CIBC Asset Management Inc Sells 217,151 Shares of CGI Inc. (NYSE:GIB)

CIBC Asset Management Inc lessened its stake in shares of CGI Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 33.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 439,382 shares of the technology company's stock after selling 217,151 shares during the period. CIBC Asset Management Inc owned about 0.19% of CGI worth $50,672,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GIB. Blue Trust Inc. increased its holdings in shares of CGI by 288.2% in the 3rd quarter. Blue Trust Inc. now owns 788 shares of the technology company's stock worth $91,000 after buying an additional 585 shares during the last quarter. CWM LLC lifted its stake in CGI by 14.8% during the third quarter. CWM LLC now owns 1,365 shares of the technology company's stock worth $157,000 after purchasing an additional 176 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of CGI by 9.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,055 shares of the technology company's stock worth $205,000 after purchasing an additional 173 shares in the last quarter. Werba Rubin Papier Wealth Management bought a new position in shares of CGI during the 3rd quarter valued at about $208,000. Finally, Atria Investments Inc purchased a new stake in CGI in the third quarter worth approximately $218,000. 66.68% of the stock is currently owned by hedge funds and other institutional investors.

CGI Price Performance

Shares of GIB traded up $0.07 during mid-day trading on Friday, reaching $107.15. The stock had a trading volume of 103,278 shares, compared to its average volume of 149,731. The firm has a market cap of $24.42 billion, a price-to-earnings ratio of 19.83, a PEG ratio of 2.37 and a beta of 0.96. CGI Inc. has a 12 month low of $96.92 and a 12 month high of $118.89. The business has a fifty day moving average of $113.83 and a 200 day moving average of $107.83. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.02 and a current ratio of 1.36.

CGI Dividend Announcement

The business also recently declared a -- dividend, which will be paid on Friday, December 20th. Shareholders of record on Wednesday, November 20th will be paid a $0.111 dividend. This represents a yield of 0.4%. The ex-dividend date of this dividend is Wednesday, November 20th.

Wall Street Analysts Forecast Growth

GIB has been the topic of a number of recent research reports. Sanford C. Bernstein raised CGI to a "strong-buy" rating in a research note on Thursday, August 1st. StockNews.com raised shares of CGI from a "sell" rating to a "hold" rating in a report on Friday. Cibc World Mkts upgraded shares of CGI from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 15th. UBS Group initiated coverage on CGI in a research note on Friday, July 19th. They set a "neutral" rating and a $112.00 target price on the stock. Finally, CIBC upgraded shares of CGI from a "neutral" rating to an "outperformer" rating and lifted their price target for the company from $155.00 to $178.00 in a report on Tuesday, October 15th. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $137.00.

CGI Company Profile

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.