CGI Inc (NYSE:GIB) Sees Large Decline in Short Interest

CGI Inc (NYSE:GIB) (TSE:GIB.A) saw a significant decline in short interest in December. As of December 31st, there was short interest totalling 656,100 shares, a decline of 6.8% from the December 15th total of 703,600 shares. Based on an average daily volume of 154,900 shares, the short-interest ratio is presently 4.2 days. Currently, 0.3% of the company’s stock are short sold.

Shares of CGI stock traded up $0.43 on Thursday, reaching $86.60. 8,094 shares of the company were exchanged, compared to its average volume of 123,384. CGI has a one year low of $63.88 and a one year high of $86.78. The company has a market capitalization of $23.23 billion, a price-to-earnings ratio of 24.45, a PEG ratio of 2.34 and a beta of 0.53. The company has a current ratio of 1.13, a quick ratio of 0.75 and a debt-to-equity ratio of 0.32. The company has a 50-day moving average of $83.85 and a 200 day moving average of $79.74.

CGI (NYSE:GIB) (TSE:GIB.A) last released its quarterly earnings results on Wednesday, November 6th. The technology company reported $1.21 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.29. The business had revenue of $2.96 billion during the quarter, compared to analyst estimates of $2.99 billion. CGI had a net margin of 10.43% and a return on equity of 19.04%. The business’s revenue was up 5.7% on a year-over-year basis. During the same period last year, the business earned $1.09 EPS. Analysts predict that CGI will post 3.91 earnings per share for the current year.

A number of research analysts recently issued reports on GIB shares. Raymond James set a $110.00 price objective on CGI and gave the stock a “buy” rating in a report on Monday, October 21st. ValuEngine upgraded shares of CGI from a “sell” rating to a “hold” rating in a report on Tuesday, December 3rd. Zacks Investment Research lowered shares of CGI from a “hold” rating to a “sell” rating in a research report on Tuesday. Barclays started coverage on shares of CGI in a report on Friday, September 20th. They set an “overweight” rating and a $90.00 target price for the company. Finally, Desjardins raised shares of CGI from a “hold” rating to a “buy” rating in a research report on Tuesday, October 8th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $95.60.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Ladenburg Thalmann Financial Services Inc. lifted its stake in CGI by 30.2% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 560 shares of the technology company’s stock valued at $43,000 after buying an additional 130 shares in the last quarter. First Mercantile Trust Co. boosted its position in shares of CGI by 3.8% in the third quarter. First Mercantile Trust Co. now owns 3,580 shares of the technology company’s stock valued at $283,000 after acquiring an additional 130 shares during the period. CWM LLC grew its stake in shares of CGI by 182.3% in the third quarter. CWM LLC now owns 367 shares of the technology company’s stock valued at $29,000 after acquiring an additional 237 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of CGI by 1.1% in the third quarter. Assenagon Asset Management S.A. now owns 28,769 shares of the technology company’s stock valued at $2,276,000 after acquiring an additional 300 shares in the last quarter. Finally, Glen Harbor Capital Management LLC increased its position in CGI by 13.6% during the second quarter. Glen Harbor Capital Management LLC now owns 2,750 shares of the technology company’s stock worth $203,000 after acquiring an additional 330 shares during the period. Institutional investors and hedge funds own 55.69% of the company’s stock.

About CGI

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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