Zacks Investment Research downgraded shares of CGI Group (NYSE:GIB) (TSE:GIB.A) from a buy rating to a hold rating in a research report report published on Wednesday morning.
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. “
A number of other research firms also recently issued reports on GIB. Barclays raised their price target on CGI Group from $60.00 to $63.00 and gave the stock an overweight rating in a research note on Thursday, February 1st. ValuEngine upgraded CGI Group from a hold rating to a buy rating in a research note on Monday, February 5th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $71.00.
Shares of GIB opened at $57.39 on Wednesday. The company has a current ratio of 0.99, a quick ratio of 0.70 and a debt-to-equity ratio of 0.24. CGI Group has a 12 month low of $46.40 and a 12 month high of $59.89. The firm has a market cap of $16,673.23, a price-to-earnings ratio of 19.97, a price-to-earnings-growth ratio of 1.92 and a beta of 0.73.
CGI Group (NYSE:GIB) (TSE:GIB.A) last released its quarterly earnings results on Wednesday, January 31st. The technology company reported $0.78 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.78. The firm had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.78 billion. CGI Group had a return on equity of 17.54% and a net margin of 9.50%. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period last year, the business posted $0.90 EPS. equities research analysts expect that CGI Group will post 3.34 earnings per share for the current year.
CGI Group declared that its board has initiated a share buyback program on Wednesday, January 31st that permits the company to repurchase 20,590,000 outstanding shares. This repurchase authorization permits the technology company to purchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
Several hedge funds have recently added to or reduced their stakes in GIB. State Street Corp purchased a new position in shares of CGI Group in the 2nd quarter worth $684,000. Bank of New York Mellon Corp raised its holdings in CGI Group by 3.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 256,329 shares of the technology company’s stock worth $13,296,000 after purchasing an additional 7,365 shares during the period. JPMorgan Chase & Co. raised its holdings in CGI Group by 3.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 99,682 shares of the technology company’s stock worth $5,149,000 after purchasing an additional 3,175 shares during the period. Dimensional Fund Advisors LP raised its holdings in CGI Group by 3.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 175,740 shares of the technology company’s stock worth $9,116,000 after purchasing an additional 6,641 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ raised its holdings in CGI Group by 25.2% in the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 29,300 shares of the technology company’s stock worth $1,520,000 after purchasing an additional 5,900 shares during the period. Hedge funds and other institutional investors own 59.70% of the company’s stock.
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CGI Group Company Profile
CGI Group Inc provides information technology and business process services in Canada and internationally. It offers application development and maintenance, portfolio management, quality assurance and testing, modernization, and migration services; agile, business transformation, change management, CIO advisory, cybersecurity, data analytics, digital enterprise, project management, and industry-specific business consulting services; business-to-business and customer operations support, purchase management, revenue management, and supplier payment services; and data center facilities and management, technical service desk, printing and document management, remote infrastructure, transformation, storage as a service, data vaulting, disaster recovery and archiving as a service, bottomless edge-to-core storage, and file sync and share as a service, as well as infrastructure solutions and consulting services.
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