Several other analysts also recently commented on the company. Scotiabank downgraded CGI from an outperform rating to a sector perform rating in a research note on Tuesday, July 17th. Desjardins downgraded CGI from a buy rating to a hold rating in a research note on Wednesday, July 25th. Zacks Investment Research raised CGI from a hold rating to a buy rating and set a $70.00 price objective for the company in a research note on Wednesday, October 10th. Finally, Barclays upped their price objective on CGI from $64.00 to $68.00 and gave the company an overweight rating in a research note on Thursday, August 2nd. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company has a consensus rating of Buy and an average target price of $76.25.
GIB traded up $0.27 on Wednesday, hitting $62.43. 57,926 shares of the company traded hands, compared to its average volume of 250,929. The company has a quick ratio of 0.68, a current ratio of 0.99 and a debt-to-equity ratio of 0.24. The company has a market cap of $16.93 billion, a PE ratio of 22.46, a P/E/G ratio of 1.90 and a beta of 0.61. CGI has a 12-month low of $51.16 and a 12-month high of $66.53.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GIB. Bank of Montreal Can acquired a new position in CGI during the 2nd quarter worth approximately $403,130,000. Addenda Capital Inc. acquired a new position in CGI during the 2nd quarter worth approximately $47,785,000. Acadian Asset Management LLC acquired a new position in CGI during the 2nd quarter worth approximately $46,610,000. Toronto Dominion Bank increased its position in CGI by 96.5% during the 2nd quarter. Toronto Dominion Bank now owns 1,378,779 shares of the technology company’s stock worth $86,828,000 after purchasing an additional 677,254 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in CGI by 8.9% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,828,857 shares of the technology company’s stock worth $242,489,000 after purchasing an additional 314,500 shares during the period. Institutional investors own 58.78% of the company’s stock.
CGI Company Profile
CGI Group Inc provides information technology (IT) and business process services in Canada and internationally. Its services include the management of IT and business outsourcing, systems integration and consulting, and software solutions selling activities. The company offers application development, integration, and maintenance services; technology infrastructure management services; and business process services, such as collections and payroll management.
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