Paloma Partners Management Co purchased a new stake in shares of CGI (NYSE:GIB) (TSE:GIB.A) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 24,696 shares of the technology company’s stock, valued at approximately $1,594,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC bought a new stake in shares of CGI during the second quarter valued at approximately $124,000. Riverhead Capital Management LLC boosted its position in shares of CGI by 100.0% during the third quarter. Riverhead Capital Management LLC now owns 2,800 shares of the technology company’s stock valued at $179,000 after purchasing an additional 1,400 shares in the last quarter. WCM Investment Management CA bought a new stake in shares of CGI during the second quarter valued at approximately $212,000. AE Wealth Management LLC bought a new stake in shares of CGI during the second quarter valued at approximately $268,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of CGI during the third quarter valued at approximately $277,000. Institutional investors own 58.10% of the company’s stock.
CGI stock opened at $63.02 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.69 and a current ratio of 1.00. CGI has a 12 month low of $52.69 and a 12 month high of $66.53. The firm has a market capitalization of $17.54 billion, a price-to-earnings ratio of 19.63, a P/E/G ratio of 1.98 and a beta of 0.58.
GIB has been the topic of several research reports. Desjardins upgraded CGI from a “hold” rating to a “buy” rating in a research report on Tuesday, October 30th. Royal Bank of Canada lifted their price target on CGI from $92.00 to $95.00 and gave the company an “outperform” rating in a research report on Thursday, November 8th. Raymond James restated a “buy” rating on shares of CGI in a research report on Wednesday, November 7th. Zacks Investment Research lowered CGI from a “buy” rating to a “hold” rating in a research report on Thursday, November 1st. Finally, BMO Capital Markets restated a “buy” rating on shares of CGI in a research report on Tuesday, December 4th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $77.67.
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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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