Macguire Cheswick & Tuttle Investment Counsel LLC reduced its stake in shares of CBRE Group, Inc. (NYSE:CBG) by 3.2% during the second quarter, Holdings Channel reports. The fund owned 342,585 shares of the financial services provider’s stock after selling 11,485 shares during the period. CBRE Group comprises 2.5% of Macguire Cheswick & Tuttle Investment Counsel LLC’s investment portfolio, making the stock its 16th largest position. Macguire Cheswick & Tuttle Investment Counsel LLC’s holdings in CBRE Group were worth $12,470,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of the stock. State of Alaska Department of Revenue acquired a new stake in CBRE Group during the first quarter valued at about $116,000. Harbour Capital Advisors LLC acquired a new stake in CBRE Group during the first quarter valued at about $118,000. Pettee Investors Inc. acquired a new stake in CBRE Group during the first quarter valued at about $203,000. Cambridge Investment Research Advisors Inc. acquired a new stake in CBRE Group during the first quarter valued at about $206,000. Finally, Harbor Advisors LLC acquired a new stake in CBRE Group during the first quarter valued at about $209,000. 96.44% of the stock is owned by institutional investors and hedge funds.
CBRE Group, Inc. (NYSE CBG) opened at 35.77 on Friday. The firm’s 50-day moving average price is $37.09 and its 200 day moving average price is $35.07. CBRE Group, Inc. has a 52 week low of $25.40 and a 52 week high of $38.99. The company has a market capitalization of $12.05 billion, a PE ratio of 17.46 and a beta of 1.83.
CBRE Group (NYSE:CBG) last released its earnings results on Thursday, July 27th. The financial services provider reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.12. CBRE Group had a return on equity of 26.40% and a net margin of 5.21%. The firm had revenue of $3.34 billion for the quarter, compared to analysts’ expectations of $3.39 billion. During the same period in the prior year, the firm posted $0.52 earnings per share. The company’s quarterly revenue was up 4.2% on a year-over-year basis. Equities research analysts expect that CBRE Group, Inc. will post $2.57 earnings per share for the current fiscal year.
Several analysts recently issued reports on the stock. Wedbush reissued an “outperform” rating and issued a $38.00 price target on shares of CBRE Group in a research report on Wednesday, August 2nd. Zacks Investment Research downgraded shares of CBRE Group from a “buy” rating to a “hold” rating in a research report on Tuesday, April 18th. UBS AG assumed coverage on shares of CBRE Group in a research report on Wednesday, July 26th. They issued a “neutral” rating and a $41.00 price target for the company. BidaskClub downgraded shares of CBRE Group from a “hold” rating to a “sell” rating in a research report on Friday. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $36.00 price target on shares of CBRE Group in a research report on Friday, July 21st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. CBRE Group currently has an average rating of “Hold” and a consensus price target of $39.40.
In related news, CEO William F. Concannon sold 20,000 shares of the stock in a transaction on Monday, July 24th. The stock was sold at an average price of $38.09, for a total transaction of $761,800.00. Following the sale, the chief executive officer now directly owns 233,896 shares of the company’s stock, valued at $8,909,098.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Gil Borok sold 25,627 shares of the stock in a transaction on Friday, August 4th. The shares were sold at an average price of $37.33, for a total value of $956,655.91. Following the sale, the chief financial officer now directly owns 76,651 shares in the company, valued at $2,861,381.83. The disclosure for this sale can be found here. Over the last three months, insiders sold 75,627 shares of company stock worth $2,822,306. Insiders own 1.00% of the company’s stock.
CBRE Group Company Profile
CBRE Group, Inc is a holding company that conducts all of its operations through its subsidiaries. The Company operates as a commercial real estate services and investment company. The Company operates through the segments: The Americas; Europe, Middle East and Africa (EMEA); Asia Pacific; Global Investment Management, and Development Services.
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