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 research note issued to investors 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 “
CIGI has been the topic of several other reports. Royal Bank Of Canada began coverage on shares of Colliers International Group in a research report on Wednesday, June 22nd. They set an “outperform” rating on the stock. Scotiabank reaffirmed an “outperform” rating and set a $59.00 price target on shares of Colliers International Group in a research report on Tuesday, October 4th.
Shares of Colliers International Group (NASDAQ:CIGI) traded down 1.82% during mid-day trading on Wednesday, hitting $41.10. 39,085 shares of the stock traded hands. The company’s 50 day moving average is $42.07 and its 200 day moving average is $39.51. The firm has a market capitalization of $1.59 billion, a P/E ratio of 27.51 and a beta of 1.35. Colliers International Group has a one year low of $30.76 and a one year high of $50.72.
Colliers International Group (NASDAQ:CIGI) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $0.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.08. Colliers International Group had a net margin of 3.14% and a return on equity of 31.57%. The firm had revenue of $482.50 million for the quarter, compared to analyst estimates of $434.82 million. Colliers International Group’s revenue for the quarter was up 17.7% compared to the same quarter last year. On average, equities analysts expect that Colliers International Group will post $2.51 EPS for the current fiscal year.
In related news, major shareholder Spruce House Partnership Lp acquired 133,800 shares of the company’s stock in a transaction dated Tuesday, October 4th. The shares were bought at an average cost of $42.05 per share, with a total value of $5,626,290.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 15.30% of the stock is currently owned by insiders.
Several institutional investors have recently modified their holdings of CIGI. K.J. Harrison & Partners Inc acquired a new position in Colliers International Group during the second quarter valued at approximately $339,000. Bank of Montreal Can acquired a new position in Colliers International Group during the second quarter valued at approximately $15,480,000. CIBC World Markets Inc. increased its position in Colliers International Group by 67.7% in the second quarter. CIBC World Markets Inc. now owns 252,750 shares of the company’s stock valued at $8,629,000 after buying an additional 102,020 shares during the period. 1st Global Advisors Inc. increased its position in Colliers International Group by 28.2% in the second quarter. 1st Global Advisors Inc. now owns 9,585 shares of the company’s stock valued at $327,000 after buying an additional 2,109 shares during the period. Finally, Van Berkom & Associates Inc. increased its position in Colliers International Group by 4.9% in the second quarter. Van Berkom & Associates Inc. now owns 1,318,213 shares of the company’s stock valued at $44,707,000 after buying an additional 62,000 shares during the period. 61.90% of the stock is currently owned by institutional investors.
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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