CGI Group (GIB) Lowered to Hold at Zacks Investment Research

CGI Group (NYSE:GIB) (TSE:GIB.A) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

According to Zacks, “CGI provides the full range of IT services including consulting, systems integration and the management of business and IT functions. The company’s primary focus is large scale systems integration and outsourcing contracts. “

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Several other research firms also recently commented on GIB. ValuEngine raised shares of CGI Group from a “hold” rating to a “buy” rating in a report on Monday, February 5th. Barclays raised their price objective on shares of CGI Group from $60.00 to $63.00 and gave the stock an “overweight” rating in a report on Thursday, February 1st. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $71.00.

Shares of GIB stock traded down $0.29 during trading hours on Wednesday, hitting $57.61. 51,967 shares of the company were exchanged, compared to its average volume of 244,239. The company has a quick ratio of 0.70, a current ratio of 0.99 and a debt-to-equity ratio of 0.24. CGI Group has a 52-week low of $46.40 and a 52-week high of $59.89. The firm has a market cap of $16,785.54, a P/E ratio of 20.83, a PEG ratio of 1.94 and a beta of 0.73.

CGI Group (NYSE:GIB) (TSE:GIB.A) last issued its quarterly earnings results on Wednesday, January 31st. The technology company reported $0.78 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.78. CGI Group had a net margin of 9.50% and a return on equity of 17.54%. The company had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.78 billion. During the same quarter last year, the business posted $0.90 EPS. CGI Group’s quarterly revenue was up 5.3% compared to the same quarter last year. equities analysts expect that CGI Group will post 3.34 EPS for the current year.

CGI Group declared that its board has approved a stock buyback program on Wednesday, January 31st that allows the company to repurchase 20,590,000 shares. This repurchase authorization allows the technology company to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. boosted its holdings in CGI Group by 8.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 193,996 shares of the technology company’s stock worth $10,540,000 after buying an additional 14,708 shares during the period. OLD Mutual Customised Solutions Proprietary Ltd. boosted its holdings in CGI Group by 69.0% in the 4th quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 9,800 shares of the technology company’s stock worth $534,000 after buying an additional 4,000 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its holdings in CGI Group by 17.5% in 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 worth $99,226,000 after buying an additional 216,719 shares during the period. Gotham Asset Management LLC boosted its holdings in CGI Group by 45.9% in the 4th quarter. Gotham Asset Management LLC now owns 47,999 shares of the technology company’s stock worth $2,608,000 after buying an additional 15,098 shares during the period. Finally, LPL Financial LLC boosted its holdings in CGI Group by 15.1% in the 4th quarter. LPL Financial LLC now owns 8,340 shares of the technology company’s stock worth $453,000 after buying an additional 1,091 shares during the period. 59.70% of the stock is owned by institutional investors.

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About CGI Group

CGI Group Inc provides information technology and business process services in Canada and internationally. It offers application development and maintenance, portfolio management, quality assurance and testing, modernization, and migration services; agile, business transformation, change management, CIO advisory, cybersecurity, data analytics, digital enterprise, project management, and industry-specific business consulting services; business-to-business and customer operations support, purchase management, revenue management, and supplier payment services; and data center facilities and management, technical service desk, printing and document management, remote infrastructure, transformation, storage as a service, data vaulting, disaster recovery and archiving as a service, bottomless edge-to-core storage, and file sync and share as a service, as well as infrastructure solutions and consulting services.

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