Hoey Investments Inc. Invests $99,000 in CGI Inc. (NYSE:GIB)

Hoey Investments Inc. acquired a new stake in CGI Inc. (NYSE:GIB) (TSE:GIB.A) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 910 shares of the technology company’s stock, valued at approximately $99,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of CGI during the 4th quarter worth about $286,970,000. Canoe Financial LP acquired a new position in CGI during the fourth quarter valued at approximately $94,390,000. National Bank of Canada FI increased its stake in CGI by 23.6% in the third quarter. National Bank of Canada FI now owns 4,513,733 shares of the technology company’s stock valued at $519,072,000 after purchasing an additional 861,771 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in 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 purchasing an additional 678,431 shares during the period. Finally, Barclays PLC boosted its position in shares of CGI by 182.6% during the third quarter. Barclays PLC now owns 476,758 shares of the technology company’s stock worth $54,808,000 after purchasing an additional 308,040 shares in the last quarter. Institutional investors and hedge funds own 66.68% of the company’s stock.

CGI Stock Performance

Shares of CGI stock opened at $98.09 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. The firm has a market cap of $22.24 billion, a price-to-earnings ratio of 17.74, a price-to-earnings-growth ratio of 2.58 and a beta of 0.96. CGI Inc. has a one year low of $96.92 and a one year high of $122.79. The stock’s 50-day moving average is $110.31 and its 200-day moving average is $111.50.

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

CGI Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, February 14th were paid a $0.1039 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $0.42 annualized dividend and a dividend yield of 0.42%. CGI’s dividend payout ratio is presently 7.41%.

Wall Street Analyst Weigh In

A number of research firms recently commented on GIB. UBS Group upped their price objective 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. Royal Bank of Canada reaffirmed an “outperform” rating and set a $192.00 price target on shares of CGI in a research report on Wednesday, March 26th. Finally, Jefferies Financial Group decreased their price objective on CGI from $140.00 to $135.00 and set a “buy” rating for the company in a research report on Tuesday, January 21st. Two investment 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price 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.