Colliers International Group (NASDAQ:CIGI) Shares Gap Down on Disappointing Earnings

Colliers International Group Inc. (NASDAQ:CIGI) (TSE:CIGI)’s stock price gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $154.03, but opened at $144.90. Colliers International Group shares last traded at $145.85, with a volume of 25,852 shares changing hands.

The financial services provider reported $1.32 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.17). Colliers International Group had a return on equity of 23.60% and a net margin of 3.20%. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the previous year, the company posted $1.10 EPS. The firm’s revenue for the quarter was up 11.7% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of brokerages have commented on CIGI. BMO Capital Markets increased their price objective on shares of Colliers International Group from $163.00 to $164.00 and gave the stock an “outperform” rating in a report on Friday, September 13th. Scotiabank increased their price objective on shares of Colliers International Group from $155.00 to $167.50 and gave the stock a “sector outperform” rating in a report on Wednesday. Stifel Nicolaus upped their target price on shares of Colliers International Group from $155.00 to $160.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Raymond James downgraded shares of Colliers International Group from a “strong-buy” rating to an “outperform” rating and upped their target price for the company from $150.00 to $160.00 in a research report on Friday, August 2nd. Finally, National Bank Financial upgraded shares of Colliers International Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $160.42.

Institutional Trading of Colliers International Group

A number of hedge funds have recently modified their holdings of the company. Whittier Trust Co. of Nevada Inc. increased its stake in Colliers International Group by 26.4% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 593 shares of the financial services provider’s stock worth $90,000 after purchasing an additional 124 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Colliers International Group by 2.7% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,055 shares of the financial services provider’s stock worth $1,011,000 after purchasing an additional 238 shares in the last quarter. Whittier Trust Co. increased its stake in Colliers International Group by 8.4% during the 3rd quarter. Whittier Trust Co. now owns 3,558 shares of the financial services provider’s stock worth $540,000 after purchasing an additional 277 shares in the last quarter. Blue Trust Inc. increased its stake in Colliers International Group by 3,377.8% during the 2nd quarter. Blue Trust Inc. now owns 313 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 304 shares in the last quarter. Finally, Swiss National Bank grew its stake in shares of Colliers International Group by 0.5% during the 1st quarter. Swiss National Bank now owns 82,200 shares of the financial services provider’s stock worth $10,044,000 after acquiring an additional 400 shares in the last quarter. 80.09% of the stock is currently owned by institutional investors and hedge funds.

Colliers International Group Stock Down 1.1 %

The company has a market capitalization of $7.24 billion, a P/E ratio of 50.11 and a beta of 1.50. The firm’s 50 day moving average price is $148.21 and its two-hundred day moving average price is $129.82. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.13.

About Colliers International Group

Colliers International Group Inc provides commercial real estate professional and investment management services to corporate and institutional clients in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers outsourcing and advisory services, such as engineering and project management, property management, valuation, and other services, as well as loan servicing for commercial real estate clients.