CGI (NYSE:GIB) Hits New 52-Week High at $75.94

CGI Inc (NYSE:GIB) (TSE:GIB.A)’s share price hit a new 52-week high on Wednesday . The company traded as high as $75.94 and last traded at $75.54, with a volume of 10783 shares changing hands. The stock had previously closed at $75.22.

A number of brokerages have weighed in on GIB. Zacks Investment Research downgraded shares of CGI from a “buy” rating to a “hold” rating in a research note on Monday, May 6th. Bank of America began coverage on shares of CGI in a research report on Thursday, May 23rd. They set a “buy” rating and a $83.00 price target for the company. Finally, CIBC downgraded shares of CGI from a “sector outperform” rating to a “neutral” rating in a research report on Thursday, April 25th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. CGI currently has an average rating of “Buy” and a consensus target price of $80.00.

The stock has a market cap of $20.74 billion, a price-to-earnings ratio of 23.53, a P/E/G ratio of 2.28 and a beta of 0.53. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.82 and a current ratio of 1.16.

CGI (NYSE:GIB) (TSE:GIB.A) last announced its quarterly earnings results on Wednesday, May 1st. The technology company reported $1.17 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.89 by $0.28. The company had revenue of $3.07 billion during the quarter, compared to the consensus estimate of $3.06 billion. CGI had a net margin of 10.29% and a return on equity of 18.34%. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.04 earnings per share. On average, equities analysts anticipate that CGI Inc will post 3.54 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc grew its position in CGI by 2.5% in the 3rd quarter. Vanguard Group Inc now owns 6,414,435 shares of the technology company’s stock worth $413,603,000 after purchasing an additional 156,379 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in CGI by 0.3% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,013,057 shares of the technology company’s stock worth $245,344,000 after purchasing an additional 13,725 shares during the period. Great West Life Assurance Co. Can grew its position in CGI by 2.9% in the 4th quarter. Great West Life Assurance Co. Can now owns 2,964,150 shares of the technology company’s stock worth $181,015,000 after purchasing an additional 82,301 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of CGI by 1.1% during the 1st quarter. The Manufacturers Life Insurance Company now owns 2,757,619 shares of the technology company’s stock worth $189,614,000 after acquiring an additional 31,290 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of CGI during the 4th quarter worth $157,764,000. 56.85% of the stock is owned by institutional investors.

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About CGI (NYSE:GIB)

CGI Inc, together with its subsidiaries, provides information technology (IT) and business process services in Canada, Northern Europe, France, the United States, the United Kingdom, Europe, and the Asia Pacific. Its services include the management of IT and business outsourcing, systems integration and consulting, and software solutions selling activities.

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