Montrusco Bolton Investments Inc. Sells 79,296 Shares of CGI Group, Inc. $GIB

Key Points

• Montrusco Bolton Investments reduced its CGI Group stake by 15.8%, selling 79,296 shares and retaining 421,178 shares valued at approximately $28.7 million. Institutional investors collectively own 66.68% of the company.
• CGI Group shares rose 2.1% to $72.16, with the stock trading between a 52-week low of $59.63 and high of $95.20. The company also announced a quarterly dividend of C$0.17, equal to a 0.9% annualized yield.
• Analyst sentiment remains cautious: six analysts rate the stock “Hold” and one rates it “Sell,” producing a consensus “Reduce” rating and an average price target of $83.67.

Montrusco Bolton Investments Inc. trimmed its stake in CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 15.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 421,178 shares of the technology company's stock after selling 79,296 shares during the period. Montrusco Bolton Investments Inc. owned about 0.20% of CGI Group worth $28,702,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC increased its position in shares of CGI Group by 21.6% during the first quarter. EverSource Wealth Advisors LLC now owns 1,334 shares of the technology company's stock worth $98,000 after acquiring an additional 237 shares during the period. Versant Capital Management Inc boosted its holdings in shares of CGI Group by 48.0% in the third quarter. Versant Capital Management Inc now owns 2,313 shares of the technology company's stock valued at $158,000 after purchasing an additional 750 shares during the period. Venturi Wealth Management LLC bought a new position in CGI Group in the first quarter worth approximately $204,000. Glenmede Trust Co. NA grew its stake in CGI Group by 38.3% in the first quarter. Glenmede Trust Co. NA now owns 3,409 shares of the technology company's stock worth $249,000 after purchasing an additional 944 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in CGI Group in the first quarter worth approximately $470,000. 66.68% of the stock is owned by hedge funds and other institutional investors.

CGI Group Stock Up 2.1%

NYSE GIB traded up $1.45 during midday trading on Tuesday, hitting $72.16. 463,805 shares of the company traded hands, compared to its average volume of 473,592. CGI Group, Inc. has a 52 week low of $59.63 and a 52 week high of $95.20. The company's 50-day simple moving average is $71.91 and its 200-day simple moving average is $69.66. The company has a market cap of $14.94 billion, a PE ratio of 12.38 and a beta of 0.47. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.93 and a quick ratio of 0.66.

CGI Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, August 14th were issued a C$0.17 dividend. The ex-dividend date was Friday, August 14th. This represents a $0.68 dividend on an annualized basis and a yield of 0.9%. CGI Group's payout ratio is currently 8.23%.

Analyst Upgrades and Downgrades

GIB has been the subject of a number of research analyst reports. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $100.00 target price on shares of CGI Group in a research report on Tuesday, October 6th. Weiss Ratings cut CGI Group from a "hold (c-)" rating to a "sell (d+)" rating in a report on Tuesday, October 6th. Finally, TD Securities downgraded CGI Group from a "buy" rating to a "hold" rating in a research report on Thursday, July 23rd. Six analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $83.67.

About CGI Group

CGI Inc, formerly known as CGI Group Inc, is a Canadian information technology and business consulting services company headquartered in Montreal, Quebec. Founded in 1976 by Serge Godin and André Imbeau, the company has grown into a global provider of technology and business solutions for commercial and government clients.

CGI's services include IT and business consulting, systems integration, application development and maintenance, managed IT services, cybersecurity, cloud computing, and business process services.

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