CGI Group (NYSE:GIB) Share Price Passes Above 200 Day Moving Average – Here’s What Happened

CGI Group, Inc. (NYSE:GIB) (TSE:GIB.A) shares passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $70.67 and traded as high as $75.58. CGI Group shares last traded at $74.93, with a volume of 195,649 shares.

Wall Street Analyst Weigh In

GIB has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “sell (d+)” rating on shares of CGI Group in a report on Wednesday, June 24th. UBS Group reduced their price objective on CGI Group from $79.00 to $70.00 and set a “neutral” rating on the stock in a research note on Thursday, April 30th. Royal Bank Of Canada downgraded shares of CGI Group from an “outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $150.00 to $100.00 in a report on Thursday, April 30th. Finally, TD Securities lowered shares of CGI Group from a “buy” rating to a “hold” rating in a research note on Thursday, July 23rd. Six analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $83.67.

CGI Group Stock Up 0.9%

The company has a debt-to-equity ratio of 0.28, a current ratio of 0.93 and a quick ratio of 0.66. The stock’s fifty day simple moving average is $68.70 and its 200-day simple moving average is $70.67. The stock has a market cap of $15.84 billion, a P/E ratio of 12.85 and a beta of 0.46.

CGI Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, August 14th will be given a dividend of $0.17 per share. The ex-dividend date is Friday, August 14th. This represents a $0.68 dividend on an annualized basis and a yield of 0.9%. CGI Group’s payout ratio is currently 8.23%.

Institutional Investors Weigh In On CGI Group

A number of hedge funds have recently added to or reduced their stakes in GIB. AQR Capital Management LLC acquired a new stake in shares of CGI Group in the 1st quarter worth about $347,000. Millennium Management LLC lifted its position in CGI Group by 786.2% in the 1st quarter. Millennium Management LLC now owns 81,470 shares of the technology company’s stock valued at $8,141,000 after purchasing an additional 72,277 shares during the last quarter. Jane Street Group LLC boosted its stake in CGI Group by 29.4% during the 1st quarter. Jane Street Group LLC now owns 12,858 shares of the technology company’s stock valued at $1,284,000 after purchasing an additional 2,921 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of CGI Group by 53.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,452 shares of the technology company’s stock worth $152,000 after buying an additional 505 shares during the period. Finally, Entropy Technologies LP acquired a new position in CGI Group during the 3rd quarter worth $236,000. 66.68% of the stock is currently owned by institutional investors.

About CGI Group

CGI Group Inc is a global information technology and business consulting firm that delivers a broad range of services including IT consulting, systems integration, application development and maintenance, infrastructure and network services, managed IT and business process outsourcing. The company works with clients to design, build and operate IT systems and business solutions, with capabilities spanning cloud and hybrid IT environments, cybersecurity, data analytics and artificial intelligence, digital transformation and enterprise resource planning implementations.

Founded in 1976 in Quebec by Serge Godin and André Imbeau, CGI has grown from a regional systems integrator into a multinational professional services organization.