CGI Group (NYSE:GIB) Coverage Initiated at Scotiabank

Equities researchers at Scotiabank started coverage on shares of CGI Group (NYSE:GIB) (TSE:GIB.A) in a report issued on Tuesday. The firm set a “sector perform” rating on the technology company’s stock.

GIB has been the topic of a number of other reports. TD Securities upgraded CGI Group to a “strong-buy” rating in a research note on Friday, October 3rd. Royal Bank Of Canada reissued an “outperform” rating on shares of CGI Group in a research note on Monday, January 5th. Jefferies Financial Group restated a “hold” rating and set a $81.00 target price (down from $105.00) on shares of CGI Group in a report on Monday, November 10th. Cibc Captl Mkts lowered shares of CGI Group from a “strong-buy” rating to a “hold” rating in a research note on Sunday, December 14th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of CGI Group in a research note on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, CGI Group presently has an average rating of “Hold” and an average target price of $117.00.

CGI Group Trading Down 0.1%

NYSE GIB traded down $0.07 during trading hours on Tuesday, reaching $89.12. The company had a trading volume of 91,347 shares, compared to its average volume of 276,447. The company has a current ratio of 0.99, a quick ratio of 0.72 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $19.53 billion, a P/E ratio of 16.96 and a beta of 0.59. The stock has a 50-day moving average of $90.97 and a 200 day moving average of $92.24. CGI Group has a 1-year low of $84.00 and a 1-year high of $122.79.

CGI Group (NYSE:GIB) (TSE:GIB.A) last released its quarterly earnings results on Wednesday, November 5th. The technology company reported $1.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.53 by $0.02. The business had revenue of $2.88 billion for the quarter, compared to the consensus estimate of $4 billion. CGI Group had a net margin of 10.41% and a return on equity of 18.55%. The business’s revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.92 EPS. As a group, research analysts anticipate that CGI Group will post 5.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CGI Group

Institutional investors and hedge funds have recently modified their holdings of the company. AQR Capital Management LLC acquired a new position in CGI Group during the first quarter worth approximately $347,000. Millennium Management LLC grew its position in shares of CGI Group by 786.2% during the first quarter. Millennium Management LLC now owns 81,470 shares of the technology company’s stock worth $8,141,000 after acquiring an additional 72,277 shares during the last quarter. Jane Street Group LLC increased its holdings in shares of CGI Group by 29.4% in the 1st quarter. Jane Street Group LLC now owns 12,858 shares of the technology company’s stock valued at $1,284,000 after acquiring an additional 2,921 shares during the period. Prime Capital Investment Advisors LLC raised its position in CGI Group by 2.8% in the 2nd quarter. Prime Capital Investment Advisors LLC now owns 11,443 shares of the technology company’s stock valued at $1,200,000 after purchasing an additional 314 shares during the last quarter. Finally, Davis Rea LTD. boosted its stake in CGI Group by 5.6% during the 2nd quarter. Davis Rea LTD. now owns 34,141 shares of the technology company’s stock worth $3,572,000 after purchasing an additional 1,800 shares during the period. Institutional investors and hedge funds own 66.68% of the company’s stock.

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.