Zacks Investment Research upgraded shares of CGI Group (NYSE:GIB) (TSE:GIB.A) from a sell rating to a hold rating in a report issued on Wednesday.

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. “

Several other analysts have also recently commented on the stock. Barclays raised their price target on shares of CGI Group from $63.00 to $64.00 and gave the stock an overweight rating in a report on Thursday, May 3rd. ValuEngine upgraded shares of CGI Group from a hold rating to a buy rating in a report on Monday, February 5th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. CGI Group presently has an average rating of Buy and a consensus price target of $71.25.

Shares of GIB stock traded down $0.47 during trading on Wednesday, hitting $60.35. 265,935 shares of the company were exchanged, compared to its average volume of 183,765. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.68 and a current ratio of 0.99. The stock has a market cap of $17.40 billion, a P/E ratio of 21.71, a P/E/G ratio of 2.05 and a beta of 0.70. CGI Group has a twelve month low of $60.24 and a twelve month high of $60.90.

CGI Group (NYSE:GIB) (TSE:GIB.A) last posted its quarterly earnings results on Wednesday, May 2nd. The technology company reported $0.82 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.02). The company had revenue of $2.95 billion for the quarter, compared to analyst estimates of $2.88 billion. CGI Group had a return on equity of 17.67% and a net margin of 9.31%. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.91 earnings per share. sell-side analysts predict that CGI Group will post 3.28 EPS for the current year.

CGI Group announced that its board has approved a stock repurchase program on Wednesday, January 31st that authorizes the company to buyback 20,590,000 shares. This buyback authorization authorizes the technology company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.

Hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its position in CGI Group by 3.9% during the third quarter. Dimensional Fund Advisors LP now owns 175,740 shares of the technology company’s stock valued at $9,116,000 after acquiring an additional 6,641 shares in the last quarter. Hexavest Inc. raised its position in CGI Group by 36.2% during the fourth quarter. Hexavest Inc. now owns 337,288 shares of the technology company’s stock valued at $18,386,000 after acquiring an additional 89,607 shares in the last quarter. USS Investment Management Ltd bought a new position in CGI Group during the fourth quarter valued at approximately $6,980,000. DORCHESTER WEALTH MANAGEMENT Co raised its position in CGI Group by 0.9% during the fourth quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 130,860 shares of the technology company’s stock valued at $7,125,000 after acquiring an additional 1,115 shares in the last quarter. Finally, Regentatlantic Capital LLC raised its position in CGI Group by 5.5% during the fourth quarter. Regentatlantic Capital LLC now owns 64,946 shares of the technology company’s stock valued at $3,529,000 after acquiring an additional 3,405 shares in the last quarter. Institutional investors and hedge funds own 59.85% of the company’s stock.

About CGI Group

CGI Group Inc provides information technology and business process services in Canada and internationally. It offers application development and maintenance, portfolio management, quality assurance and testing, modernization, and migration services; agile, business transformation, change management, CIO advisory, cybersecurity, data analytics, digital enterprise, project management, and industry-specific business consulting services; business-to-business and customer operations support, purchase management, revenue management, and supplier payment services; and data center facilities and management, technical service desk, printing and document management, remote infrastructure, transformation, storage as a service, data vaulting, disaster recovery and archiving as a service, bottomless edge-to-core storage, and file sync and share as a service, as well as infrastructure solutions and consulting services.

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