Mufg Securities Canada LTD. Cuts Holdings in CGI Group, Inc. $GIB

Mufg Securities Canada LTD. decreased its holdings in CGI Group, Inc. (NYSE:GIB) (TSE:GIB.A) by 3.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 328,954 shares of the technology company’s stock after selling 10,557 shares during the quarter. Mufg Securities Canada LTD.’s holdings in CGI Group were worth $29,297,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of GIB. First Horizon Corp purchased a new position in shares of CGI Group in the 3rd quarter valued at $29,000. Steigerwald Gordon & Koch Inc. purchased a new stake in shares of CGI Group during the 3rd quarter worth $144,000. EverSource Wealth Advisors LLC boosted its position in CGI Group by 53.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,452 shares of the technology company’s stock valued at $152,000 after purchasing an additional 505 shares in the last quarter. AQR Capital Management LLC purchased a new position in CGI Group in the first quarter valued at about $347,000. Finally, Syon Capital LLC raised its holdings in CGI Group by 69.7% in the third quarter. Syon Capital LLC now owns 4,260 shares of the technology company’s stock worth $380,000 after purchasing an additional 1,749 shares in the last quarter. Institutional investors own 66.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on GIB shares. Scotiabank assumed coverage on shares of CGI Group in a report on Tuesday, January 27th. They issued a “sector perform” rating on the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of CGI Group in a research report on Monday, December 29th. Royal Bank Of Canada restated an “outperform” rating on shares of CGI Group in a research note on Monday, January 5th. Canadian Imperial Bank of Commerce downgraded CGI Group from a “strong-buy” rating to a “hold” rating in a research report on Sunday, December 14th. Finally, TD Securities raised CGI Group to a “strong-buy” rating in a research report on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, CGI Group currently has an average rating of “Hold” and a consensus target price of $117.00.

CGI Group Price Performance

Shares of NYSE GIB opened at $73.20 on Friday. CGI Group, Inc. has a 52 week low of $69.96 and a 52 week high of $110.64. The business’s 50 day moving average price is $85.48 and its 200 day moving average price is $88.86. The company has a quick ratio of 0.70, a current ratio of 0.94 and a debt-to-equity ratio of 0.28. The firm has a market cap of $16.04 billion, a P/E ratio of 13.71 and a beta of 0.59.

CGI Group (NYSE:GIB) (TSE:GIB.A) last announced its quarterly earnings data on Wednesday, January 28th. The technology company reported $1.51 EPS for the quarter, missing the consensus estimate of $1.55 by ($0.04). The business had revenue of $2.96 billion for the quarter, compared to analyst estimates of $4.08 billion. CGI Group had a net margin of 10.25% and a return on equity of 18.61%. The business’s revenue was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.97 earnings per share. On average, sell-side analysts expect that CGI Group, Inc. will post 5.79 earnings per share for the current year.

CGI Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Wednesday, February 18th will be given a dividend of $0.17 per share. The ex-dividend date is Wednesday, February 18th. This represents a $0.68 dividend on an annualized basis and a yield of 0.9%. CGI Group’s payout ratio is currently 9.36%.

About CGI Group

CGI Group Inc is a global information technology and business consulting firm that delivers a broad range of services including IT consulting, systems integration, application development and maintenance, infrastructure and network services, managed IT and business process outsourcing. The company works with clients to design, build and operate IT systems and business solutions, with capabilities spanning cloud and hybrid IT environments, cybersecurity, data analytics and artificial intelligence, digital transformation and enterprise resource planning implementations.

Founded in 1976 in Quebec by Serge Godin and André Imbeau, CGI has grown from a regional systems integrator into a multinational professional services organization.