Northern Trust Corp Buys 51,409 Shares of CGI Group, Inc. $GIB

Key Points

• Northern Trust Corp has increased its stake in CGI Group, Inc. by 26.4%, now owning 245,890 shares valued at approximately $24.5 million.
• CGI Group recently beat earnings expectations with an EPS of $1.52 and reported a revenue of $3 billion, though analysts had estimated $4.01 billion.
• The company has announced a slight decrease in its quarterly dividend from $0.11 to $0.1086, set to be paid on September 19th, providing a yield of 0.4%.

Northern Trust Corp boosted its stake in shares of CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 26.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 245,890 shares of the technology company's stock after acquiring an additional 51,409 shares during the quarter. Northern Trust Corp owned 0.11% of CGI Group worth $24,547,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Aviso Financial Inc. boosted its holdings in CGI Group by 2.6% during the 1st quarter. Aviso Financial Inc. now owns 607,166 shares of the technology company's stock valued at $60,636,000 after acquiring an additional 15,572 shares during the period. Versor Investments LP boosted its holdings in CGI Group by 16.1% during the 1st quarter. Versor Investments LP now owns 10,499 shares of the technology company's stock valued at $1,048,000 after acquiring an additional 1,454 shares during the period. Northwest & Ethical Investments L.P. boosted its holdings in CGI Group by 13.6% during the 1st quarter. Northwest & Ethical Investments L.P. now owns 302,938 shares of the technology company's stock valued at $30,261,000 after acquiring an additional 36,286 shares during the period. American Century Companies Inc. lifted its holdings in CGI Group by 49.6% in the 1st quarter. American Century Companies Inc. now owns 41,686 shares of the technology company's stock worth $4,162,000 after buying an additional 13,827 shares during the period. Finally, Ethic Inc. lifted its holdings in CGI Group by 26.7% in the 1st quarter. Ethic Inc. now owns 6,340 shares of the technology company's stock worth $639,000 after buying an additional 1,336 shares during the period. 66.68% of the stock is currently owned by hedge funds and other institutional investors.

CGI Group Stock Down 0.8%

Shares of NYSE:GIB traded down $0.77 during trading on Thursday, hitting $95.66. The stock had a trading volume of 118,048 shares, compared to its average volume of 284,570. CGI Group, Inc. has a 12 month low of $92.85 and a 12 month high of $122.79. The company has a market capitalization of $21.32 billion, a PE ratio of 17.69, a PEG ratio of 1.79 and a beta of 0.75. The firm's fifty day moving average is $98.95 and its 200 day moving average is $103.25. The company has a quick ratio of 0.94, a current ratio of 1.27 and a debt-to-equity ratio of 0.35.

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

CGI Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, August 15th will be given a dividend of $0.1086 per share. 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. This represents a $0.43 dividend on an annualized basis and a yield of 0.5%. CGI Group's dividend payout ratio is 7.95%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on GIB shares. 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 report on Thursday, July 31st. UBS Group dropped their price objective on CGI Group from $112.00 to $105.00 and set a "neutral" rating for the company in a report on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $148.25.

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.