Arrowstreet Capital Limited Partnership Purchases 678,431 Shares of CGI Inc. (NYSE:GIB)

Arrowstreet Capital Limited Partnership increased its position in CGI Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 29.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,992,111 shares of the technology company's stock after acquiring an additional 678,431 shares during the period. Arrowstreet Capital Limited Partnership owned about 1.32% of CGI worth $327,007,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Wilmington Savings Fund Society FSB purchased a new position in shares of CGI in the third quarter worth $28,000. Sierra Ocean LLC purchased a new position in CGI in the 4th quarter worth about $62,000. Bank Julius Baer & Co. Ltd Zurich bought a new position in CGI during the 4th quarter valued at about $83,000. Blue Trust Inc. boosted its holdings in shares of CGI by 47.6% during the 4th quarter. Blue Trust Inc. now owns 1,163 shares of the technology company's stock valued at $134,000 after acquiring an additional 375 shares during the last quarter. Finally, Thrivent Financial for Lutherans purchased a new stake in shares of CGI during the 3rd quarter valued at about $209,000. 66.68% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on GIB. UBS Group increased their price objective on shares of CGI from $118.00 to $122.00 and gave the company a "neutral" rating in a research report on Monday, February 3rd. Royal Bank of Canada reissued an "outperform" rating and set a $192.00 price target on shares of CGI in a report on Wednesday, March 26th. Finally, Jefferies Financial Group cut their price objective on CGI from $140.00 to $135.00 and set a "buy" rating for the company in a report on Tuesday, January 21st. Two research analysts have rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, CGI currently has an average rating of "Buy" and an average price target of $156.75.

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CGI Stock Performance

GIB traded up $0.04 during trading on Thursday, hitting $102.14. The company's stock had a trading volume of 149,555 shares, compared to its average volume of 185,505. The business's 50 day simple moving average is $109.76 and its 200-day simple moving average is $111.23. The firm has a market cap of $23.16 billion, a PE ratio of 18.47, a P/E/G ratio of 2.58 and a beta of 0.96. CGI Inc. has a one year low of $92.05 and a one year high of $122.79. The company has a quick ratio of 1.04, a current ratio of 1.31 and a debt-to-equity ratio of 0.28.

CGI (NYSE:GIB - Get Free Report) TSE: GIB.A last announced its earnings results on Wednesday, January 29th. The technology company reported $1.41 EPS for the quarter, hitting analysts' consensus estimates of $1.41. CGI had a return on equity of 19.32% and a net margin of 11.72%. As a group, sell-side analysts predict that CGI Inc. will post 5.79 EPS for the current fiscal year.

CGI Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, February 14th were given a dividend of $0.1039 per share. The ex-dividend date was Friday, February 14th. This represents a $0.42 dividend on an annualized basis and a dividend yield of 0.41%. CGI's payout ratio is currently 7.41%.

About CGI

CGI Inc, together with its subsidiaries, provides information technology (IT) and business process services. Its services include the business and strategic IT consulting, systems integration, and software solutions. The company also provides application development, modernization and maintenance, holistic enterprise digitization, automation, hybrid and cloud management, and business process services; intellectual property-based solutions; business consulting; managed IT services; and IT infrastructure services.