CGI Group, Inc. (GIB) Cut to Hold at Zacks Investment Research
CGI Group, Inc. (NYSE:GIB) (TSE:GIB.A) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and 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 issued reports on the company. BidaskClub raised CGI Group from a “hold” rating to a “buy” rating in a research report on Thursday, June 29th. Barclays PLC reissued an “overweight” rating and issued a $60.00 target price (up previously 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 issued a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $61.00.
Shares of CGI Group (NYSE:GIB) traded down 0.06% during trading on Wednesday, hitting $51.44. The stock had a trading volume of 190,207 shares. CGI Group has a 1-year low of $45.73 and a 1-year high of $53.65. The company has a market capitalization of $15.19 billion, a price-to-earnings ratio of 17.37 and a beta of 0.92. The firm has a 50 day moving average of $50.80 and a 200 day moving average of $49.58.
CGI Group (NYSE:GIB) (TSE:GIB.A) last released its quarterly earnings data on Wednesday, August 2nd. The technology company reported $0.70 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.71 by ($0.01). CGI Group had a net margin of 10.18% and a return on equity of 17.10%. The business had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.78 billion. During the same quarter last year, the firm earned $0.89 EPS. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. Analysts expect that CGI Group will post $2.98 EPS for the current fiscal year.
A number of institutional investors have recently made changes to their positions in GIB. FMR LLC raised its position in 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 buying an additional 1,400,049 shares during the last quarter. Jarislowsky Fraser Ltd raised its position in 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 buying an additional 1,304,144 shares during the last quarter. CIBC Asset Management Inc raised its position in CGI Group by 37.0% in the 2nd quarter. CIBC Asset Management Inc now owns 2,036,861 shares of the technology company’s stock valued at $103,953,000 after buying an additional 550,382 shares during the last quarter. Sentry Investments Corp. raised its position in CGI Group by 31.5% in the 2nd quarter. Sentry Investments Corp. now owns 1,619,900 shares of the technology company’s stock valued at $107,335,000 after buying an additional 388,500 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in 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 buying an additional 306,352 shares during the last quarter. 70.69% of the stock is currently owned by institutional investors and hedge funds.
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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