Beutel Goodman & Co Ltd. Sells 196,192 Shares of Colliers International Group Inc. $CIGI

Key Points

• Beutel Goodman cut its Colliers stake by 11%, selling 196,192 shares in the third quarter; it retained 1,581,587 shares, worth about $142.1 million.
• Colliers reported quarterly EPS of $1.97, topping the $1.94 consensus, while revenue of $1.60 billion fell short of the $1.67 billion estimate. Revenue nevertheless grew 11.9% year over year.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $140.71; several firms lowered their targets, though ratings remained generally positive.

Beutel Goodman & Co Ltd. trimmed its holdings in shares of Colliers International Group Inc. (NASDAQ:CIGI - Free Report) TSE: CIGI by 11.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,581,587 shares of the financial services provider's stock after selling 196,192 shares during the period. Beutel Goodman & Co Ltd. owned about 3.10% of Colliers International Group worth $142,111,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Compass Ion Advisors LLC increased its position in shares of Colliers International Group by 4.4% in the third quarter. Compass Ion Advisors LLC now owns 2,747 shares of the financial services provider's stock worth $247,000 after acquiring an additional 116 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in shares of Colliers International Group by 5.9% during the 1st quarter. NewEdge Advisors LLC now owns 2,248 shares of the financial services provider's stock valued at $240,000 after acquiring an additional 126 shares in the last quarter. Pictet Asset Management Holding SA lifted its holdings in shares of Colliers International Group by 1.7% during the 3rd quarter. Pictet Asset Management Holding SA now owns 8,117 shares of the financial services provider's stock valued at $729,000 after acquiring an additional 137 shares in the last quarter. Trust Co. of Vermont acquired a new position in shares of Colliers International Group during the 2nd quarter valued at $36,000. Finally, Global Retirement Partners LLC purchased a new stake in Colliers International Group during the 2nd quarter worth $44,000. 80.09% of the stock is currently owned by hedge funds and other institutional investors.

Colliers International Group Trading Up 0.9%

CIGI opened at $95.69 on Tuesday. The firm's 50 day moving average is $92.77 and its 200-day moving average is $103.25. Colliers International Group Inc. has a 52-week low of $83.21 and a 52-week high of $153.87. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 1.61. The firm has a market capitalization of $4.89 billion, a P/E ratio of 15.41 and a beta of 1.18.

Colliers International Group (NASDAQ:CIGI - Get Free Report) TSE: CIGI last announced its earnings results on Wednesday, November 4th. The financial services provider reported $1.97 earnings per share for the quarter, beating the consensus estimate of $1.94 by $0.03. The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.67 billion. Colliers International Group had a net margin of 1.18% and a return on equity of 21.37%. The business's quarterly revenue was up 11.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.64 earnings per share. Analysts expect that Colliers International Group Inc. will post 6.89 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Scotiabank lowered their price target on Colliers International Group from $145.00 to $130.00 and set a "sector outperform" rating for the company in a report on Wednesday, October 28th. Raymond James Financial cut their price objective on Colliers International Group from $160.00 to $150.00 and set a "strong-buy" rating on the stock in a research report on Thursday, November 5th. Royal Bank Of Canada reduced their price objective on Colliers International Group from $155.00 to $140.00 and set an "outperform" rating on the stock in a research note on Thursday, November 5th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Colliers International Group in a research report on Tuesday, November 3rd. Finally, Stifel Nicolaus decreased their target price on Colliers International Group from $155.00 to $150.00 and set a "buy" rating for the company in a research report on Thursday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $140.71.

Colliers International Group Company Profile

Colliers International Group Inc is a global professional services and investment management company focused on commercial real estate and the built environment. Its services include property leasing and sales, property and facilities management, valuation and advisory, and real estate project management.

The company also provides engineering and consulting services for infrastructure, buildings, and related projects, along with investment management for real estate and other property-related strategies.

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