Connor Clark & Lunn Investment Management Ltd. Lowers Position in CGI Group, Inc. (NYSE:GIB)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in CGI Group by 5.9%, selling 77,310 shares, and now owns about 1,237,409 shares valued at approximately $123.5 million.
• CGI Group increased its quarterly dividend to $0.1086 per share, representing a 0.5% yield, up from the previous $0.11 dividend.
• The company's recent earnings showed $3 billion in revenue and $1.52 earnings per share, surpassing estimates, even though revenue fell short of expectations.

Connor Clark & Lunn Investment Management Ltd. decreased its position in shares of CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 5.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,237,409 shares of the technology company's stock after selling 77,310 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.55% of CGI Group worth $123,551,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in CGI Group by 1.2% during the first quarter. Vanguard Group Inc. now owns 8,037,045 shares of the technology company's stock valued at $802,338,000 after acquiring an additional 94,266 shares in the last quarter. Mackenzie Financial Corp increased its position in shares of CGI Group by 0.9% during the first quarter. Mackenzie Financial Corp now owns 4,755,285 shares of the technology company's stock worth $474,702,000 after purchasing an additional 41,631 shares in the last quarter. Fiera Capital Corp raised its stake in CGI Group by 2.1% in the 1st quarter. Fiera Capital Corp now owns 4,380,743 shares of the technology company's stock valued at $437,770,000 after purchasing an additional 89,458 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in CGI Group by 7.1% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,028,147 shares of the technology company's stock valued at $202,470,000 after purchasing an additional 133,750 shares during the last quarter. Finally, Hsbc Holdings PLC raised its stake in CGI Group by 18.6% in the 4th quarter. Hsbc Holdings PLC now owns 1,032,579 shares of the technology company's stock valued at $112,913,000 after purchasing an additional 161,821 shares during the last quarter. 66.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on GIB. UBS Group cut their price objective on shares of CGI Group from $112.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, July 31st. Royal Bank Of Canada cut their price objective on shares of CGI Group from $185.00 to $175.00 and set an "outperform" rating for the company in a research report on Thursday, July 31st. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $148.25.

CGI Group Trading Down 1.2%

CGI Group stock traded down $1.16 during midday trading on Tuesday, hitting $93.98. 449,630 shares of the stock were exchanged, compared to its average volume of 279,707. The stock has a market capitalization of $20.95 billion, a price-to-earnings ratio of 17.37, a PEG ratio of 1.76 and a beta of 0.72. The company has a current ratio of 1.27, a quick ratio of 0.94 and a debt-to-equity ratio of 0.35. CGI Group, Inc. has a fifty-two week low of $92.85 and a fifty-two week high of $122.79. The stock's 50-day simple moving average is $102.95 and its 200 day simple moving average is $105.77.

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

CGI Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, August 15th will be issued a dividend of $0.1086 per share. The ex-dividend date is Friday, August 15th. This represents a $0.43 dividend on an annualized basis and a dividend yield of 0.5%. This is a boost from CGI Group's previous quarterly dividend of $0.11. CGI Group's dividend payout ratio (DPR) is currently 7.95%.

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.