CGI Group, Inc. $GIB Shares Sold by 1832 Asset Management L.P.

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. decreased its position in shares of CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 24.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,069,161 shares of the technology company's stock after selling 351,046 shares during the quarter. 1832 Asset Management L.P. owned about 0.47% of CGI Group worth $106,734,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of GIB. Fifth Third Bancorp raised its position in CGI Group by 239.5% in the first quarter. Fifth Third Bancorp now owns 258 shares of the technology company's stock worth $26,000 after acquiring an additional 182 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in CGI Group by 292.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 1,005 shares of the technology company's stock valued at $100,000 after purchasing an additional 749 shares during the last quarter. Versant Capital Management Inc grew its holdings in CGI Group by 371.7% during the first quarter. Versant Capital Management Inc now owns 1,052 shares of the technology company's stock valued at $105,000 after purchasing an additional 829 shares during the last quarter. GeoWealth Management LLC boosted its position in shares of CGI Group by 80.4% in the fourth 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 boosted its position in shares of CGI Group by 7,051.9% in the first 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. Institutional investors and hedge funds own 66.68% of the company's stock.

Wall Street Analyst Weigh In

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

CGI Group Stock Up 2.3%

GIB stock opened at $96.9780 on Friday. The stock has a market capitalization of $21.62 billion, a price-to-earnings ratio of 17.93, a PEG ratio of 1.74 and a beta of 0.72. CGI Group, Inc. has a fifty-two week low of $92.85 and a fifty-two week high of $122.79. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 0.94. The business's fifty day moving average price is $100.55 and its two-hundred day moving average price is $104.57.

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 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.01. The business had revenue of $3 billion for the quarter, compared to analyst estimates of $4.01 billion. CGI Group had a return on equity of 18.53% and a net margin of 11.01%.CGI Group's revenue was up 11.4% compared to the same quarter last year. During the same period last year, the firm posted $1.91 earnings per share. On average, equities analysts anticipate that CGI Group, Inc. will post 5.79 earnings per share for the current year.

CGI Group Increases Dividend

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

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