CGI (GIB) Shares Sold by Millennium Management LLC

Millennium Management LLC cut its stake in shares of CGI (NYSE:GIB) (TSE:GIB.A) by 57.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,313 shares of the technology company’s stock after selling 20,948 shares during the quarter. Millennium Management LLC’s holdings in CGI were worth $970,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently made changes to their positions in the business. Bank of Montreal Can bought a new stake in CGI during the second quarter valued at approximately $403,130,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of CGI by 8.9% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,828,857 shares of the technology company’s stock worth $242,489,000 after acquiring an additional 314,500 shares in the last quarter. Great West Life Assurance Co. Can raised its stake in shares of CGI by 1.1% during the second quarter. Great West Life Assurance Co. Can now owns 2,860,961 shares of the technology company’s stock worth $181,845,000 after acquiring an additional 30,451 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of CGI by 14.2% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,037,318 shares of the technology company’s stock worth $129,003,000 after acquiring an additional 253,847 shares in the last quarter. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its stake in shares of CGI by 12.1% during the second quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 1,446,700 shares of the technology company’s stock worth $120,525,000 after acquiring an additional 156,200 shares in the last quarter. Institutional investors and hedge funds own 58.78% of the company’s stock.

Several research firms have commented on GIB. Scotiabank downgraded shares of CGI from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, July 17th. Desjardins downgraded shares of CGI from a “buy” rating to a “hold” rating in a research note on Wednesday, July 25th. Zacks Investment Research raised shares of CGI from a “sell” rating to a “hold” rating in a research note on Tuesday, August 7th. Finally, Barclays lifted their price target on shares of CGI from $64.00 to $68.00 and gave the stock an “overweight” rating in a research note on Thursday, August 2nd. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $73.75.

GIB stock opened at $60.85 on Tuesday. The company has a market cap of $17.22 billion, a price-to-earnings ratio of 19.28, a price-to-earnings-growth ratio of 1.93 and a beta of 0.61. CGI has a one year low of $51.16 and a one year high of $66.53. The company has a current ratio of 0.99, a quick ratio of 0.68 and a debt-to-equity ratio of 0.24.

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About CGI

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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