CGI Group (NYSE:GIB) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research downgraded shares of CGI Group (NYSE:GIB) (TSE:GIB.A) from a hold rating to a sell rating in a research report sent to investors on Wednesday, April 11th.

According to Zacks, “CGI provides the full range of IT services including consulting, systems integration and the management of business and IT functions. The company’s primary focus is large scale systems integration and outsourcing contracts. “

How to Become a New Pot Stock Millionaire

A number of other research analysts have also weighed in on GIB. ValuEngine raised shares of CGI Group from a hold rating to a buy rating in a report on Monday, February 5th. Barclays lifted their target price on CGI Group from $60.00 to $63.00 and gave the stock an overweight rating in a research report on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. CGI Group has a consensus rating of Buy and an average price target of $71.00.

GIB opened at $58.52 on Wednesday. CGI Group has a 52-week low of $46.40 and a 52-week high of $59.89. The company has a current ratio of 0.99, a quick ratio of 0.70 and a debt-to-equity ratio of 0.24. The stock has a market cap of $16,886.33, a price-to-earnings ratio of 20.22, a P/E/G ratio of 1.94 and a beta of 0.73.

CGI Group (NYSE:GIB) (TSE:GIB.A) last issued its quarterly earnings data on Wednesday, January 31st. The technology company reported $0.78 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.78. CGI Group had a net margin of 9.50% and a return on equity of 17.54%. The firm had revenue of $2.82 billion for the quarter, compared to analysts’ expectations of $2.78 billion. During the same quarter in the prior year, the business earned $0.90 EPS. The business’s quarterly revenue was up 5.3% on a year-over-year basis. analysts expect that CGI Group will post 3.35 EPS for the current year.

CGI Group announced that its Board of Directors has authorized a share buyback program on Wednesday, January 31st that allows the company to buyback 20,590,000 outstanding shares. This buyback authorization allows the technology company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

A number of hedge funds and other institutional investors have recently modified their holdings of GIB. The Manufacturers Life Insurance Company boosted its position in CGI Group by 58.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 3,315,530 shares of the technology company’s stock valued at $180,133,000 after buying an additional 1,219,578 shares during the last quarter. Picton Mahoney Asset Management acquired a new position in CGI Group in the fourth quarter valued at approximately $60,517,000. Franklin Resources Inc. lifted its holdings in CGI Group by 284.0% in the fourth quarter. Franklin Resources Inc. now owns 1,044,010 shares of the technology company’s stock valued at $56,763,000 after acquiring an additional 772,125 shares during the period. Mackenzie Financial Corp lifted its holdings in CGI Group by 164.4% in the fourth quarter. Mackenzie Financial Corp now owns 1,224,359 shares of the technology company’s stock valued at $66,519,000 after acquiring an additional 761,285 shares during the period. Finally, Amundi Pioneer Asset Management Inc. acquired a new position in CGI Group in the fourth quarter valued at approximately $41,118,000. Hedge funds and other institutional investors own 59.70% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: “CGI Group (NYSE:GIB) Stock Rating Lowered by Zacks Investment Research” was published by Week Herald and is the sole property of of Week Herald. If you are accessing this piece of content on another publication, it was stolen and reposted in violation of United States and international trademark & copyright laws. The correct version of this piece of content can be read at https://weekherald.com/2018/04/19/cgi-group-gib-downgraded-by-zacks-investment-research-to-sell.html.

CGI Group Company Profile

CGI Group Inc provides information technology and business process services in Canada and internationally. It offers application development and maintenance, portfolio management, quality assurance and testing, modernization, and migration services; agile, business transformation, change management, CIO advisory, cybersecurity, data analytics, digital enterprise, project management, and industry-specific business consulting services; business-to-business and customer operations support, purchase management, revenue management, and supplier payment services; and data center facilities and management, technical service desk, printing and document management, remote infrastructure, transformation, storage as a service, data vaulting, disaster recovery and archiving as a service, bottomless edge-to-core storage, and file sync and share as a service, as well as infrastructure solutions and consulting services.

Get a free copy of the Zacks research report on CGI Group (GIB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for CGI Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CGI Group and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply