Colliers International Group (NASDAQ:CIGI) Shares Gap Down After Earnings Miss

Colliers International Group Inc. (NASDAQ:CIGI) (TSE:CIGI) gapped down before the market opened on Tuesday following a dissappointing 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 (EPS) for the quarter, missing the consensus estimate of $1.49 by ($0.17). Colliers International Group had a net margin of 3.20% and a return on equity of 23.60%. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter in the previous year, the business posted $1.10 earnings per share. Colliers International Group’s revenue for the quarter was up 11.7% on a year-over-year basis.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Raymond James lowered shares of Colliers International Group from a “strong-buy” rating to an “outperform” rating and raised their price objective for the company from $150.00 to $160.00 in a research note on Friday, August 2nd. BMO Capital Markets increased their price objective on Colliers International Group from $163.00 to $164.00 and gave the company an “outperform” rating in a research report on Friday, September 13th. National Bank Financial raised Colliers International Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Scotiabank raised their price target on shares of Colliers International Group from $155.00 to $167.50 and gave the company a “sector outperform” rating in a report on Wednesday. Finally, National Bankshares increased their price objective on shares of Colliers International Group from $125.00 to $137.00 and gave the company a “sector perform” rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Colliers International Group presently has an average rating of “Moderate Buy” and a consensus price target of $160.42.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. raised its holdings in Colliers International Group by 33.9% in the 1st quarter. Russell Investments Group Ltd. now owns 16,473 shares of the financial services provider’s stock worth $2,015,000 after purchasing an additional 4,169 shares during the period. Blair William & Co. IL grew its stake in shares of Colliers International Group by 13.6% during the 1st quarter. Blair William & Co. IL now owns 34,783 shares of the financial services provider’s stock valued at $4,251,000 after acquiring an additional 4,170 shares during the period. Swiss National Bank increased its holdings in Colliers International Group by 0.5% in 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. Addenda Capital Inc. raised its stake in Colliers International Group by 20.6% during the 2nd quarter. Addenda Capital Inc. now owns 153,625 shares of the financial services provider’s stock worth $17,152,000 after acquiring an additional 26,263 shares during the period. Finally, Hantz Financial Services Inc. purchased a new position in Colliers International Group during the second quarter valued at approximately $567,000. 80.09% of the stock is currently owned by institutional investors.

Colliers International Group Trading Down 1.1 %

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

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.