The Manufacturers Life Insurance Company trimmed its stake in CGI Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 20.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,428,100 shares of the technology company's stock after selling 1,144,410 shares during the quarter. The Manufacturers Life Insurance Company owned about 1.94% of CGI worth $509,866,000 as of its most recent filing with the SEC.
Other institutional investors also recently bought and sold shares of the company. Fiera Capital Corp grew its stake in CGI by 1.9% during the second quarter. Fiera Capital Corp now owns 4,269,775 shares of the technology company's stock worth $426,353,000 after buying an additional 79,303 shares during the period. GHP Investment Advisors Inc. lifted its position in shares of CGI by 14.4% during the second quarter. GHP Investment Advisors Inc. now owns 41,348 shares of the technology company's stock worth $4,127,000 after purchasing an additional 5,213 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of CGI during the third quarter worth $4,539,000. Cassaday & Co Wealth Management LLC acquired a new position in shares of CGI during the third quarter worth $825,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of CGI by 68.2% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,368,822 shares of the technology company's stock worth $157,485,000 after purchasing an additional 555,017 shares in the last quarter. 66.68% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
GIB has been the topic of a number of recent research reports. Sanford C. Bernstein raised shares of CGI to a "strong-buy" rating in a research report on Thursday, August 1st. Cibc World Mkts raised shares of CGI from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 15th. CIBC raised shares of CGI from a "neutral" rating to an "outperformer" rating and upped their price target for the company from $155.00 to $178.00 in a report on Tuesday, October 15th. Finally, StockNews.com raised shares of CGI from a "sell" rating to a "hold" rating in a report on Friday, November 15th. Two analysts have rated the stock with a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $137.00.
Read Our Latest Stock Report on CGI
CGI Stock Performance
GIB stock traded down $0.88 during trading on Tuesday, hitting $111.72. 145,198 shares of the company's stock traded hands, compared to its average volume of 151,110. The company has a quick ratio of 1.02, a current ratio of 1.36 and a debt-to-equity ratio of 0.29. CGI Inc. has a 52 week low of $96.92 and a 52 week high of $118.89. The stock has a fifty day moving average price of $113.21 and a two-hundred day moving average price of $108.38. The stock has a market capitalization of $25.46 billion, a price-to-earnings ratio of 20.77, a price-to-earnings-growth ratio of 2.53 and a beta of 0.96.
CGI Dividend Announcement
The firm also recently announced a -- dividend, which will be paid on Friday, December 20th. Shareholders of record on Wednesday, November 20th will be paid a dividend of $0.111 per share. The ex-dividend date is Wednesday, November 20th. This represents a yield of 0.4%. CGI's payout ratio is 8.18%.
About CGI
(
Free Report)
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.
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