Parallel Advisors LLC Lowers Stake in CGI Inc. (NYSE:GIB)

Parallel Advisors LLC reduced its position in shares of CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 7.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,822 shares of the technology company’s stock after selling 232 shares during the quarter. Parallel Advisors LLC’s holdings in CGI were worth $309,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Geode Capital Management LLC lifted its stake 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 buying an additional 79,362 shares in the last quarter. Barclays PLC lifted its stake in CGI by 182.6% in the 3rd quarter. Barclays PLC now owns 476,758 shares of the technology company’s stock valued at $54,808,000 after buying an additional 308,040 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake 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 valued at $64,518,000 after buying an additional 21,427 shares in the last quarter. Blue Trust Inc. lifted its stake in CGI by 47.6% in the 4th quarter. Blue Trust Inc. now owns 1,163 shares of the technology company’s stock valued at $134,000 after buying an additional 375 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in CGI by 21.1% in the 3rd quarter. Wellington Management Group LLP now owns 96,516 shares of the technology company’s stock valued at $11,118,000 after buying an additional 16,844 shares in the last quarter. 66.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GIB has been the topic of a number of research reports. UBS Group raised their target price on shares of CGI from $118.00 to $122.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. Jefferies Financial Group decreased their target price 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. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $178.00 target price on shares of CGI in a research note on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $153.25.

CGI Stock Up 0.1 %

Shares of NYSE GIB opened at $98.80 on Friday. The company has a 50 day simple moving average of $111.15 and a 200-day simple moving average of $111.99. The company has a market capitalization of $22.40 billion, a P/E ratio of 17.87, a P/E/G ratio of 2.58 and a beta of 0.96. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.31 and a quick ratio of 1.04. CGI Inc. has a 1 year low of $96.92 and a 1 year high of $122.79.

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

CGI Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, February 14th were issued a dividend of $0.1039 per share. The ex-dividend date was Friday, February 14th. This represents a $0.42 dividend on an annualized basis and a dividend yield of 0.42%. CGI’s dividend payout ratio is currently 7.41%.

About CGI

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.