1832 Asset Management L.P. Cuts Position in CGI Group, Inc. $GIB

Key Points

• 1832 Asset Management L.P. reduced its holdings in CGI Group by 24.7%, selling 351,046 shares, bringing its total ownership to approximately 0.47% of the company, valued at $106.73 million.
• CGI Group's recent quarterly earnings reported $1.52 earnings per share, slightly beating estimates, while revenues were down compared to analyst expectations.
• The company announced an increased quarterly dividend of $0.1086, signaling a boost from the previous $0.11, with a 0.4% yield for shareholders.

1832 Asset Management L.P. cut its holdings in shares of CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 24.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,069,161 shares of the technology company's stock after selling 351,046 shares during the period. 1832 Asset Management L.P. owned approximately 0.47% of CGI Group worth $106,734,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Fifth Third Bancorp grew its position in shares of CGI Group by 239.5% during the 1st quarter. Fifth Third Bancorp now owns 258 shares of the technology company's stock valued at $26,000 after acquiring an additional 182 shares during the period. Caitong International Asset Management Co. Ltd grew its position in shares of CGI Group by 292.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,005 shares of the technology company's stock valued at $100,000 after acquiring an additional 749 shares during the period. Versant Capital Management Inc grew its position in shares of CGI Group by 371.7% during the 1st quarter. Versant Capital Management Inc now owns 1,052 shares of the technology company's stock valued at $105,000 after acquiring an additional 829 shares during the period. GeoWealth Management LLC grew its position in shares of CGI Group by 80.4% during the 4th quarter. GeoWealth Management LLC now owns 1,299 shares of the technology company's stock valued at $142,000 after acquiring an additional 579 shares during the period. Finally, Creekmur Asset Management LLC grew its position in shares of CGI Group by 7,051.9% during the 1st quarter. Creekmur Asset Management LLC now owns 1,931 shares of the technology company's stock valued at $193,000 after acquiring an additional 1,904 shares during the period. 66.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Royal Bank Of Canada lowered their price objective on CGI Group from $185.00 to $175.00 and set an "outperform" rating on the stock in a report on Thursday, July 31st. UBS Group lowered their price objective on CGI Group from $112.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $148.25.

CGI Group Trading Up 0.3%

GIB traded up $0.31 during trading hours on Thursday, reaching $96.79. The company's stock had a trading volume of 112,723 shares, compared to its average volume of 284,054. CGI Group, Inc. has a fifty-two week low of $92.85 and a fifty-two week high of $122.79. The stock has a market cap of $21.58 billion, a PE ratio of 17.88, a P/E/G ratio of 1.75 and a beta of 0.72. The business's 50-day moving average is $99.82 and its 200-day moving average is $104.08. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 0.94.

CGI Group (NYSE:GIB - Get Free Report) TSE: GIB.A last released its quarterly earnings data on Wednesday, July 30th. The technology company reported $1.52 EPS for the quarter, beating analysts' consensus estimates of $1.51 by $0.01. CGI Group had a return on equity of 18.53% and a net margin of 11.01%.The firm had revenue of $3 billion for the quarter, compared to analysts' expectations of $4.01 billion. During the same period in the prior year, the firm posted $1.91 earnings per share. The firm's quarterly revenue was up 11.4% on a year-over-year basis. As a group, equities research analysts predict that CGI Group, Inc. will post 5.79 earnings per share for the current fiscal year.

CGI Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, August 15th will be issued a $0.1086 dividend. This is a boost from CGI Group's previous quarterly dividend of $0.11. This represents a $0.43 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Friday, August 15th. CGI Group's payout ratio is currently 7.95%.

About CGI Group

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.