Northern Trust Corp increased its stake in CGI Group, Inc. (NYSE:GIB) (TSE:GIB.A) by 1.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 244,166 shares of the technology company’s stock after purchasing an additional 4,112 shares during the quarter. Northern Trust Corp owned 0.09% of CGI Group worth $12,469,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the stock. Public Sector Pension investment Board boosted its holdings in CGI Group by 22.0% in the second quarter. Public Sector Pension investment Board now owns 522,880 shares of the technology company’s stock worth $26,677,000 after purchasing an additional 94,300 shares during the last quarter. Citigroup Inc. raised its position in CGI Group by 7.8% in the second quarter. Citigroup Inc. now owns 152,464 shares of the technology company’s stock worth $7,779,000 after acquiring an additional 11,000 shares during the period. Letko Brosseau & Associates Inc. bought a new position in CGI Group in the second quarter worth approximately $203,000. Bridgewater Associates LP bought a new position in CGI Group in the second quarter worth approximately $2,755,000. Finally, AXA raised its position in CGI Group by 26.8% in the second quarter. AXA now owns 160,472 shares of the technology company’s stock worth $8,195,000 after acquiring an additional 33,943 shares during the period. Institutional investors own 62.64% of the company’s stock.
Several research analysts have weighed in on the stock. Zacks Investment Research downgraded shares of CGI Group from a “buy” rating to a “hold” rating in a research report on Friday. Barclays PLC reiterated an “overweight” rating and issued a $60.00 price target (up from $55.00) on shares of CGI Group in a research report on Thursday, August 3rd. Finally, BidaskClub downgraded shares of CGI Group from a “buy” rating to a “hold” rating in a research report on Thursday, August 10th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $64.00.
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CGI Group, Inc. (NYSE:GIB) opened at $53.25 on Friday. The stock has a market capitalization of $15.58 billion, a price-to-earnings ratio of 19.32, a P/E/G ratio of 1.84 and a beta of 0.91. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.78 and a current ratio of 1.14.
CGI Group (NYSE:GIB) (TSE:GIB.A) last posted its earnings results on Wednesday, August 2nd. The technology company reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.01). CGI Group had a net margin of 10.18% and a return on equity of 17.10%. The business had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.78 billion. During the same period in the previous year, the firm posted $0.89 earnings per share. The firm’s revenue was up 6.4% on a year-over-year basis. equities analysts expect that CGI Group, Inc. will post 2.91 EPS for the current fiscal year.
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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