Connor Clark & Lunn Investment Management Ltd. Reduces Stock Position in CGI Inc. (NYSE:GIB)

Connor Clark & Lunn Investment Management Ltd. trimmed its holdings in CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 4.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 1,314,719 shares of the technology company’s stock after selling 54,103 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in CGI were worth $143,666,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Geode Capital Management LLC lifted its holdings in CGI by 8.6% in the 3rd quarter. Geode Capital Management LLC now owns 998,470 shares of the technology company’s stock valued at $115,844,000 after purchasing an additional 79,362 shares in the last quarter. Barclays PLC raised its position in CGI by 182.6% in the third quarter. Barclays PLC now owns 476,758 shares of the technology company’s stock valued at $54,808,000 after purchasing an additional 308,040 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in CGI by 4.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 560,159 shares of the technology company’s stock worth $64,518,000 after acquiring an additional 21,427 shares during the period. Cassaday & Co Wealth Management LLC acquired a new stake in CGI during the 3rd quarter valued at $825,000. Finally, Blue Trust Inc. lifted its stake in shares of CGI by 47.6% in the fourth quarter. Blue Trust Inc. now owns 1,163 shares of the technology company’s stock worth $134,000 after acquiring an additional 375 shares in the last quarter. 66.68% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on GIB shares. StockNews.com upgraded CGI from a “sell” rating to a “hold” rating in a research report on Friday, November 15th. Royal Bank of Canada reiterated an “outperform” rating and set a $178.00 price objective on shares of CGI in a research report on Monday, January 6th. UBS Group lifted their target price on CGI from $118.00 to $122.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. Finally, Jefferies Financial Group dropped their price target on shares of CGI from $140.00 to $135.00 and set a “buy” rating on the stock in a research note on Tuesday, January 21st. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $153.25.

CGI Stock Performance

Shares of NYSE GIB opened at $103.86 on Wednesday. The company has a quick ratio of 1.04, a current ratio of 1.31 and a debt-to-equity ratio of 0.28. CGI Inc. has a 12 month low of $96.92 and a 12 month high of $122.79. The business’s 50 day moving average is $112.27 and its two-hundred day moving average is $112.53. The company has a market cap of $23.55 billion, a P/E ratio of 18.78, a P/E/G ratio of 2.58 and a beta of 0.96.

CGI (NYSE:GIB) (TSE:GIB.A) last released its quarterly earnings data on Wednesday, January 29th. The technology company reported $1.41 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.41. CGI had a return on equity of 19.32% and a net margin of 11.72%. On average, equities analysts expect that CGI Inc. will post 5.79 EPS for the current year.

CGI Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, February 14th will be paid a dividend of $0.1039 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $0.42 annualized dividend and a yield of 0.40%. CGI’s dividend payout ratio is currently 7.41%.

CGI Company 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.