CGI (NYSE:GIB) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of CGI (NYSE:GIB) (TSE:GIB.A) from a buy rating to a hold rating in a report published on Wednesday, Zacks.com reports.

According to Zacks, “CGI provides the full range of IT services including consulting, systems integration and the management of business and IT functions. The company’s primary focus is large scale systems integration and outsourcing contracts. “

Other equities research analysts have also issued research reports about the stock. CIBC lowered shares of CGI from a sector outperform rating to a neutral rating in a report on Thursday, April 25th. Societe Generale lowered shares of CGI from a hold rating to a sell rating in a report on Thursday, August 1st. National Bank Financial restated a buy rating on shares of CGI in a report on Wednesday, July 31st. Finally, Bank of America began coverage on shares of CGI in a report on Thursday, May 23rd. They set a buy rating and a $83.00 price target on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the stock. CGI presently has an average rating of Buy and an average price target of $87.67.

Shares of GIB stock traded up $0.03 during trading hours on Wednesday, reaching $76.53. 165,683 shares of the stock traded hands, compared to its average volume of 153,461. CGI has a 1-year low of $57.35 and a 1-year high of $80.50. The firm has a fifty day moving average of $77.76. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.09 and a quick ratio of 0.75. The firm has a market capitalization of $20.77 billion, a price-to-earnings ratio of 23.84, a PEG ratio of 2.27 and a beta of 0.54.

CGI (NYSE:GIB) (TSE:GIB.A) last released its quarterly earnings results on Wednesday, July 31st. The technology company reported $0.91 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.92 by ($0.01). CGI had a net margin of 10.32% and a return on equity of 18.78%. The firm had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.15 billion. During the same quarter in the prior year, the firm earned $1.08 EPS. The firm’s revenue was up 6.1% compared to the same quarter last year. As a group, analysts forecast that CGI will post 3.56 earnings per share for the current year.

A number of institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its position in CGI by 2.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 192,719 shares of the technology company’s stock valued at $11,792,000 after purchasing an additional 3,974 shares during the period. D. E. Shaw & Co. Inc. purchased a new stake in shares of CGI during the fourth quarter worth $735,000. Geode Capital Management LLC increased its position in shares of CGI by 5,894.0% during the fourth quarter. Geode Capital Management LLC now owns 277,403 shares of the technology company’s stock worth $16,864,000 after acquiring an additional 272,775 shares during the period. We Are One Seven LLC increased its position in shares of CGI by 78.6% during the first quarter. We Are One Seven LLC now owns 3,932 shares of the technology company’s stock worth $270,000 after acquiring an additional 1,731 shares during the period. Finally, Barometer Capital Management Inc. increased its position in shares of CGI by 613.6% during the first quarter. Barometer Capital Management Inc. now owns 175,550 shares of the technology company’s stock worth $16,128,000 after acquiring an additional 150,950 shares during the period. Hedge funds and other institutional investors own 56.71% of the company’s stock.

CGI Company Profile

CGI Inc, together with its subsidiaries, provides information technology (IT) and business process services in Canada, Northern Europe, France, the United States, the United Kingdom, Europe, and the Asia Pacific. Its services include the management of IT and business outsourcing, systems integration and consulting, and software solutions selling activities.

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