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 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 for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.17). The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.17 billion. Colliers International Group had a return on equity of 23.60% and a net margin of 3.20%. The firm’s revenue was up 11.7% on a year-over-year basis. During the same period last year, the business earned $1.10 EPS.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. BMO Capital Markets raised their price objective on shares of Colliers International Group from $163.00 to $164.00 and gave the company an “outperform” rating in a research report on Friday, September 13th. Royal Bank of Canada raised their price objective on shares of Colliers International Group from $160.00 to $174.00 and gave the company an “outperform” rating in a research report on Monday, October 21st. Stifel Nicolaus raised their target price on shares of Colliers International Group from $155.00 to $160.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Raymond James cut shares of Colliers International Group from a “strong-buy” rating to an “outperform” rating and raised their target price for the stock from $150.00 to $160.00 in a report on Friday, August 2nd. Finally, Scotiabank raised their target price 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. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Colliers International Group has an average rating of “Moderate Buy” and a consensus target price of $160.42.

Institutional Investors Weigh In On Colliers International Group

Several hedge funds and other institutional investors have recently modified their holdings of CIGI. Capstone Investment Advisors LLC acquired a new stake in shares of Colliers International Group in the first quarter worth $229,000. Whittier Trust Co. of Nevada Inc. boosted its stake in Colliers International Group by 575.0% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 243 shares of the financial services provider’s stock worth $30,000 after buying an additional 207 shares in the last quarter. Central Pacific Bank Trust Division bought a new stake in Colliers International Group in the 1st quarter valued at $118,000. Empowered Funds LLC increased its holdings in Colliers International Group by 9.9% in the 1st quarter. Empowered Funds LLC now owns 7,178 shares of the financial services provider’s stock valued at $877,000 after buying an additional 645 shares during the period. Finally, 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 valued at $10,044,000 after buying an additional 400 shares during the period. Institutional investors and hedge funds own 80.09% of the company’s stock.

Colliers International Group Price Performance

The stock has a market cap of $7.24 billion, a P/E ratio of 50.11 and a beta of 1.50. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.13. The company’s fifty day simple moving average is $148.21 and its 200-day simple moving average is $129.82.

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.