Zacks Investment Research Lowers CGI Group (GIB) to Hold
Zacks Investment Research lowered shares of CGI Group (NYSE:GIB) (TSE:GIB.A) from a buy rating to a hold rating in a research note released 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. “
Other analysts also recently issued reports about the company. Scotiabank boosted their target price on CGI Group from $71.00 to $72.00 and gave the company an outperform rating in a report on Thursday, November 9th. Royal Bank of Canada reissued an outperform rating and issued a $85.00 target price (up from $75.00) on shares of CGI Group in a report on Thursday, November 9th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $69.00.
CGI Group (NYSE:GIB) (TSE:GIB.A) last announced its quarterly earnings results on Wednesday, November 8th. The technology company reported $0.74 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.75 by ($0.01). CGI Group had a return on equity of 17.51% and a net margin of 9.52%. equities analysts anticipate that CGI Group will post 3.15 earnings per share for the current year.
Several institutional investors have recently bought and sold shares of the company. DORCHESTER WEALTH MANAGEMENT Co lifted its holdings in shares of CGI Group by 0.9% in the 4th quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 130,860 shares of the technology company’s stock valued at $7,125,000 after purchasing an additional 1,115 shares during the last quarter. USS Investment Management Ltd acquired a new position in CGI Group in the 4th quarter valued at about $6,980,000. Hexavest Inc. increased its position in CGI Group by 36.2% in the 4th quarter. Hexavest Inc. now owns 337,288 shares of the technology company’s stock valued at $18,386,000 after acquiring an additional 89,607 shares during the period. AXA increased its position in CGI Group by 85.8% in the 3rd quarter. AXA now owns 298,172 shares of the technology company’s stock valued at $15,466,000 after acquiring an additional 137,700 shares during the period. Finally, Guardian Capital LP increased its position in CGI Group by 1.9% in the 3rd quarter. Guardian Capital LP now owns 3,369,589 shares of the technology company’s stock valued at $174,262,000 after acquiring an additional 64,252 shares during the period. 66.55% of the stock is owned by institutional investors and hedge funds.
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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