CGI Group, Inc. $GIB Stock: Montrusco Bolton Investments Inc. Reduces Position

Montrusco Bolton Investments Inc. reduced its holdings in shares of CGI Group, Inc. (NYSE:GIB) (TSE:GIB.A) by 15.8% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 421,178 shares of the technology company’s stock after selling 79,296 shares during the quarter. Montrusco Bolton Investments Inc.’s holdings in CGI Group were worth $28,702,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in GIB. EverSource Wealth Advisors LLC raised its stake in CGI Group by 21.6% in the first quarter. EverSource Wealth Advisors LLC now owns 1,334 shares of the technology company’s stock valued at $98,000 after buying an additional 237 shares during the last quarter. Tidal Investments LLC raised its position in shares of CGI Group by 5.4% in the 2nd quarter. Tidal Investments LLC now owns 14,457 shares of the technology company’s stock valued at $933,000 after purchasing an additional 739 shares during the last quarter. Versant Capital Management Inc raised its position in shares of CGI Group by 48.0% in the 3rd quarter. Versant Capital Management Inc now owns 2,313 shares of the technology company’s stock valued at $158,000 after purchasing an additional 750 shares during the last quarter. Glenmede Trust Co. NA raised its position in shares of CGI Group by 38.3% in the 1st quarter. Glenmede Trust Co. NA now owns 3,409 shares of the technology company’s stock valued at $249,000 after purchasing an additional 944 shares during the last quarter. Finally, Venturi Wealth Management LLC acquired a new stake in CGI Group in the 1st quarter worth approximately $204,000. 66.68% of the stock is owned by institutional investors and hedge funds.

CGI Group Stock Performance

Shares of GIB traded up $1.45 during trading hours on Tuesday, hitting $72.16. The stock had a trading volume of 463,805 shares, compared to its average volume of 473,592. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.66 and a current ratio of 0.93. The firm has a 50-day moving average price of $71.91 and a 200 day moving average price of $69.66. CGI Group, Inc. has a fifty-two week low of $59.63 and a fifty-two week high of $95.20. The firm has a market capitalization of $14.94 billion, a price-to-earnings ratio of 12.38 and a beta of 0.47.

CGI Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, August 14th were given a C$0.17 dividend. The ex-dividend date was Friday, August 14th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.9%. CGI Group’s dividend payout ratio is 8.23%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on GIB. Weiss Ratings lowered CGI Group from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, October 6th. Royal Bank Of Canada restated a “sector perform” rating and set a $100.00 target price on shares of CGI Group in a research report on Tuesday, October 6th. Finally, TD Securities lowered shares of CGI Group from a “buy” rating to a “hold” rating in a report on Thursday, July 23rd. Six analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, CGI Group has an average rating of “Reduce” and an average price target of $83.67.

About CGI Group

CGI Inc, formerly known as CGI Group Inc, is a Canadian information technology and business consulting services company headquartered in Montreal, Quebec. Founded in 1976 by Serge Godin and André Imbeau, the company has grown into a global provider of technology and business solutions for commercial and government clients.

CGI’s services include IT and business consulting, systems integration, application development and maintenance, managed IT services, cybersecurity, cloud computing, and business process services.