Millennium Management LLC cut its holdings in shares of CGI Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 62.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,193 shares of the technology company's stock after selling 15,258 shares during the quarter. Millennium Management LLC's holdings in CGI were worth $1,005,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of CGI in the 4th quarter valued at approximately $286,970,000. Arrowstreet Capital Limited Partnership increased its position in shares of CGI by 29.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,992,111 shares of the technology company's stock valued at $327,007,000 after purchasing an additional 678,431 shares during the last quarter. Bank of Montreal Can increased its position in shares of CGI by 17.3% in the 4th quarter. Bank of Montreal Can now owns 3,843,289 shares of the technology company's stock valued at $419,976,000 after purchasing an additional 567,868 shares during the last quarter. Geode Capital Management LLC increased its position in shares of CGI by 27.5% in the 4th quarter. Geode Capital Management LLC now owns 1,272,840 shares of the technology company's stock valued at $140,266,000 after purchasing an additional 274,370 shares during the last quarter. Finally, Bank of America Corp DE increased its position in shares of CGI by 47.2% in the 4th quarter. Bank of America Corp DE now owns 736,901 shares of the technology company's stock valued at $80,558,000 after purchasing an additional 236,333 shares during 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 reissued an "outperform" rating and set a $192.00 price objective on shares of CGI in a research report on Wednesday, March 26th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $156.75.
Get Our Latest Report on GIB
CGI Price Performance
Shares of GIB stock opened at $107.58 on Friday. The company has a market capitalization of $24.39 billion, a PE ratio of 19.45, a price-to-earnings-growth ratio of 2.58 and a beta of 0.78. The firm has a fifty day simple moving average of $104.76 and a 200-day simple moving average of $108.39. The company has a current ratio of 1.31, a quick ratio of 1.04 and a debt-to-equity ratio of 0.28. CGI Inc. has a twelve month low of $92.85 and a twelve month high of $122.79.
CGI (NYSE:GIB - Get Free Report) TSE: GIB.A last posted its earnings results on Wednesday, April 30th. The technology company reported $1.48 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.50 by ($0.02). CGI had a net margin of 11.72% and a return on equity of 19.32%. The firm had revenue of $2.80 billion for the quarter, compared to analyst estimates of $4.05 billion. During the same period in the previous year, the firm earned $1.97 earnings per share. The company's revenue for the quarter was up 7.6% on a year-over-year basis. Equities research analysts anticipate that CGI Inc. will post 5.79 earnings per share for the current fiscal year.
CGI Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, May 16th will be given a $0.1086 dividend. This is a positive change from CGI's previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Friday, May 16th. This represents a $0.43 dividend on an annualized basis and a dividend yield of 0.40%. CGI's dividend payout ratio (DPR) is currently 7.47%.
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.
See Also
Want to see what other hedge funds are holding GIB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CGI Inc. (NYSE:GIB - Free Report) TSE: GIB.A.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider CGI, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and CGI wasn't on the list.
While CGI currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Nuclear energy stocks are roaring. It's the hottest energy sector of the year. Cameco Corp, Paladin Energy, and BWX Technologies were all up more than 40% in 2024. The biggest market moves could still be ahead of us, and there are seven nuclear energy stocks that could rise much higher in the next several months. To unlock these tickers, enter your email address below.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
