Bank of New York Mellon Corp Sells 33,332 Shares of CGI Group, Inc. (NYSE:GIB)

Bank of New York Mellon Corp reduced its stake in shares of CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 11.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 256,322 shares of the technology company's stock after selling 33,332 shares during the period. Bank of New York Mellon Corp owned 0.11% of CGI Group worth $25,589,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in GIB. Vanguard Group Inc. grew its stake in shares of CGI Group by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 7,942,779 shares of the technology company's stock worth $869,067,000 after acquiring an additional 128,285 shares in the last quarter. Bank of Montreal Can grew its stake in shares of CGI Group by 17.3% during the fourth quarter. Bank of Montreal Can now owns 3,843,289 shares of the technology company's stock worth $419,976,000 after purchasing an additional 567,868 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of CGI Group by 29.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,992,111 shares of the technology company's stock worth $327,007,000 after purchasing an additional 678,431 shares in the last quarter. Norges Bank acquired a new position in shares of CGI Group during the fourth quarter worth $286,970,000. Finally, TD Asset Management Inc. grew its stake in shares of CGI Group by 3.5% during the fourth quarter. TD Asset Management Inc. now owns 2,383,862 shares of the technology company's stock worth $260,697,000 after purchasing an additional 81,440 shares in the last quarter. 66.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Royal Bank Of Canada restated an "outperform" rating and issued a $192.00 price objective on shares of CGI Group in a research note on Wednesday, March 26th. Two analysts have rated the stock with a hold rating, two have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, CGI Group currently has a consensus rating of "Buy" and an average price target of $156.75.

CGI Group Trading Down 1.0%

Shares of GIB stock traded down $0.97 during mid-day trading on Friday, reaching $99.45. The company's stock had a trading volume of 294,465 shares, compared to its average volume of 213,151. CGI Group, Inc. has a 12-month low of $92.85 and a 12-month high of $122.79. The firm has a market capitalization of $22.32 billion, a PE ratio of 18.11, a price-to-earnings-growth ratio of 1.87 and a beta of 0.76. The company has a quick ratio of 0.92, a current ratio of 1.27 and a debt-to-equity ratio of 0.36. The company's 50 day simple moving average is $105.91 and its 200-day simple moving average is $107.04.

CGI Group (NYSE:GIB - Get Free Report) TSE: GIB.A last released its earnings results on Wednesday, April 30th. The technology company reported $1.48 earnings per share for the quarter, missing the consensus estimate of $1.50 by ($0.02). The company had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $4.05 billion. CGI Group had a return on equity of 18.86% and a net margin of 11.53%. CGI Group's revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.97 EPS. On average, research analysts predict that CGI Group, Inc. will post 5.79 EPS for the current fiscal year.

CGI Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, May 16th were paid a dividend of $0.1086 per share. This represents a $0.43 dividend on an annualized basis and a yield of 0.44%. This is a positive change from CGI Group's previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Friday, May 16th. CGI Group's payout ratio is presently 7.83%.

CGI Group 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.