Zacks Investment Research lowered shares of CGI Group, Inc. (NYSE:GIB) (TSE:GIB.A) from a buy rating to a hold rating in a research report sent to investors 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. “
A number of other equities research analysts have also commented on GIB. BidaskClub upgraded CGI Group from a hold rating to a buy rating in a research report on Thursday, June 29th. Barclays PLC restated an overweight rating and set a $60.00 price target (up from $55.00) on shares of CGI Group in a research report on Thursday, August 3rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $61.00.
Shares of CGI Group (NYSE GIB) opened at 51.87 on Wednesday. The company has a market cap of $15.32 billion, a P/E ratio of 18.03 and a beta of 0.92. CGI Group has a 52 week low of $45.73 and a 52 week high of $53.65. The firm’s 50-day moving average price is $50.80 and its 200 day moving average price is $49.58.
CGI Group (NYSE:GIB) (TSE:GIB.A) last released its quarterly earnings results on Wednesday, August 2nd. The technology company reported $0.70 EPS for the quarter, missing the Zacks’ consensus estimate of $0.71 by ($0.01). The business had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.78 billion. CGI Group had a return on equity of 17.10% and a net margin of 10.18%. The firm’s revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the company earned $0.89 earnings per share. On average, equities analysts predict that CGI Group will post $2.99 EPS for the current fiscal year.
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A number of institutional investors and hedge funds have recently made changes to their positions in GIB. FMR LLC lifted its stake in shares of CGI Group by 6.9% in the 2nd quarter. FMR LLC now owns 21,735,317 shares of the technology company’s stock valued at $1,110,566,000 after purchasing an additional 1,400,049 shares during the period. Jarislowsky Fraser Ltd lifted its stake in shares of CGI Group by 23.3% in the 2nd quarter. Jarislowsky Fraser Ltd now owns 6,911,433 shares of the technology company’s stock valued at $352,623,000 after purchasing an additional 1,304,144 shares during the period. Vanguard Group Inc. lifted its stake in shares of CGI Group by 5.8% in the 2nd quarter. Vanguard Group Inc. now owns 5,605,314 shares of the technology company’s stock valued at $289,794,000 after purchasing an additional 306,352 shares during the period. TD Asset Management Inc. lifted its stake in shares of CGI Group by 5.6% in the 2nd quarter. TD Asset Management Inc. now owns 2,675,605 shares of the technology company’s stock valued at $136,408,000 after purchasing an additional 141,003 shares during the period. Finally, Great West Life Assurance Co. Can lifted its stake in shares of CGI Group by 3.2% in the 2nd quarter. Great West Life Assurance Co. Can now owns 2,523,831 shares of the technology company’s stock valued at $128,583,000 after purchasing an additional 77,377 shares during the period. Hedge funds and other institutional investors own 70.69% of the company’s stock.
About CGI Group
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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