Ascent Group LLC Lowers Stock Holdings in CGI Inc. (NYSE:GIB)

Ascent Group LLC cut its holdings in CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 19.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,220 shares of the technology company’s stock after selling 547 shares during the quarter. Ascent Group LLC’s holdings in CGI were worth $222,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Goldman Sachs Group Inc. grew its stake in CGI by 54.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 735,174 shares of the technology company’s stock valued at $78,818,000 after acquiring an additional 258,651 shares during the period. Intech Investment Management LLC purchased a new stake in shares of CGI during the first quarter worth about $5,529,000. Henry James International Management Inc. increased its stake in shares of CGI by 7.2% during the first quarter. Henry James International Management Inc. now owns 82,029 shares of the technology company’s stock worth $9,063,000 after purchasing an additional 5,517 shares in the last quarter. Fiera Capital Corp raised its position in shares of CGI by 1.9% during the 2nd quarter. Fiera Capital Corp now owns 4,269,775 shares of the technology company’s stock worth $426,353,000 after purchasing an additional 79,303 shares during the last quarter. Finally, Connectus Wealth LLC purchased a new position in CGI in the 4th quarter valued at about $965,000. 66.68% of the stock is owned by institutional investors and hedge funds.

CGI Stock Performance

Shares of CGI stock opened at $114.33 on Wednesday. The business’s 50 day moving average price is $111.05 and its 200 day moving average price is $106.56. The company has a market cap of $26.38 billion, a price-to-earnings ratio of 22.03, a PEG ratio of 2.63 and a beta of 0.95. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.86 and a current ratio of 1.16. CGI Inc. has a one year low of $93.07 and a one year high of $118.89.

CGI (NYSE:GIB) (TSE:GIB.A) last issued its earnings results on Wednesday, July 31st. The technology company reported $1.40 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.40. The business had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.67 billion. CGI had a return on equity of 20.21% and a net margin of 11.51%. On average, research analysts predict that CGI Inc. will post 5.55 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on GIB shares. Jefferies Financial Group increased their target price on CGI from $120.00 to $121.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Sanford C. Bernstein upgraded CGI to a “strong-buy” rating in a report on Thursday, August 1st. CIBC cut shares of CGI from a “sector outperform” rating to a “neutral” rating in a research note on Friday, June 21st. Finally, UBS Group started coverage on shares of CGI in a research report on Friday, July 19th. They issued a “neutral” rating and a $112.00 target price for the company. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $132.67.

CGI Profile

CGI Inc, together with its subsidiaries, provides information technology (IT) and business process services. Its services include the business and strategic IT consulting, systems integration, and software solutions. The company also provides application development, modernization and maintenance, holistic enterprise digitization, automation, hybrid and cloud management, and business process services; intellectual property-based solutions; business consulting; managed IT services; and IT infrastructure services.