CGI Group (NYSE:GIB) Coverage Initiated by Analysts at Scotiabank

Equities researchers at Scotiabank assumed coverage on shares of CGI Group (NYSE:GIB) (TSE:GIB.A) in a research report issued to clients and investors on Tuesday. The brokerage set a “sector perform” rating on the technology company’s stock.

Several other research firms have also recently issued reports on GIB. Weiss Ratings reissued a “hold (c-)” rating on shares of CGI Group in a report on Monday, December 29th. Cibc Captl Mkts cut CGI Group from a “strong-buy” rating to a “hold” rating in a report on Sunday, December 14th. Jefferies Financial Group restated a “hold” rating and issued a $81.00 price target (down from $105.00) on shares of CGI Group in a research note on Monday, November 10th. TD Securities upgraded CGI Group to a “strong-buy” rating in a research report on Friday, October 3rd. Finally, Royal Bank Of Canada reissued an “outperform” rating on shares of CGI Group in a report on Monday, January 5th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, CGI Group presently has a consensus rating of “Hold” and a consensus target price of $117.00.

CGI Group Stock Performance

Shares of NYSE:GIB traded down $0.07 during trading on Tuesday, reaching $89.12. The company had a trading volume of 91,347 shares, compared to its average volume of 276,447. CGI Group has a fifty-two week low of $84.00 and a fifty-two week high of $122.79. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.99 and a quick ratio of 0.72. The stock’s fifty day moving average price is $90.97 and its 200 day moving average price is $92.24. The firm has a market capitalization of $19.53 billion, a price-to-earnings ratio of 16.96 and a beta of 0.59.

CGI Group (NYSE:GIB) (TSE:GIB.A) last posted its quarterly earnings data on Wednesday, November 5th. The technology company reported $1.55 earnings per share for the quarter, beating analysts’ consensus estimates of $1.53 by $0.02. The firm had revenue of $2.88 billion for the quarter, compared to analyst estimates of $4 billion. CGI Group had a net margin of 10.41% and a return on equity of 18.55%. CGI Group’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period last year, the firm posted $1.92 EPS. As a group, equities research analysts predict that CGI Group will post 5.79 EPS for the current year.

Hedge Funds Weigh In On CGI Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GIB. Beutel Goodman & Co Ltd. lifted its position in CGI Group by 13.0% during the second quarter. Beutel Goodman & Co Ltd. now owns 3,452,820 shares of the technology company’s stock worth $361,881,000 after buying an additional 397,005 shares during the period. Millennium Management LLC grew its holdings in CGI Group by 786.2% in the 1st quarter. Millennium Management LLC now owns 81,470 shares of the technology company’s stock valued at $8,141,000 after buying an additional 72,277 shares during the period. Kepler Cheuvreux Suisse SA acquired a new position in shares of CGI Group during the 3rd quarter valued at about $6,498,000. Mediolanum International Funds Ltd lifted its holdings in shares of CGI Group by 35.1% during the 3rd quarter. Mediolanum International Funds Ltd now owns 67,190 shares of the technology company’s stock worth $5,972,000 after acquiring an additional 17,448 shares during the period. Finally, Davis Rea LTD. boosted its position in shares of CGI Group by 5.6% in the second quarter. Davis Rea LTD. now owns 34,141 shares of the technology company’s stock worth $3,572,000 after acquiring an additional 1,800 shares during the last quarter. Institutional investors and hedge funds own 66.68% of the company’s stock.

CGI Group Company Profile

CGI Group Inc is a global information technology and business consulting firm that delivers a broad range of services including IT consulting, systems integration, application development and maintenance, infrastructure and network services, managed IT and business process outsourcing. The company works with clients to design, build and operate IT systems and business solutions, with capabilities spanning cloud and hybrid IT environments, cybersecurity, data analytics and artificial intelligence, digital transformation and enterprise resource planning implementations.

Founded in 1976 in Quebec by Serge Godin and André Imbeau, CGI has grown from a regional systems integrator into a multinational professional services organization.