Pinnacle Associates Ltd. Trims Stock Position in CGI Inc. (NYSE:GIB)

Pinnacle Associates Ltd. lessened its stake in shares of CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 23.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,000 shares of the technology company’s stock after selling 2,500 shares during the period. Pinnacle Associates Ltd.’s holdings in CGI were worth $858,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of GIB. First Affirmative Financial Network raised its position in CGI by 4.0% during the 2nd quarter. First Affirmative Financial Network now owns 2,841 shares of the technology company’s stock valued at $284,000 after purchasing an additional 109 shares in the last quarter. Cigna Investments Inc. New raised its holdings in shares of CGI by 3.8% in the second quarter. Cigna Investments Inc. New now owns 3,948 shares of the technology company’s stock valued at $394,000 after acquiring an additional 146 shares in the last quarter. JCIC Asset Management Inc. lifted its stake in CGI by 0.5% in the first quarter. JCIC Asset Management Inc. now owns 32,860 shares of the technology company’s stock worth $3,627,000 after acquiring an additional 160 shares during the period. EverSource Wealth Advisors LLC grew its holdings in CGI by 9.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,055 shares of the technology company’s stock worth $205,000 after acquiring an additional 173 shares in the last quarter. Finally, CWM LLC increased its position in CGI by 14.8% during the 3rd quarter. CWM LLC now owns 1,365 shares of the technology company’s stock valued at $157,000 after purchasing an additional 176 shares during the period. Hedge funds and other institutional investors own 66.68% of the company’s stock.

CGI Stock Performance

GIB opened at $111.45 on Friday. The company has a market cap of $25.40 billion, a P/E ratio of 21.07, a price-to-earnings-growth ratio of 2.34 and a beta of 0.96. The company has a quick ratio of 0.86, a current ratio of 1.16 and a debt-to-equity ratio of 0.22. The firm’s 50-day moving average price is $113.86 and its 200-day moving average price is $107.40. CGI Inc. has a 52-week low of $96.92 and a 52-week high of $118.89.

CGI (NYSE:GIB) (TSE:GIB.A) last posted its quarterly earnings results on Wednesday, July 31st. The technology company reported $1.40 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.40. The business had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.67 billion. CGI had a net margin of 11.51% and a return on equity of 20.21%. As a group, equities analysts anticipate that CGI Inc. will post 5.54 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GIB. Cibc World Mkts raised shares of CGI from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 15th. CIBC upgraded CGI from a “neutral” rating to an “outperformer” rating and upped their target price for the stock from $155.00 to $178.00 in a report on Tuesday, October 15th. UBS Group began coverage on CGI in a report on Friday, July 19th. They issued a “neutral” rating and a $112.00 price target on the stock. Jefferies Financial Group upped their price objective on CGI from $120.00 to $121.00 and gave the stock a “buy” rating in a research note on Tuesday, July 16th. Finally, Sanford C. Bernstein upgraded CGI to a “strong-buy” rating in a research note on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $137.00.

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.