Summit Global Investments Purchases New Stake in CGI Inc. (NYSE:GIB)

Summit Global Investments acquired a new position in CGI Inc. (NYSE:GIB) (TSE:GIB.A) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 4,231 shares of the technology company’s stock, valued at approximately $463,000.

Other hedge funds have also added to or reduced their stakes in the company. Geode Capital Management LLC increased its stake in shares of CGI by 8.6% during the 3rd quarter. Geode Capital Management LLC now owns 998,470 shares of the technology company’s stock worth $115,844,000 after purchasing an additional 79,362 shares during the last quarter. Barclays PLC grew its holdings in CGI by 182.6% during the third quarter. Barclays PLC now owns 476,758 shares of the technology company’s stock valued at $54,808,000 after purchasing an additional 308,040 shares during the period. Charles Schwab Investment Management Inc. increased its position in CGI by 4.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 560,159 shares of the technology company’s stock worth $64,518,000 after buying an additional 21,427 shares during the last quarter. Blue Trust Inc. raised its stake in shares of CGI by 47.6% in the fourth quarter. Blue Trust Inc. now owns 1,163 shares of the technology company’s stock valued at $134,000 after buying an additional 375 shares during the period. Finally, Wellington Management Group LLP lifted its position in shares of CGI by 21.1% during the 3rd quarter. Wellington Management Group LLP now owns 96,516 shares of the technology company’s stock valued at $11,118,000 after buying an additional 16,844 shares during the last quarter. Institutional investors own 66.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Royal Bank of Canada reissued an “outperform” rating and issued a $178.00 price objective on shares of CGI in a report on Monday, January 6th. Jefferies Financial Group lowered their price target on shares of CGI from $140.00 to $135.00 and set a “buy” rating on the stock in a research report on Tuesday, January 21st. Finally, UBS Group upped their price target on shares of CGI from $118.00 to $122.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $153.25.

CGI Trading Up 1.4 %

Shares of GIB opened at $100.12 on Tuesday. CGI Inc. has a twelve month low of $96.92 and a twelve month high of $122.79. The stock has a market cap of $22.70 billion, a PE ratio of 18.10, a P/E/G ratio of 2.58 and a beta of 0.96. The company has a quick ratio of 1.04, a current ratio of 1.31 and a debt-to-equity ratio of 0.28. The business’s 50-day moving average price is $110.99 and its 200-day moving average price is $111.89.

CGI (NYSE:GIB) (TSE:GIB.A) last posted its earnings results on Wednesday, January 29th. The technology company reported $1.41 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.41. CGI had a net margin of 11.72% and a return on equity of 19.32%. On average, equities analysts forecast that CGI Inc. will post 5.79 EPS for the current fiscal year.

CGI Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, February 14th were paid a dividend of $0.1039 per share. This represents a $0.42 annualized dividend and a yield of 0.41%. The ex-dividend date of this dividend was Friday, February 14th. CGI’s dividend payout ratio is 7.41%.

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.