CIBC Asset Management Inc Sells 217,151 Shares of CGI Inc. (NYSE:GIB)

CIBC Asset Management Inc cut its position in CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 33.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 439,382 shares of the technology company’s stock after selling 217,151 shares during the period. CIBC Asset Management Inc owned 0.19% of CGI worth $50,672,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Janus Henderson Group PLC lifted its holdings in shares of CGI by 3,776.8% in the 1st quarter. Janus Henderson Group PLC now owns 699,798 shares of the technology company’s stock worth $77,381,000 after purchasing an additional 681,747 shares in the last quarter. Bessemer Group Inc. grew its holdings in shares of CGI by 9,135.3% during the first quarter. Bessemer Group Inc. now owns 126,986 shares of the technology company’s stock valued at $14,011,000 after buying an additional 125,611 shares during the last quarter. Fiera Capital Corp increased its position in shares of CGI by 2.7% during the third quarter. Fiera Capital Corp now owns 4,384,639 shares of the technology company’s stock worth $505,173,000 after acquiring an additional 114,864 shares in the last quarter. Andra AP fonden acquired a new stake in shares of CGI in the 2nd quarter worth about $11,418,000. Finally, Dimensional Fund Advisors LP lifted its position in CGI by 22.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 625,106 shares of the technology company’s stock valued at $62,394,000 after acquiring an additional 113,903 shares in the last quarter. 66.68% of the stock is owned by institutional investors and hedge funds.

CGI Price Performance

Shares of NYSE:GIB opened at $107.06 on Friday. The company has a market capitalization of $24.40 billion, a P/E ratio of 19.90, a price-to-earnings-growth ratio of 2.37 and a beta of 0.96. The company’s 50-day moving average is $113.93 and its 200 day moving average is $107.84. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.02 and a current ratio of 1.36. CGI Inc. has a fifty-two week low of $96.92 and a fifty-two week high of $118.89.

CGI Announces Dividend

The company also recently disclosed a — dividend, which will be paid on Friday, December 20th. Investors of record on Wednesday, November 20th will be paid a $0.111 dividend. The ex-dividend date is Wednesday, November 20th. This represents a yield of 0.4%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on GIB. CIBC raised CGI from a “neutral” rating to an “outperformer” rating and boosted their price objective for the stock from $155.00 to $178.00 in a report on Tuesday, October 15th. Sanford C. Bernstein raised CGI to a “strong-buy” rating in a research report on Thursday, August 1st. StockNews.com upgraded CGI from a “sell” rating to a “hold” rating in a research note on Friday. Cibc World Mkts upgraded shares of CGI from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 15th. Finally, UBS Group initiated coverage on shares of CGI in a report on Friday, July 19th. They issued a “neutral” rating and a $112.00 target price for the company. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, CGI presently has a consensus rating of “Buy” and an average target price of $137.00.

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.