Balyasny Asset Management L.P. Buys 3,668 Shares of CGI Inc. (NYSE:GIB)

Balyasny Asset Management L.P. increased its stake in CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 14.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,402 shares of the technology company’s stock after acquiring an additional 3,668 shares during the quarter. Balyasny Asset Management L.P.’s holdings in CGI were worth $3,214,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Bank of America Corp DE increased its stake in shares of CGI by 47.2% in the 4th quarter. Bank of America Corp DE now owns 736,901 shares of the technology company’s stock valued at $80,558,000 after acquiring an additional 236,333 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in CGI in the 4th quarter valued at $1,734,000. Ameriprise Financial Inc. grew its position in CGI by 0.9% in the 4th quarter. Ameriprise Financial Inc. now owns 12,619 shares of the technology company’s stock valued at $1,380,000 after purchasing an additional 115 shares during the period. Guardian Capital LP grew its position in CGI by 1.5% in the 4th quarter. Guardian Capital LP now owns 686,159 shares of the technology company’s stock valued at $75,038,000 after purchasing an additional 10,188 shares during the period. Finally, Northern Trust Corp grew its position in CGI by 64.4% in the 4th quarter. Northern Trust Corp now owns 194,481 shares of the technology company’s stock valued at $21,261,000 after purchasing an additional 76,175 shares during the period. Institutional investors own 66.68% of the company’s stock.

CGI Price Performance

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. The company has a market capitalization of $24.00 billion, a price-to-earnings ratio of 19.14, a P/E/G ratio of 2.58 and a beta of 0.78. The firm’s fifty day moving average price is $102.65 and its two-hundred day moving average price is $108.91. CGI Inc. has a 1 year low of $92.85 and a 1 year high of $122.79.

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

CGI Increases Dividend

The company also recently disclosed 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. This represents a $0.43 dividend on an annualized basis and a yield of 0.41%. This is an increase from CGI’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Friday, May 16th. CGI’s payout ratio is currently 7.47%.

Analyst Ratings Changes

GIB has been the subject of several research reports. Royal Bank of Canada reissued an “outperform” rating and issued a $192.00 price target on shares of CGI in a research report on Wednesday, March 26th. Jefferies Financial Group reduced their price target 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. Finally, UBS Group lifted their price target 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 research analysts have rated the stock with a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $156.75.

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.