Intech Investment Management LLC Sells 28,401 Shares of CGI Inc. (NYSE:GIB)

Intech Investment Management LLC reduced its stake in shares of CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 56.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,674 shares of the technology company’s stock after selling 28,401 shares during the quarter. Intech Investment Management LLC’s holdings in CGI were worth $2,163,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in CGI by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 7,603,481 shares of the technology company’s stock valued at $840,109,000 after purchasing an additional 64,037 shares in the last quarter. Fiera Capital Corp raised its holdings in shares of CGI by 1.9% in the second quarter. Fiera Capital Corp now owns 4,269,775 shares of the technology company’s stock valued at $426,353,000 after buying an additional 79,303 shares during the last quarter. TD Asset Management Inc lifted its position in CGI by 2.0% during the 2nd quarter. TD Asset Management Inc now owns 2,203,320 shares of the technology company’s stock worth $219,873,000 after buying an additional 43,355 shares in the last quarter. Cibc World Market Inc. grew its holdings in CGI by 6.2% during the 2nd quarter. Cibc World Market Inc. now owns 1,803,131 shares of the technology company’s stock worth $180,025,000 after acquiring an additional 105,817 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in CGI by 54.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 735,174 shares of the technology company’s stock valued at $78,818,000 after acquiring an additional 258,651 shares in the last quarter. 66.68% of the stock is owned by institutional investors.

CGI Stock Up 0.7 %

GIB stock opened at $113.54 on Tuesday. The stock has a market capitalization of $26.20 billion, a P/E ratio of 21.88, a P/E/G ratio of 2.67 and a beta of 0.95. CGI Inc. has a fifty-two week low of $93.07 and a fifty-two week high of $118.89. The business has a 50-day moving average of $110.12 and a 200-day moving average of $106.67. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.16 and a quick ratio of 0.86.

CGI (NYSE:GIB) (TSE:GIB.A) last released its earnings results on Wednesday, July 31st. The technology company reported $1.40 earnings per share for the quarter, meeting the consensus estimate 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%. On average, sell-side analysts anticipate that CGI Inc. will post 5.52 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on GIB. Jefferies Financial Group boosted their price objective on CGI from $120.00 to $121.00 and gave the stock a “buy” rating in a report on Tuesday, July 16th. UBS Group initiated coverage on CGI in a research report on Friday, July 19th. They issued a “neutral” rating and a $112.00 price target on the stock. CIBC cut CGI from a “sector outperform” rating to a “neutral” rating in a research note on Friday, June 21st. Finally, Sanford C. Bernstein raised CGI to a “strong-buy” rating in a research note on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $132.67.

About CGI

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.