CIBC Asset Management Inc Decreases Stock Position in CGI Inc. (NYSE:GIB)

CIBC Asset Management Inc reduced its stake in shares of CGI Inc. (NYSE:GIB – Get Rating) (TSE:GIB.A) by 7.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 504,924 shares of the technology company’s stock after selling 40,364 shares during the quarter. CIBC Asset Management Inc owned about 0.21% of CGI worth $38,173,000 as of its most recent SEC filing.

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A number of other large investors have also recently made changes to their positions in the company. American Century Companies Inc. grew its stake in CGI by 23.0% during the 1st quarter. American Century Companies Inc. now owns 15,630 shares of the technology company’s stock worth $1,245,000 after buying an additional 2,921 shares during the last quarter. Natixis Advisors L.P. purchased a new position in CGI during the first quarter worth about $1,522,000. BlackRock Inc. boosted its stake in CGI by 5.4% during the first quarter. BlackRock Inc. now owns 262,287 shares of the technology company’s stock worth $20,939,000 after buying an additional 13,426 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of CGI by 10.4% during the first quarter. Dimensional Fund Advisors LP now owns 343,162 shares of the technology company’s stock worth $27,395,000 after purchasing an additional 32,280 shares in the last quarter. Finally, Vontobel Holding Ltd. boosted its stake in shares of CGI by 46.9% in the first quarter. Vontobel Holding Ltd. now owns 12,535 shares of the technology company’s stock valued at $1,014,000 after purchasing an additional 4,000 shares during the period. 48.54% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GIB has been the topic of a number of research reports. Societe Generale lowered shares of CGI from a “buy” rating to a “hold” rating in a report on Monday, November 14th. They noted that the move was a valuation call. TD Securities increased their price target on shares of CGI from C$135.00 to C$145.00 in a report on Thursday, December 22nd. Raymond James boosted their price objective on shares of CGI from C$130.00 to C$134.00 in a report on Thursday, November 10th. Scotiabank raised their price objective on shares of CGI from C$130.00 to C$135.00 in a research note on Thursday, November 10th. Finally, Desjardins lifted their price objective on CGI from C$126.00 to C$130.00 in a research report on Thursday, November 10th.

CGI Price Performance

Shares of NYSE GIB traded up $0.33 during trading on Friday, hitting $86.67. The company had a trading volume of 243 shares, compared to its average volume of 105,595. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.87 and a current ratio of 1.19. CGI Inc. has a 52 week low of $72.23 and a 52 week high of $89.11. The company has a market cap of $20.61 billion, a P/E ratio of 18.33, a PEG ratio of 1.86 and a beta of 0.93. The business’s 50-day moving average is $85.84 and its 200 day moving average is $82.39.

CGI (NYSE:GIB – Get Rating) (TSE:GIB.A) last issued its earnings results on Wednesday, November 9th. The technology company reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.02. CGI had a net margin of 11.40% and a return on equity of 21.14%. The company had revenue of $2.49 billion during the quarter, compared to analyst estimates of $2.78 billion. Equities research analysts predict that CGI Inc. will post 4.97 earnings per share for the current fiscal year.

About CGI

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CGI, Inc engages in the provision of information technology and consulting services. It operates through the following segments: Western and Southern Europe, U.S. Commercial and State Government, Canada, U.S. Federal, Scandinavia and Central Europe, UK and Australia; Finland, Poland, and Baltics, Northwest and Central-East Europe, and Asia Pacific.

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