Summit Global Investments Takes Position in CGI Inc. (NYSE:GIB)

Summit Global Investments acquired a new position in CGI Inc. (NYSE:GIB - Free Report) TSE: GIB.A in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 4,231 shares of the technology company's stock, valued at approximately $463,000.

A number of other institutional investors and hedge funds have also modified their holdings of GIB. Magnetar Financial LLC purchased a new position in CGI during the 4th quarter valued at about $262,000. Maryland State Retirement & Pension System increased its stake in CGI by 5.8% in the 4th quarter. Maryland State Retirement & Pension System now owns 66,297 shares of the technology company's stock valued at $7,251,000 after buying an additional 3,618 shares during the period. Generali Asset Management SPA SGR purchased a new stake in CGI in the 4th quarter worth approximately $3,081,000. Aviso Financial Inc. grew its holdings in shares of CGI by 3.0% during the 4th quarter. Aviso Financial Inc. now owns 591,594 shares of the technology company's stock valued at $64,714,000 after acquiring an additional 17,421 shares in the last quarter. Finally, Commonwealth Equity Services LLC increased its stake in shares of CGI by 3.6% in the fourth quarter. Commonwealth Equity Services LLC now owns 13,515 shares of the technology company's stock worth $1,477,000 after acquiring an additional 464 shares during the last quarter. Hedge funds and other institutional investors own 66.68% of the company's stock.

CGI Price Performance

NYSE GIB traded down $1.17 on Friday, hitting $98.09. 164,945 shares of the company were exchanged, compared to its average volume of 182,861. The company has a current ratio of 1.31, a quick ratio of 1.04 and a debt-to-equity ratio of 0.28. The company has a market cap of $22.24 billion, a P/E ratio of 17.74, a P/E/G ratio of 2.58 and a beta of 0.96. CGI Inc. has a 1-year low of $96.92 and a 1-year high of $122.79. The firm has a 50 day moving average of $110.52 and a two-hundred day moving average of $111.65.

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CGI (NYSE:GIB - Get Free Report) TSE: GIB.A last issued its quarterly earnings results on Wednesday, January 29th. The technology company reported $1.41 earnings per share for the quarter, meeting analysts' consensus estimates of $1.41. CGI had a net margin of 11.72% and a return on equity of 19.32%. On average, equities analysts predict that CGI Inc. will post 5.79 EPS for the current year.

CGI Announces Dividend

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

Analyst Upgrades and Downgrades

GIB has been the topic of several research reports. Jefferies Financial Group dropped their target price on CGI from $140.00 to $135.00 and set a "buy" rating on the stock in a research report on Tuesday, January 21st. UBS Group boosted their target price on CGI from $118.00 to $122.00 and gave the stock a "neutral" rating in a report on Monday, February 3rd. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $192.00 target price on shares of CGI in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, CGI currently has an average rating of "Buy" and a consensus price target of $156.75.

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.