CGI Group Inc (NYSE:GIB) (TSE:GIB.A) shares reached a new 52-week high during trading on Monday . The stock traded as high as $59.82 and last traded at $59.82, with a volume of 109691 shares. The stock had previously closed at $59.63.
Several research firms have recently commented on GIB. Zacks Investment Research upgraded CGI Group from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a report on Monday, February 5th. ValuEngine upgraded CGI Group from a “hold” rating to a “buy” rating in a report on Monday, February 5th. Finally, Barclays lifted their price objective on CGI Group from $60.00 to $63.00 and gave the stock an “overweight” rating in a report on Thursday, February 1st. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. CGI Group currently has an average rating of “Buy” and an average target price of $71.00.
The stock has a market capitalization of $14,960.00, a price-to-earnings ratio of 21.49, a PEG ratio of 1.98 and a beta of 0.73. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.70 and a current ratio of 0.99.
CGI Group declared that its Board of Directors has initiated a share repurchase plan on Wednesday, January 31st that allows the company to buyback 20,590,000 outstanding shares. This buyback authorization allows the technology company to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
A number of large investors have recently made changes to their positions in the stock. Guardian Capital LP increased its holdings in CGI Group by 1.9% during the 3rd quarter. Guardian Capital LP now owns 3,369,589 shares of the technology company’s stock valued at $174,262,000 after purchasing an additional 64,252 shares during the period. The Manufacturers Life Insurance Company increased its holdings in CGI Group by 58.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 3,315,530 shares of the technology company’s stock valued at $180,133,000 after purchasing an additional 1,219,578 shares during the period. TD Asset Management Inc. increased its holdings in CGI Group by 19.5% during the 3rd quarter. TD Asset Management Inc. now owns 3,196,280 shares of the technology company’s stock valued at $165,217,000 after purchasing an additional 520,675 shares during the period. Great West Life Assurance Co. Can increased its holdings in CGI Group by 13.2% during the 3rd quarter. Great West Life Assurance Co. Can now owns 2,857,687 shares of the technology company’s stock valued at $147,850,000 after purchasing an additional 333,856 shares during the period. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp increased its holdings in CGI Group by 17.5% during the 4th quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 1,452,800 shares of the technology company’s stock valued at $99,226,000 after purchasing an additional 216,719 shares during the period. Institutional investors own 59.79% of the company’s stock.
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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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