Paloma Partners Management Co boosted its holdings in shares of CGI Group Inc (NYSE:GIB) (TSE:GIB.A) by 249.1% in the 4th quarter, Holdings Channel reports. The firm owned 54,679 shares of the technology company’s stock after buying an additional 39,016 shares during the period. Paloma Partners Management Co’s holdings in CGI Group were worth $2,971,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its holdings in shares of CGI Group by 1.9% during the second quarter. Dimensional Fund Advisors LP now owns 169,099 shares of the technology company’s stock worth $8,636,000 after buying an additional 3,110 shares in the last quarter. State Street Corp acquired a new position in shares of CGI Group during the second quarter worth $684,000. DekaBank Deutsche Girozentrale increased its holdings in shares of CGI Group by 42.5% during the third quarter. DekaBank Deutsche Girozentrale now owns 144,814 shares of the technology company’s stock worth $7,296,000 after buying an additional 43,182 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of CGI Group by 3.0% during the third quarter. Bank of New York Mellon Corp now owns 256,329 shares of the technology company’s stock worth $13,296,000 after buying an additional 7,365 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of CGI Group during the third quarter worth $356,000. Hedge funds and other institutional investors own 59.79% of the company’s stock.
Several research analysts have recently issued reports on GIB shares. Zacks Investment Research upgraded shares of CGI Group from a “hold” rating to a “buy” rating and set a $59.00 price target for the company in a report on Tuesday, January 16th. Barclays increased their price objective on CGI Group from $60.00 to $63.00 and gave the company an “overweight” rating in a report on Thursday, February 1st. Finally, ValuEngine upgraded CGI Group from a “hold” rating to a “buy” rating in a report on Monday, February 5th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. CGI Group currently has a consensus rating of “Buy” and a consensus price target of $71.00.
CGI Group (NYSE:GIB) (TSE:GIB.A) last posted its quarterly earnings data on Wednesday, January 31st. The technology company reported $0.78 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.78. The business had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.78 billion. CGI Group had a return on equity of 17.54% and a net margin of 9.50%. CGI Group’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 earnings per share. equities analysts anticipate that CGI Group Inc will post 3.34 EPS for the current fiscal year.
CGI Group announced that its board has authorized a share buyback plan on Wednesday, January 31st that authorizes the company to repurchase 20,590,000 shares. This repurchase authorization authorizes the technology company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.
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CGI Group Company Profile
CGI Group Inc (CGI), directly or through its subsidiaries, manages information technology (IT) services, as well as business process services (BPS). The Company’s services include the management of IT and business functions (outsourcing), systems integration and consulting, as well as the sale of software solutions.
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