Addenda Capital Inc. Decreases Stake in CGI Inc. (NYSE:GIB)

Addenda Capital Inc. cut its stake in shares of CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 3.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 421,439 shares of the technology company’s stock after selling 13,428 shares during the quarter. CGI comprises approximately 2.2% of Addenda Capital Inc.’s investment portfolio, making the stock its 11th biggest holding. Addenda Capital Inc. owned 0.18% of CGI worth $46,565,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in GIB. Vanguard Group Inc. raised its position in CGI by 1.8% during the third quarter. Vanguard Group Inc. now owns 7,578,327 shares of the technology company’s stock valued at $746,389,000 after acquiring an additional 132,166 shares in the last quarter. Fiera Capital Corp increased its holdings in CGI by 7.1% in the fourth quarter. Fiera Capital Corp now owns 4,085,404 shares of the technology company’s stock valued at $439,103,000 after buying an additional 272,371 shares in the last quarter. National Bank of Canada FI raised its position in shares of CGI by 3.6% in the fourth quarter. National Bank of Canada FI now owns 3,711,372 shares of the technology company’s stock worth $385,239,000 after acquiring an additional 129,020 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of CGI by 12.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,505,781 shares of the technology company’s stock valued at $348,026,000 after acquiring an additional 401,717 shares during the period. Finally, Norges Bank purchased a new position in shares of CGI during the 4th quarter valued at approximately $273,239,000. 66.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on GIB shares. CIBC cut CGI from a “sector outperform” rating to a “neutral” rating in a report on Friday, June 21st. StockNews.com lowered CGI from a “buy” rating to a “hold” rating in a research note on Monday, March 11th. Finally, TD Securities raised CGI from a “hold” rating to a “buy” rating in a research report on Thursday, May 2nd.

CGI Trading Down 0.6 %

NYSE GIB traded down $0.59 on Friday, reaching $99.77. The stock had a trading volume of 286,947 shares, compared to its average volume of 156,403. The company has a quick ratio of 0.86, a current ratio of 1.17 and a debt-to-equity ratio of 0.22. The stock has a fifty day moving average price of $101.87 and a two-hundred day moving average price of $107.25. CGI Inc. has a 12-month low of $93.07 and a 12-month high of $118.89. The firm has a market capitalization of $23.02 billion, a price-to-earnings ratio of 19.22, a P/E/G ratio of 2.32 and a beta of 0.95.

CGI (NYSE:GIB) (TSE:GIB.A) last announced its earnings results on Wednesday, May 1st. The technology company reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.02. The company had revenue of $2.77 billion during the quarter, compared to analysts’ expectations of $2.79 billion. CGI had a return on equity of 20.43% and a net margin of 11.38%. As a group, sell-side analysts forecast that CGI Inc. will post 5.57 EPS for the current fiscal year.

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.