Zacks Investment Research Downgrades Colliers International Group Inc. (CIGI) to Sell
Colliers International Group Inc. (NASDAQ:CIGI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.
According to Zacks, “FIRSTSERVICE CP is a leader in the rapidly growing service sector providing property and business services to commercial and residential customers in the following areas: residential property management; integrated security systems; consumer services; and, customer support and fulfillment and business process outsourcing. FirstService’s operations are divided into two divisions: Property Services and Business Services “
A number of other equities analysts also recently issued reports on CIGI. Royal Bank Of Canada initiated coverage on shares of Colliers International Group in a report on Wednesday, June 15th. They set an “outperform” rating and a $52.00 price objective on the stock. Scotiabank reaffirmed an “outperform” rating and set a $59.00 price objective on shares of Colliers International Group in a report on Tuesday, October 4th.
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Shares of Colliers International Group (NASDAQ:CIGI) traded down 1.82% during midday trading on Wednesday, reaching $41.10. 39,085 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $42.07 and a 200 day moving average price of $39.51. Colliers International Group has a 12 month low of $30.76 and a 12 month high of $50.72. The company has a market cap of $1.59 billion, a P/E ratio of 27.51 and a beta of 1.35.
Colliers International Group (NASDAQ:CIGI) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $0.63 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.08. The firm had revenue of $482.50 million for the quarter, compared to the consensus estimate of $434.82 million. Colliers International Group had a net margin of 3.14% and a return on equity of 31.57%. Colliers International Group’s quarterly revenue was up 17.7% compared to the same quarter last year. Equities research analysts forecast that Colliers International Group will post $2.51 earnings per share for the current fiscal year.
In other Colliers International Group news, major shareholder Spruce House Partnership Lp bought 133,800 shares of the stock in a transaction dated Tuesday, October 4th. The shares were bought at an average cost of $42.05 per share, for a total transaction of $5,626,290.00. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 15.30% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Canada Pension Plan Investment Board boosted its stake in shares of Colliers International Group by 11.3% in the first quarter. Canada Pension Plan Investment Board now owns 191,500 shares of the company’s stock worth $7,286,000 after buying an additional 19,400 shares in the last quarter. Bank of Montreal Can purchased a new stake in shares of Colliers International Group during the second quarter worth about $15,480,000. Renaissance Technologies LLC boosted its stake in shares of Colliers International Group by 5.9% in the first quarter. Renaissance Technologies LLC now owns 662,000 shares of the company’s stock worth $25,063,000 after buying an additional 36,648 shares in the last quarter. BloombergSen Inc. boosted its stake in shares of Colliers International Group by 50.8% in the second quarter. BloombergSen Inc. now owns 1,615,628 shares of the company’s stock worth $55,158,000 after buying an additional 544,128 shares in the last quarter. Finally, Royal Bank of Canada boosted its stake in shares of Colliers International Group by 602.8% in the first quarter. Royal Bank of Canada now owns 547,356 shares of the company’s stock worth $20,723,000 after buying an additional 469,471 shares in the last quarter. Institutional investors and hedge funds own 61.90% of the company’s stock.
About Colliers International Group
Colliers International Group Inc is engaged in the provision of commercial real estate services. The Company’s primary services are outsourcing and advisory services, lease brokerage and sales brokerage. The Company’s segments include Americas; Europe, Middle East and Africa (EMEA); Asia Pacific, and Corporate.
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