Highstreet Asset Management Inc. Sells 31,376 Shares of CGI (GIB)
Highstreet Asset Management Inc. cut its holdings in CGI (NYSE:GIB) (TSE:GIB.A) by 40.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,128 shares of the technology company’s stock after selling 31,376 shares during the quarter. Highstreet Asset Management Inc.’s holdings in CGI were worth $2,987,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the company. Bank of Montreal Can purchased a new stake in shares of CGI in the 2nd quarter worth about $403,130,000. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of CGI by 8.9% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,828,857 shares of the technology company’s stock worth $242,489,000 after buying an additional 314,500 shares during the period. Great West Life Assurance Co. Can grew its position in shares of CGI by 1.1% in the 2nd quarter. Great West Life Assurance Co. Can now owns 2,860,961 shares of the technology company’s stock worth $181,845,000 after buying an additional 30,451 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of CGI by 14.2% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,037,318 shares of the technology company’s stock worth $129,003,000 after buying an additional 253,847 shares during the period. Finally, Toronto Dominion Bank grew its position in shares of CGI by 96.5% in the 2nd quarter. Toronto Dominion Bank now owns 1,378,779 shares of the technology company’s stock worth $86,828,000 after buying an additional 677,254 shares during the period. 60.25% of the stock is currently owned by hedge funds and other institutional investors.
GIB has been the topic of a number of analyst reports. Scotiabank cut shares of CGI from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, July 17th. Desjardins cut shares of CGI from a “buy” rating to a “hold” rating in a research note on Wednesday, July 25th. Zacks Investment Research upgraded shares of CGI from a “sell” rating to a “hold” rating in a research note on Tuesday, August 7th. Finally, Barclays upped their price target on shares of CGI from $64.00 to $68.00 and gave the stock an “overweight” rating in a research note on Thursday, August 2nd. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $72.25.
CGI (NYSE:GIB) (TSE:GIB.A) last announced its quarterly earnings results on Wednesday, August 1st. The technology company reported $1.08 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.24. The company had revenue of $2.94 billion for the quarter, compared to analysts’ expectations of $2.98 billion. CGI had a net margin of 9.33% and a return on equity of 18.06%. CGI’s revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.93 EPS. analysts expect that CGI will post 3.18 earnings per share for the current fiscal year.
CGI Group Inc provides information technology and business process services in Canada and internationally. It offers application development and maintenance, portfolio management, quality assurance and testing, modernization, and migration services; agile, business transformation, change management, CIO advisory, cybersecurity, data analytics, digital enterprise, project management, and industry-specific business consulting services; business-to-business and customer operations support, purchase management, revenue management, and supplier payment services; and data center facilities and management, technical service desk, printing and document management, remote infrastructure, transformation, storage as a service, data vaulting, disaster recovery and archiving as a service, bottomless edge-to-core storage, and file sync and share as a service, as well as infrastructure solutions and consulting services.
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