Ethic Inc. Buys 15,120 Shares of CGI Group, Inc. $GIB

Key Points

• Ethic Inc. more than doubled its CGI Group stake in the second quarter, purchasing 15,120 additional shares for a total of 24,785 shares valued at approximately $1.6 million. Institutional investors collectively own 66.68% of CGI’s stock.
• Analyst sentiment has weakened, with UBS, TD Securities, and Royal Bank of Canada lowering their ratings or price targets. CGI has a consensus “Reduce” rating and an average target price of $83.67.
• CGI shares opened at $74.72, while the company announced a quarterly dividend of $0.17 per share, equivalent to an annualized $0.68 payout and a 0.9% yield.

Ethic Inc. increased its stake in shares of CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 156.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,785 shares of the technology company's stock after purchasing an additional 15,120 shares during the quarter. Ethic Inc.'s holdings in CGI Group were worth $1,600,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Millennium Management LLC boosted its position in CGI Group by 786.2% in the first quarter. Millennium Management LLC now owns 81,470 shares of the technology company's stock valued at $8,141,000 after buying an additional 72,277 shares in the last quarter. Danske Bank A S acquired a new position in shares of CGI Group during the third quarter worth $768,000. SG Americas Securities LLC bought a new position in shares of CGI Group in the 1st quarter valued at $470,000. Davis Rea LTD. lifted its stake in shares of CGI Group by 15.9% in the 4th quarter. Davis Rea LTD. now owns 42,200 shares of the technology company's stock valued at $3,900,000 after acquiring an additional 5,779 shares during the last quarter. Finally, Kepler Cheuvreux Suisse SA boosted its holdings in shares of CGI Group by 7.5% during the 4th quarter. Kepler Cheuvreux Suisse SA now owns 78,358 shares of the technology company's stock valued at $7,232,000 after acquiring an additional 5,457 shares in the last quarter. Institutional investors own 66.68% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. UBS Group reduced their price objective on CGI Group from $79.00 to $70.00 and set a "neutral" rating on the stock in a research report on Thursday, April 30th. TD Securities downgraded CGI Group from a "buy" rating to a "hold" rating in a research report on Thursday, July 23rd. Weiss Ratings reissued a "sell (d+)" rating on shares of CGI Group in a research note on Wednesday, June 24th. Finally, Royal Bank Of Canada cut CGI Group from an "outperform" rating to a "sector perform" rating and reduced their price target for the stock from $150.00 to $100.00 in a report on Thursday, April 30th. Six analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, CGI Group currently has a consensus rating of "Reduce" and a consensus target price of $83.67.

CGI Group Stock Up 1.0%

Shares of NYSE:GIB opened at $74.72 on Friday. The firm has a market cap of $15.80 billion, a P/E ratio of 12.82 and a beta of 0.46. CGI Group, Inc. has a 12-month low of $59.63 and a 12-month high of $97.55. The business has a fifty day simple moving average of $67.87 and a 200 day simple moving average of $71.11. The company has a quick ratio of 0.66, a current ratio of 0.93 and a debt-to-equity ratio of 0.28.

CGI Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, August 14th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, August 14th. CGI Group's payout ratio is currently 8.58%.

CGI Group Profile

CGI Group Inc is a global information technology and business consulting firm that delivers a broad range of services including IT consulting, systems integration, application development and maintenance, infrastructure and network services, managed IT and business process outsourcing. The company works with clients to design, build and operate IT systems and business solutions, with capabilities spanning cloud and hybrid IT environments, cybersecurity, data analytics and artificial intelligence, digital transformation and enterprise resource planning implementations.

Founded in 1976 in Quebec by Serge Godin and André Imbeau, CGI has grown from a regional systems integrator into a multinational professional services organization.

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