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 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. The firm has a 50-day moving average price of $29.19 and a 200-day moving average price of $28.79.
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, beating the Zacks’ consensus estimate of $0.51 by $0.01. The firm earned $3.20 billion during the quarter, compared to the consensus estimate of $3.19 billion. CBRE Group had a return on equity of 26.58% and a net margin of 4.28%. The business’s revenue was up 34.2% compared to the same quarter last year. During the same period last year, the company earned $0.42 earnings per share. On average, equities research analysts predict that CBRE Group will post $2.22 EPS for the current year.
In other news, Director Holdings L.P. Valueact purchased 1,212,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was acquired at an average cost of $28.28 per share, with a total value of $34,275,360.00. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Valueact Capital Master Fund, purchased 1,502,200 shares of the company’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were purchased 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. Insiders own 1.10% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in CBRE Group by 5.8% in the second quarter. Vanguard Group Inc. now owns 26,286,199 shares of the company’s stock valued at $696,059,000 after buying an additional 1,445,635 shares during the last quarter. FMR LLC boosted its stake in 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 last quarter. State Street Corp boosted its stake in CBRE Group by 0.7% in the first quarter. State Street Corp now owns 12,402,038 shares of the company’s stock valued at $357,425,000 after buying an additional 88,054 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in CBRE Group by 0.6% in the first quarter. JPMorgan Chase & Co. now owns 11,094,389 shares of the company’s stock valued at $319,740,000 after buying an additional 69,347 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in CBRE Group by 7.2% in the second quarter. Principal Financial Group Inc. now owns 9,612,021 shares of the company’s stock valued at $254,526,000 after buying an additional 643,550 shares during the last quarter. 95.83% of the stock is owned by institutional investors and hedge funds.
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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