CIBC Asset Management Inc Cuts Holdings in CGI (GIB)

CIBC Asset Management Inc lowered its holdings in shares of CGI (NYSE:GIB) (TSE:GIB.A) by 36.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 818,750 shares of the technology company’s stock after selling 472,328 shares during the period. CIBC Asset Management Inc owned about 0.29% of CGI worth $52,748,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Moody National Bank Trust Division acquired a new position in CGI during the third quarter worth about $769,000. Acadian Asset Management LLC raised its position in shares of CGI by 1.1% in the third quarter. Acadian Asset Management LLC now owns 743,972 shares of the technology company’s stock valued at $47,932,000 after buying an additional 8,000 shares during the last quarter. NN Investment Partners Holdings N.V. raised its position in shares of CGI by 347.3% in the third quarter. NN Investment Partners Holdings N.V. now owns 112,712 shares of the technology company’s stock valued at $7,268,000 after buying an additional 87,512 shares during the last quarter. EULAV Asset Management raised its position in shares of CGI by 14.7% in the third quarter. EULAV Asset Management now owns 47,600 shares of the technology company’s stock valued at $3,069,000 after buying an additional 6,100 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of CGI by 1.8% in the third quarter. Russell Investments Group Ltd. now owns 857,193 shares of the technology company’s stock valued at $54,753,000 after buying an additional 14,881 shares during the last quarter. Institutional investors own 58.78% of the company’s stock.

CGI stock opened at $61.30 on Monday. CGI has a 1 year low of $51.16 and a 1 year high of $66.53. The company has a market capitalization of $17.22 billion, a P/E ratio of 22.05, a P/E/G ratio of 1.93 and a beta of 0.61. The company has a quick ratio of 0.68, a current ratio of 0.99 and a debt-to-equity ratio of 0.24.

A number of equities analysts have recently weighed in on the stock. Scotiabank lowered shares of CGI from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, July 17th. Desjardins lowered shares of CGI from a “buy” rating to a “hold” rating in a research report on Wednesday, July 25th. Zacks Investment Research raised shares of CGI from a “sell” rating to a “hold” rating in a research report on Tuesday, August 7th. Finally, Barclays boosted their price objective on shares of CGI from $64.00 to $68.00 and gave the company an “overweight” rating in a research report on Thursday, August 2nd. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. CGI currently has an average rating of “Buy” and an average target price of $73.75.

CGI Profile

CGI Group Inc provides information technology (IT) and business process services in Canada and internationally. Its services include the management of IT and business outsourcing, systems integration and consulting, and software solutions selling activities. The company offers application development, integration, and maintenance services; technology infrastructure management services; and business process services, such as collections and payroll management.

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Institutional Ownership by Quarter for CGI (NYSE:GIB)

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