First Mercantile Trust Co. reduced its stake in shares of CGI Group Inc. (NYSE:GIB) by 15.1% during the second quarter, Holdings Channel reports. The fund owned 10,245 shares of the company’s stock after selling 1,820 shares during the period. First Mercantile Trust Co.’s holdings in CGI Group were worth $438,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Virginia Retirement Systems ET AL purchased a new position in CGI Group during the second quarter valued at about $6,723,000. Dynamic Technology Lab Private Ltd purchased a new position in CGI Group during the second quarter valued at about $722,000. Vanguard Group Inc. increased its position in CGI Group by 10.0% in the second quarter. Vanguard Group Inc. now owns 4,770,355 shares of the company’s stock valued at $203,742,000 after buying an additional 434,977 shares during the last quarter. Dimensional Fund Advisors LP increased its position in CGI Group by 2.2% in the second quarter. Dimensional Fund Advisors LP now owns 166,339 shares of the company’s stock valued at $7,104,000 after buying an additional 3,555 shares during the last quarter. Finally, UBS Asset Management Americas Inc. increased its position in CGI Group by 1.7% in the second quarter. UBS Asset Management Americas Inc. now owns 628,435 shares of the company’s stock valued at $26,706,000 after buying an additional 10,472 shares during the last quarter. 71.70% of the stock is currently owned by hedge funds and other institutional investors.
Shares of CGI Group Inc. (NYSE:GIB) opened at 47.81 on Tuesday. The stock’s 50 day moving average price is $48.42 and its 200-day moving average price is $46.57. The firm has a market capitalization of $14.47 billion, a PE ratio of 19.36 and a beta of 0.93. CGI Group Inc. has a 52-week low of $34.84 and a 52-week high of $50.58.
CGI Group (NYSE:GIB) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.01. CGI Group had a net margin of 9.61% and a return on equity of 17.06%. The business had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same period in the previous year, the business posted $0.80 earnings per share. The business’s revenue was up 4.2% compared to the same quarter last year. Equities research analysts anticipate that CGI Group Inc. will post $2.66 EPS for the current fiscal year.
Several research firms recently issued reports on GIB. Zacks Investment Research raised CGI Group from a “sell” rating to a “hold” rating in a research report on Tuesday, September 20th. Canaccord Genuity reaffirmed a “buy” rating on shares of CGI Group in a research report on Thursday, September 8th. Jefferies Group increased their price target on CGI Group from $46.00 to $47.00 and gave the stock a “hold” rating in a research report on Monday, August 1st. Finally, Barclays PLC increased their price target on CGI Group from $50.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, July 28th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $49.20.
CGI Group Company Profile
CGI Group Inc (CGI) is a Canada-based company that provides information technology (IT) consulting, systems integration, IT outsourcing and business solutions. The Company’s delivery model provides for work to be carried out onsite at client premises, or through its centers located globally. In addition, CGI has a range of business solutions, which helps its clients and shareholders.
Want to see what other hedge funds are holding GIB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CGI Group Inc. (NYSE:GIB).
Receive News & Ratings for CGI Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CGI Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.