Colliers International Group Inc. (NASDAQ:CIGI) Sees Significant Drop in Short Interest

Colliers International Group Inc. (NASDAQ:CIGI) (TSE:CIGI) saw a significant drop in short interest in September. As of September 15th, there was short interest totalling 633,600 shares, a drop of 8.8% from the August 31st total of 694,600 shares. Based on an average trading volume of 123,200 shares, the days-to-cover ratio is currently 5.1 days.

Colliers International Group Price Performance

NASDAQ:CIGI traded up $0.47 during mid-day trading on Tuesday, reaching $152.28. 51,742 shares of the stock were exchanged, compared to its average volume of 115,289. The business has a fifty day moving average price of $141.08 and a 200 day moving average price of $123.59. The firm has a market capitalization of $7.45 billion, a PE ratio of 74.05 and a beta of 1.49. Colliers International Group has a 1-year low of $83.38 and a 1-year high of $152.84. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.13.

Colliers International Group (NASDAQ:CIGI) (TSE:CIGI) last issued its quarterly earnings results on Thursday, August 1st. The financial services provider reported $1.36 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.01). The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Colliers International Group had a return on equity of 23.60% and a net margin of 3.20%. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.21 EPS. Research analysts expect that Colliers International Group will post 5.66 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Colliers International Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. Clearbridge Investments LLC grew its stake in Colliers International Group by 91.3% during the 2nd quarter. Clearbridge Investments LLC now owns 310,602 shares of the financial services provider’s stock valued at $34,677,000 after acquiring an additional 148,265 shares in the last quarter. Vulcan Value Partners LLC lifted its holdings in shares of Colliers International Group by 4.6% during the 2nd quarter. Vulcan Value Partners LLC now owns 454,181 shares of the financial services provider’s stock valued at $50,767,000 after buying an additional 20,150 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Colliers International Group by 47.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,011,898 shares of the financial services provider’s stock worth $112,834,000 after purchasing an additional 326,453 shares during the last quarter. Toronto Dominion Bank lifted its holdings in Colliers International Group by 4.8% in the 2nd quarter. Toronto Dominion Bank now owns 17,200 shares of the financial services provider’s stock worth $1,920,000 after purchasing an additional 789 shares during the last quarter. Finally, Bank of Montreal Can lifted its holdings in Colliers International Group by 0.9% in the 2nd quarter. Bank of Montreal Can now owns 689,358 shares of the financial services provider’s stock worth $76,703,000 after purchasing an additional 6,178 shares during the last quarter. Hedge funds and other institutional investors own 80.09% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Scotiabank raised their price target on shares of Colliers International Group from $150.00 to $155.00 and gave the stock a “sector outperform” rating in a research report on Friday, August 2nd. StockNews.com raised shares of Colliers International Group from a “hold” rating to a “buy” rating in a research report on Monday, September 23rd. Royal Bank of Canada restated an “outperform” rating and set a $160.00 price objective on shares of Colliers International Group in a research note on Monday, September 9th. National Bankshares raised their price objective on Colliers International Group from $125.00 to $137.00 and gave the stock a “sector perform” rating in a research note on Friday, August 2nd. Finally, Stifel Nicolaus raised their price objective on Colliers International Group from $155.00 to $160.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $156.00.

Colliers International Group Company Profile

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.