Bank of America Corp DE Raises Position in CGI Inc. (NYSE:GIB)

Bank of America Corp DE grew its position in CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 47.2% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 736,901 shares of the technology company’s stock after buying an additional 236,333 shares during the period. Bank of America Corp DE owned approximately 0.33% of CGI worth $80,558,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Norges Bank bought a new stake in shares of CGI in the fourth quarter worth approximately $286,970,000. Canoe Financial LP bought a new stake in shares of CGI in the fourth quarter worth approximately $94,390,000. Arrowstreet Capital Limited Partnership grew its stake in shares of CGI by 29.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,992,111 shares of the technology company’s stock worth $327,007,000 after acquiring an additional 678,431 shares during the period. Bank of Montreal Can grew its stake in shares of CGI by 17.3% in the fourth quarter. Bank of Montreal Can now owns 3,843,289 shares of the technology company’s stock worth $419,976,000 after acquiring an additional 567,868 shares during the period. Finally, Barclays PLC grew its stake in shares of CGI by 182.6% in the third quarter. Barclays PLC now owns 476,758 shares of the technology company’s stock worth $54,808,000 after acquiring an additional 308,040 shares during the period. 66.68% of the stock is owned by hedge funds and other institutional investors.

CGI Price Performance

Shares of NYSE:GIB opened at $105.87 on Monday. 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 $92.85 and a 1-year high of $122.79. The company has a market capitalization of $24.00 billion, a P/E ratio of 19.14, a P/E/G ratio of 2.58 and a beta of 0.78. The firm’s 50 day simple moving average is $102.65 and its two-hundred day simple moving average is $108.91.

CGI (NYSE:GIB) (TSE:GIB.A) last issued its quarterly earnings results on Wednesday, April 30th. The technology company reported $1.48 earnings per share for the quarter, missing the consensus estimate of $1.50 by ($0.02). CGI had a net margin of 11.72% and a return on equity of 19.32%. The firm had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $4.05 billion. During the same period in the prior year, the firm earned $1.97 EPS. CGI’s revenue for the quarter was up 7.6% compared to the same quarter last year. Research analysts expect that CGI Inc. will post 5.79 EPS for the current fiscal year.

CGI Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, May 16th will be issued a dividend of $0.1086 per share. The ex-dividend date is Friday, May 16th. This represents a $0.43 annualized dividend and a yield of 0.41%. This is an increase from CGI’s previous quarterly dividend of $0.10. CGI’s payout ratio is currently 7.47%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on GIB shares. Jefferies Financial Group cut their target price on shares of CGI from $140.00 to $135.00 and set a “buy” rating for the company in a research report on Tuesday, January 21st. Royal Bank of Canada restated an “outperform” rating and set a $192.00 target price on shares of CGI in a research report on Wednesday, March 26th. Finally, UBS Group boosted their target price on shares of CGI from $118.00 to $122.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $156.75.

CGI 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.