Franklin Resources Inc. Cuts Stock Position in CGI Inc. (NYSE:GIB)

Franklin Resources Inc. lessened its holdings in CGI Inc. (NYSE:GIBGet Rating) (TSE:GIB.A) by 2.7% during the second quarter, HoldingsChannel.com reports. The fund owned 1,310,721 shares of the technology company’s stock after selling 35,760 shares during the quarter. Franklin Resources Inc.’s holdings in CGI were worth $104,407,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Mackenzie Financial Corp increased its stake in CGI by 21.0% during the 1st quarter. Mackenzie Financial Corp now owns 5,196,311 shares of the technology company’s stock worth $414,597,000 after buying an additional 900,529 shares during the period. Cidel Asset Management Inc. increased its stake in CGI by 278.4% during the 1st quarter. Cidel Asset Management Inc. now owns 726,133 shares of the technology company’s stock worth $57,896,000 after buying an additional 534,216 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in CGI by 106.8% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 856,000 shares of the technology company’s stock worth $68,186,000 after buying an additional 442,000 shares during the period. Massachusetts Financial Services Co. MA increased its stake in CGI by 10.2% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 4,209,205 shares of the technology company’s stock worth $336,021,000 after buying an additional 389,885 shares during the period. Finally, Fiera Capital Corp increased its stake in CGI by 9.5% during the 2nd quarter. Fiera Capital Corp now owns 3,638,153 shares of the technology company’s stock worth $289,815,000 after buying an additional 316,630 shares during the period. Hedge funds and other institutional investors own 48.92% of the company’s stock.

Analysts Set New Price Targets

GIB has been the topic of several analyst reports. Desjardins lifted their price target on shares of CGI from C$126.00 to C$130.00 in a research note on Thursday, November 10th. Canaccord Genuity Group lifted their price target on shares of CGI from C$120.00 to C$125.00 in a research note on Thursday, July 28th. StockNews.com raised shares of CGI from a “hold” rating to a “buy” rating in a research note on Friday, November 18th. BMO Capital Markets boosted their target price on shares of CGI from C$120.00 to C$125.00 in a research report on Thursday, July 28th. Finally, Royal Bank of Canada boosted their target price on shares of CGI from C$120.00 to C$130.00 in a research report on Thursday, July 28th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $126.05.

CGI Price Performance

GIB opened at $85.26 on Thursday. The company has a 50-day moving average of $78.92 and a 200-day moving average of $80.80. The company has a market capitalization of $20.35 billion, a P/E ratio of 18.03, a PEG ratio of 1.88 and a beta of 0.94. CGI Inc. has a 1-year low of $72.23 and a 1-year high of $89.04. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.87 and a current ratio of 1.19.

CGI Profile

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CGI Inc, together with its subsidiaries, provides information technology (IT) and business process services in Canada; Western, Southern, Central, and Eastern Europe; Australia; Scandinavia; Finland, Poland, and Baltics; the United States; the United Kingdom; and the Asia Pacific. Its services include the management of IT and business outsourcing, systems integration and consulting, and software solutions selling activities.

See Also

Want to see what other hedge funds are holding GIB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CGI Inc. (NYSE:GIBGet Rating) (TSE:GIB.A).

Institutional Ownership by Quarter for CGI (NYSE:GIB)

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