CGI Group, Inc. (NYSE:GIB) Shares Bought by Cumberland Partners Ltd
Cumberland Partners Ltd boosted its stake in shares of CGI Group, Inc. (NYSE:GIB) (TSE:GIB.A) by 97.3% during the second quarter, Holdings Channel reports. The fund owned 367,720 shares of the technology company’s stock after buying an additional 181,355 shares during the period. CGI Group accounts for 2.7% of Cumberland Partners Ltd’s holdings, making the stock its 14th largest position. Cumberland Partners Ltd’s holdings in CGI Group were worth $18,767,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Jarislowsky Fraser Ltd increased its position in CGI Group by 23.3% in the second quarter. Jarislowsky Fraser Ltd now owns 6,911,433 shares of the technology company’s stock valued at $352,623,000 after buying an additional 1,304,144 shares during the last quarter. CIBC Asset Management Inc increased its position in CGI Group by 37.0% in the second quarter. CIBC Asset Management Inc now owns 2,036,861 shares of the technology company’s stock valued at $103,953,000 after buying an additional 550,382 shares during the last quarter. Renaissance Technologies LLC increased its position in CGI Group by 470.6% in the first quarter. Renaissance Technologies LLC now owns 248,800 shares of the technology company’s stock valued at $11,929,000 after buying an additional 205,200 shares during the last quarter. AGF Investments Inc. increased its position in CGI Group by 28.6% in the first quarter. AGF Investments Inc. now owns 917,379 shares of the technology company’s stock valued at $43,905,000 after buying an additional 203,800 shares during the last quarter. Finally, Morgan Stanley increased its position in CGI Group by 38.4% in the first quarter. Morgan Stanley now owns 596,523 shares of the technology company’s stock valued at $28,592,000 after buying an additional 165,506 shares during the last quarter. 63.36% of the stock is owned by hedge funds and other institutional investors.
CGI Group, Inc. (NYSE GIB) opened at 49.20 on Friday. CGI Group, Inc. has a 52-week low of $45.73 and a 52-week high of $53.65. The stock has a market cap of $14.53 billion, a P/E ratio of 17.15 and a beta of 0.93. The firm’s 50-day moving average price is $51.73 and its 200 day moving average price is $49.05.
CGI Group (NYSE:GIB) (TSE:GIB.A) last posted its quarterly earnings results on Wednesday, August 2nd. The technology company reported $0.70 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.71 by $0.01. The company had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.78 billion. CGI Group had a net margin of 10.18% and a return on equity of 17.10%. CGI Group’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.89 EPS. Equities analysts predict that CGI Group, Inc. will post $2.89 earnings per share for the current year.
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GIB has been the subject of several research analyst reports. Beacon Securities reaffirmed a “buy” rating on shares of CGI Group in a research note on Wednesday, May 3rd. Zacks Investment Research raised CGI Group from a “hold” rating to a “strong-buy” rating and set a $60.00 price target for the company in a research report on Friday, July 21st. BidaskClub raised CGI Group from a “hold” rating to a “buy” rating in a research report on Thursday, June 29th. Finally, Barclays PLC reissued an “overweight” rating and set a $60.00 price target (up previously from $55.00) on shares of CGI Group in a research report on Wednesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. CGI Group currently has an average rating of “Buy” and a consensus price target of $61.00.
CGI Group Company Profile
CGI Group Inc (CGI), directly or through its subsidiaries, manages information technology (IT) services, as well as business process services (BPS). The Company’s services include the management of IT and business functions (outsourcing), systems integration and consulting, as well as the sale of software solutions.
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