after purchasing an additional 491 shares during the last quarter. Mutual of America Capital Management LLC lifted its stake in RE/MAX by 18.9% in the second quarter. Mutual of America Capital Management LLC now owns 3,235 shares of the financial services provider’s stock worth $79,000 after purchasing an additional 514 shares during the last quarter. Captrust Financial Advisors lifted its stake in RE/MAX by 115.0% in the first quarter. Captrust Financial Advisors now owns 1,017 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 544 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in RE/MAX by 1.6% in the fourth quarter. Rhumbline Advisers now owns 56,307 shares of the financial services provider’s stock worth $1,717,000 after purchasing an additional 907 shares during the last quarter. 98.85% of the stock is currently owned by hedge funds and other institutional investors.

About RE/MAX

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RE/MAX Holdings, Inc operates as a franchiser of real estate and mortgage brokerage services in the United States, Canada, and internationally. The company operates through three segments: Real Estate, Mortgage, and Marketing Funds. It offers real estate brokerage franchising services under the RE/MAX brand; mortgage brokerage services to real estate brokers, real estate professionals, mortgage professionals, and other investors under the Motto Mortgage brand; and mortgage loan processing software and services under the wemlo brand.

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