Colliers International Group Inc. (CIGI) Downgraded by Zacks Investment Research to Strong Sell
Colliers International Group Inc. (NASDAQ:CIGI) (TSE:CIGI) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued on Monday.
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 “
Other analysts have also issued research reports about the stock. BidaskClub lowered shares of Colliers International Group from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. Royal Bank Of Canada set a $58.00 target price on shares of Colliers International Group and gave the company a “buy” rating in a research note on Monday, June 26th. TheStreet lowered shares of Colliers International Group from a “b” rating to a “c+” rating in a research note on Tuesday, May 2nd. Sidoti lowered shares of Colliers International Group from a “buy” rating to a “neutral” rating in a research note on Monday, July 17th. Finally, Scotiabank boosted their target price on shares of Colliers International Group from $66.00 to $76.00 and gave the company an “outperform” rating in a research note on Wednesday, May 3rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. Colliers International Group presently has a consensus rating of “Buy” and an average price target of $65.70.
Shares of Colliers International Group (NASDAQ:CIGI) traded up 0.86% during mid-day trading on Monday, reaching $52.50. 35,171 shares of the company were exchanged. The company’s 50-day moving average is $55.01 and its 200 day moving average is $49.22. Colliers International Group has a 12 month low of $34.20 and a 12 month high of $60.75. The firm has a market capitalization of $2.04 billion, a price-to-earnings ratio of 31.72 and a beta of 1.73.
Colliers International Group (NASDAQ:CIGI) (TSE:CIGI) last released its earnings results on Tuesday, August 1st. The financial services provider reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.16. Colliers International Group had a net margin of 3.23% and a return on equity of 49.70%. The firm had revenue of $544.20 million during the quarter, compared to analyst estimates of $515.45 million. During the same quarter in the previous year, the firm earned $0.63 earnings per share. The firm’s revenue for the quarter was up 12.8% compared to the same quarter last year. Analysts predict that Colliers International Group will post $2.87 EPS for the current year.
Colliers International Group declared that its Board of Directors has initiated a stock repurchase plan on Thursday, July 13th that permits the company to buyback 2,700,000 shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.
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Several institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its position in shares of Colliers International Group by 7.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 60,338 shares of the financial services provider’s stock valued at $2,217,000 after buying an additional 3,929 shares during the period. Norges Bank purchased a new position in shares of Colliers International Group during the fourth quarter valued at about $14,040,000. Quadrature Capital Ltd purchased a new position in shares of Colliers International Group during the fourth quarter valued at about $524,000. Bank of Montreal Can increased its position in shares of Colliers International Group by 13.1% in the first quarter. Bank of Montreal Can now owns 199,358 shares of the financial services provider’s stock valued at $9,410,000 after buying an additional 23,023 shares during the period. Finally, Nationwide Fund Advisors purchased a new position in shares of Colliers International Group during the first quarter valued at about $2,918,000. 59.40% of the stock is owned by institutional investors.
About Colliers International Group
Colliers International Group Inc is engaged in the provision of commercial real estate services. The Company offers services, including outsourcing and advisory services, lease brokerage and sales brokerage. Its segments include Americas; Europe, Middle East and Africa (EMEA); Asia Pacific, and Corporate.
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