Massachusetts Financial Services Co. MA Reduces Position in CGI Inc. (NYSE:GIB)

Massachusetts Financial Services Co. MA lessened its position in shares of CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 1.4% during the second quarter, HoldingsChannel reports. The institutional investor owned 3,132,477 shares of the technology company’s stock after selling 44,355 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in CGI were worth $312,653,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in CGI by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 7,603,481 shares of the technology company’s stock worth $840,109,000 after buying an additional 64,037 shares during the last quarter. Fiera Capital Corp grew its stake in CGI by 1.9% during the 2nd quarter. Fiera Capital Corp now owns 4,269,775 shares of the technology company’s stock worth $426,353,000 after buying an additional 79,303 shares during the last quarter. Norges Bank purchased a new position in CGI during the 4th quarter worth approximately $273,239,000. TD Asset Management Inc grew its stake in CGI by 2.0% during the 2nd quarter. TD Asset Management Inc now owns 2,203,320 shares of the technology company’s stock worth $219,873,000 after buying an additional 43,355 shares during the last quarter. Finally, Cibc World Market Inc. grew its stake in CGI by 6.2% during the 2nd quarter. Cibc World Market Inc. now owns 1,803,131 shares of the technology company’s stock worth $180,025,000 after buying an additional 105,817 shares during the last quarter. Hedge funds and other institutional investors own 66.68% of the company’s stock.

CGI Stock Up 0.4 %

CGI stock opened at $116.06 on Tuesday. CGI Inc. has a twelve month low of $93.07 and a twelve month high of $118.89. The stock has a 50 day moving average of $109.17 and a two-hundred day moving average of $106.76. The company has a current ratio of 1.16, a quick ratio of 0.86 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $26.78 billion, a price-to-earnings ratio of 22.36, a PEG ratio of 2.67 and a beta of 0.95.

CGI (NYSE:GIB) (TSE:GIB.A) last posted its quarterly earnings results on Wednesday, July 31st. The technology company reported $1.40 EPS for the quarter, meeting the consensus estimate of $1.40. The business had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.67 billion. CGI had a return on equity of 20.21% and a net margin of 11.51%. As a group, research analysts expect that CGI Inc. will post 5.52 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. UBS Group assumed coverage on CGI in a research note on Friday, July 19th. They set a “neutral” rating and a $112.00 price target on the stock. Jefferies Financial Group increased their price objective on CGI from $120.00 to $121.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th. Sanford C. Bernstein raised CGI to a “strong-buy” rating in a research report on Thursday, August 1st. Finally, CIBC cut CGI from a “sector outperform” rating to a “neutral” rating in a research report on Friday, June 21st. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $132.67.

CGI Company Profile

CGI Inc, together with its subsidiaries, provides information technology (IT) and business process services. Its services include the business and strategic IT consulting, systems integration, and software solutions. The company also provides application development, modernization and maintenance, holistic enterprise digitization, automation, hybrid and cloud management, and business process services; intellectual property-based solutions; business consulting; managed IT services; and IT infrastructure services.