ValueAct Holdings L.P. Sells 5,500,000 Shares of CBRE Group, Inc. (CBG)
ValueAct Holdings L.P. lessened its holdings in shares of CBRE Group, Inc. (NYSE:CBG) by 16.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 28,878,480 shares of the financial services provider’s stock after selling 5,500,000 shares during the period. CBRE Group accounts for approximately 11.0% of ValueAct Holdings L.P.’s investment portfolio, making the stock its 4th biggest holding. ValueAct Holdings L.P. owned approximately 8.51% of CBRE Group worth $1,093,917,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Sentry Investment Management LLC increased its position in CBRE Group by 0.3% during the second quarter. Sentry Investment Management LLC now owns 21,861 shares of the financial services provider’s stock worth $796,000 after buying an additional 59 shares during the period. Wetherby Asset Management Inc. increased its position in CBRE Group by 0.7% during the second quarter. Wetherby Asset Management Inc. now owns 13,970 shares of the financial services provider’s stock worth $509,000 after buying an additional 93 shares during the period. Ameritas Investment Partners Inc. increased its position in CBRE Group by 1.4% during the second quarter. Ameritas Investment Partners Inc. now owns 7,240 shares of the financial services provider’s stock worth $263,000 after buying an additional 99 shares during the period. CIBC Asset Management Inc increased its position in CBRE Group by 0.4% during the second quarter. CIBC Asset Management Inc now owns 29,272 shares of the financial services provider’s stock worth $1,066,000 after buying an additional 113 shares during the period. Finally, Cutter & CO Brokerage Inc. increased its position in CBRE Group by 3.4% during the second quarter. Cutter & CO Brokerage Inc. now owns 6,902 shares of the financial services provider’s stock worth $251,000 after buying an additional 225 shares during the period. 95.00% of the stock is currently owned by institutional investors and hedge funds.
CBRE Group, Inc. (CBG) opened at $43.62 on Monday. The stock has a market capitalization of $14,807.21, a P/E ratio of 16.46, a PEG ratio of 1.26 and a beta of 1.86. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.66. CBRE Group, Inc. has a twelve month low of $29.69 and a twelve month high of $44.04.
CBRE Group (NYSE:CBG) last released its earnings results on Friday, November 3rd. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.10. The business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.45 billion. CBRE Group had a return on equity of 26.22% and a net margin of 5.75%. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.50 earnings per share. sell-side analysts forecast that CBRE Group, Inc. will post 2.67 EPS for the current year.
In related news, insider Robert E. Sulentic sold 45,000 shares of CBRE Group stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $43.16, for a total value of $1,942,200.00. Following the sale, the insider now directly owns 637,971 shares in the company, valued at $27,534,828.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO William F. Concannon sold 25,000 shares of CBRE Group stock in a transaction that occurred on Thursday, October 5th. The shares were sold at an average price of $39.02, for a total value of $975,500.00. The disclosure for this sale can be found here. In the last three months, insiders sold 8,522,972 shares of company stock worth $326,340,909. Corporate insiders own 1.00% of the company’s stock.
Several research firms have commented on CBG. Barclays lifted their price target on CBRE Group from $42.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 15th. Bank of America lifted their price target on CBRE Group from $42.00 to $44.00 and gave the stock a “buy” rating in a research report on Monday, November 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $40.33.
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CBRE Group Company Profile
CBRE Group, Inc is a holding company that conducts all of its operations through its subsidiaries. The Company operates as 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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