Paloma Partners Management Co boosted its holdings in shares of CGI Group Inc (NYSE:GIB) (TSE:GIB.A) by 249.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 54,679 shares of the technology company’s stock after buying an additional 39,016 shares during the quarter. Paloma Partners Management Co’s holdings in CGI Group were worth $2,971,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of GIB. Greenleaf Trust boosted its holdings in shares of CGI Group by 97.5% during the fourth quarter. Greenleaf Trust now owns 2,015 shares of the technology company’s stock worth $109,000 after acquiring an additional 995 shares during the period. Premia Global Advisors LLC bought a new stake in shares of CGI Group in the fourth quarter valued at approximately $188,000. Two Sigma Securities LLC bought a new stake in shares of CGI Group in the fourth quarter valued at approximately $216,000. Candriam Luxembourg S.C.A. bought a new stake in shares of CGI Group in the fourth quarter valued at approximately $279,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of CGI Group in the third quarter valued at approximately $318,000. Institutional investors own 59.79% of the company’s stock.
Shares of CGI Group Inc (NYSE:GIB) opened at $58.67 on Wednesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.99 and a quick ratio of 0.70. The stock has a market capitalization of $17,082.14, a P/E ratio of 21.73, a P/E/G ratio of 1.97 and a beta of 0.73. CGI Group Inc has a 12 month low of $46.27 and a 12 month high of $59.89.
CGI Group announced that its board has authorized a stock repurchase program on Wednesday, January 31st that allows the company to buyback 20,590,000 shares. This buyback authorization allows the technology company to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.
GIB has been the subject of several recent research reports. ValuEngine upgraded CGI Group from a “hold” rating to a “buy” rating in a research note on Monday, February 5th. Zacks Investment Research cut CGI Group from a “buy” rating to a “hold” rating in a research note on Wednesday, January 17th. Finally, Barclays boosted their price target on CGI Group from $60.00 to $63.00 and gave the company an “overweight” rating in a research note on Thursday, February 1st. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. CGI Group currently has an average rating of “Buy” and an average price target of $71.00.
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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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