Letko Brosseau & Associates Inc. Purchases New Holdings in CGI Group, Inc. (GIB)
Letko Brosseau & Associates Inc. purchased a new position in shares of CGI Group, Inc. (NYSE:GIB) (TSE:GIB.A) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 3,970 shares of the technology company’s stock, valued at approximately $203,000.
Other large investors have also recently added to or reduced their stakes in the company. US Bancorp DE lifted its holdings in CGI Group by 2.4% during the 1st quarter. US Bancorp DE now owns 2,215 shares of the technology company’s stock worth $106,000 after purchasing an additional 52 shares during the last quarter. Quantbot Technologies LP bought a new position in CGI Group during the 1st quarter worth $173,000. Quantitative Systematic Strategies LLC bought a new position in CGI Group during the 2nd quarter worth $202,000. Marshall Wace North America L.P. bought a new position in CGI Group during the 2nd quarter worth $214,000. Finally, Intercontinental Wealth Advisors LLC bought a new position in CGI Group during the 2nd quarter worth $217,000. 70.70% of the stock is owned by institutional investors and hedge funds.
CGI Group, Inc. (GIB) traded down 0.67% during trading on Friday, reaching $51.71. The company’s stock had a trading volume of 73,194 shares. The stock’s 50 day moving average is $50.91 and its 200 day moving average is $49.43. CGI Group, Inc. has a 12 month low of $45.73 and a 12 month high of $53.65. The company has a market cap of $15.27 billion, a price-to-earnings ratio of 17.97 and a beta of 0.92.
CGI Group (NYSE:GIB) (TSE:GIB.A) last posted its earnings results on Wednesday, August 2nd. The technology company reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.01). The company had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.78 billion. CGI Group had a return on equity of 17.10% and a net margin of 10.18%. The company’s revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.89 EPS. On average, equities analysts expect that CGI Group, Inc. will post $3.01 EPS for the current fiscal year.
A number of equities analysts have commented on the company. Zacks Investment Research upgraded CGI Group from a “hold” rating to a “strong-buy” rating and set a $60.00 price objective on the stock in a research note on Friday, July 21st. BidaskClub upgraded CGI Group from a “hold” rating to a “buy” rating in a research note on Thursday, June 29th. Finally, Barclays PLC restated an “overweight” rating and set a $60.00 price objective (up previously from $55.00) on shares of CGI Group in a research note on Thursday, August 3rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. CGI Group presently has an average rating of “Buy” and an average 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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