Meritage Portfolio Management bought a new stake in shares of CGI Inc (NYSE:GIB) (TSE:GIB.A) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 7,127 shares of the technology company’s stock, valued at approximately $547,000.
Other large investors have also recently added to or reduced their stakes in the company. Bremer Bank National Association acquired a new stake in CGI during the 1st quarter valued at approximately $25,000. Zions Bancorporation N.A. acquired a new stake in CGI during the 2nd quarter valued at approximately $28,000. Parallel Advisors LLC increased its position in CGI by 59.0% during the 1st quarter. Parallel Advisors LLC now owns 574 shares of the technology company’s stock valued at $39,000 after purchasing an additional 213 shares during the period. Icon Wealth Partners LLC acquired a new stake in CGI during the 1st quarter valued at approximately $54,000. Finally, Bartlett & Co. LLC acquired a new stake in CGI during the 1st quarter valued at approximately $56,000. 56.71% of the stock is owned by institutional investors and hedge funds.
Shares of GIB stock traded up $0.03 during trading hours on Friday, hitting $76.53. 165,683 shares of the company were exchanged, compared to its average volume of 150,264. The stock has a market capitalization of $20.98 billion, a price-to-earnings ratio of 23.84, a P/E/G ratio of 2.30 and a beta of 0.54. CGI Inc has a fifty-two week low of $57.35 and a fifty-two week high of $80.50. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.75 and a current ratio of 1.09. The company’s 50 day simple moving average is $77.76.
A number of analysts have weighed in on GIB shares. Societe Generale downgraded shares of CGI from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Zacks Investment Research downgraded shares of CGI from a “buy” rating to a “hold” rating in a research report on Wednesday. CIBC downgraded shares of CGI from a “sector outperform” rating to a “neutral” rating in a research report on Thursday, April 25th. Bank of America assumed coverage on shares of CGI in a research report on Thursday, May 23rd. They set a “buy” rating and a $83.00 price objective for the company. Finally, National Bank Financial reaffirmed a “buy” rating on shares of CGI in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $87.67.
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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