CBRE Group Inc. (CBG) Downgraded to Sell at Zacks Investment Research
According to Zacks, “For CBRE Group, current quarter earnings estimate has declined over the past 30 days period. For the company, uneasiness in certain global economies and unfavorable foreign currency movement remain concern for its top-line growth. In fact, the referendum by the Britons to stay out of the European Union is likely to hit the company’s business adversely as it has substantial exposure to that region. Further, stiff competition from many international, regional and local players adds to its woes. However, strategic in-fill acquisitions, transformational deals, better leasing, property sales and outsourcing business are expected to benefit CBRE going forward.”
Shares of CBRE Group (NYSE:CBG) opened at 28.70 on Wednesday. The company’s 50-day moving average price is $29.19 and its 200 day moving average price is $28.79. The firm has a market capitalization of $9.62 billion, a PE ratio of 18.18 and a beta of 1.94. CBRE Group has a 12-month low of $22.74 and a 12-month high of $38.49.
CBRE Group (NYSE:CBG) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. CBRE Group had a return on equity of 26.58% and a net margin of 4.28%. The business had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.19 billion. During the same period in the prior year, the business earned $0.42 EPS. The firm’s revenue for the quarter was up 34.2% on a year-over-year basis. On average, equities analysts forecast that CBRE Group will post $2.22 earnings per share for the current year.
In related news, Director Holdings L.P. Valueact acquired 2,200 shares of the stock in a transaction dated Wednesday, August 3rd. The stock was purchased at an average cost of $28.40 per share, with a total value of $62,480.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Valueact Capital Master Fund, acquired 1,502,200 shares of the stock in a transaction dated Wednesday, August 3rd. The stock was bought at an average cost of $28.31 per share, with a total value of $42,527,282.00. The disclosure for this purchase can be found here. 1.10% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of CBG. OMERS ADMINISTRATION Corp increased its stake in shares of CBRE Group by 20,636.6% in the second quarter. OMERS ADMINISTRATION Corp now owns 4,852,353 shares of the company’s stock valued at $128,490,000 after buying an additional 4,828,953 shares during the period. FMR LLC increased its stake in shares of CBRE Group by 26.5% in the second quarter. FMR LLC now owns 18,561,943 shares of the company’s stock valued at $491,520,000 after buying an additional 3,884,677 shares during the period. Cantillon Capital Management LLC increased its stake in shares of CBRE Group by 93.8% in the second quarter. Cantillon Capital Management LLC now owns 7,374,944 shares of the company’s stock valued at $195,288,000 after buying an additional 3,569,932 shares during the period. Ameriprise Financial Inc. increased its stake in shares of CBRE Group by 169.9% in the second quarter. Ameriprise Financial Inc. now owns 4,111,691 shares of the company’s stock valued at $108,877,000 after buying an additional 2,588,495 shares during the period. Finally, Norges Bank bought a new stake in shares of CBRE Group during the fourth quarter valued at approximately $87,172,000. 95.83% of the stock is owned by hedge funds and other institutional investors.
About CBRE Group
CBRE Group, Inc is a holding company that conducts all of its operations through its subsidiaries. The Company is a commercial real estate services and investment company. The Company operates through the segments: The Americas; Europe, Middle East and Africa (EMEA); Asia Pacific; Global Investment Management, and Development Services.
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