Connor Clark & Lunn Investment Management Ltd. Acquires 555,017 Shares of CGI Inc. (NYSE:GIB)

Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of CGI Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 68.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,368,822 shares of the technology company's stock after purchasing an additional 555,017 shares during the quarter. CGI accounts for approximately 0.8% of Connor Clark & Lunn Investment Management Ltd.'s holdings, making the stock its 28th biggest position. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.60% of CGI worth $157,485,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Blue Trust Inc. lifted its holdings in CGI by 288.2% in the 3rd quarter. Blue Trust Inc. now owns 788 shares of the technology company's stock valued at $91,000 after acquiring an additional 585 shares during the last quarter. CWM LLC grew its holdings in shares of 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 buying an additional 176 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in CGI by 9.2% in the second quarter. EverSource Wealth Advisors LLC now owns 2,055 shares of the technology company's stock valued at $205,000 after purchasing an additional 173 shares in the last quarter. Werba Rubin Papier Wealth Management acquired a new stake in CGI during the 3rd quarter worth approximately $208,000. Finally, Thrivent Financial for Lutherans bought a new position in shares of CGI in the 3rd quarter valued at $209,000. Institutional investors and hedge funds own 66.68% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on GIB shares. Cibc World Mkts upgraded CGI from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, October 15th. CIBC upgraded CGI from a "neutral" rating to an "outperformer" rating and increased their price objective for the company from $155.00 to $178.00 in a report on Tuesday, October 15th. StockNews.com raised CGI from a "sell" rating to a "hold" rating in a research note on Friday, November 15th. Finally, Sanford C. Bernstein raised CGI to a "strong-buy" rating in a research report on Thursday, August 1st. Two 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 company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $137.00.

CGI Stock Performance

Shares of NYSE:GIB traded up $0.20 during mid-day trading on Wednesday, reaching $109.87. The company had a trading volume of 127,930 shares, compared to its average volume of 150,240. The company's 50-day moving average price is $113.58 and its 200-day moving average price is $108.07. The company has a current ratio of 1.36, a quick ratio of 1.02 and a debt-to-equity ratio of 0.29. CGI Inc. has a one year low of $96.92 and a one year high of $118.89. The firm has a market cap of $25.04 billion, a price-to-earnings ratio of 20.39, a PEG ratio of 2.27 and a beta of 0.96.

CGI Announces Dividend

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

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.