Scheer Rowlett & Associates Investment Management Ltd. Reduces Stake in CGI Inc. (NYSE:GIB)

Scheer Rowlett & Associates Investment Management Ltd. reduced its position in CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 1.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 389,188 shares of the technology company’s stock after selling 4,544 shares during the period. CGI accounts for about 3.1% of Scheer Rowlett & Associates Investment Management Ltd.’s holdings, making the stock its 14th largest holding. Scheer Rowlett & Associates Investment Management Ltd.’s holdings in CGI were worth $44,777,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Blue Trust Inc. grew its position in shares of CGI by 288.2% in the third quarter. Blue Trust Inc. now owns 788 shares of the technology company’s stock valued at $91,000 after purchasing an additional 585 shares during the period. CWM LLC grew its position in shares of CGI by 14.8% in the third quarter. CWM LLC now owns 1,365 shares of the technology company’s stock valued at $157,000 after purchasing an additional 176 shares during the period. Werba Rubin Papier Wealth Management purchased a new stake in shares of CGI in the third quarter valued at $208,000. Thrivent Financial for Lutherans acquired a new position in CGI in the third quarter valued at $209,000. Finally, Atria Investments Inc acquired a new position in CGI in the third quarter valued at $218,000. 66.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Sanford C. Bernstein upgraded CGI to a “strong-buy” rating in a research note on Thursday, August 1st. CIBC upgraded CGI from a “neutral” rating to an “outperformer” rating and boosted their price target for the stock from $155.00 to $178.00 in a research note on Tuesday, October 15th. Cibc World Mkts upgraded CGI from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 15th. Finally, StockNews.com raised CGI from a “sell” rating to a “hold” rating in a report on Friday, November 15th. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $137.00.

CGI Stock Down 0.7 %

Shares of NYSE GIB traded down $0.78 during mid-day trading on Wednesday, reaching $108.89. The company had a trading volume of 29,739 shares, compared to its average volume of 149,803. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.02 and a current ratio of 1.36. The stock has a market capitalization of $24.82 billion, a PE ratio of 20.39, a price-to-earnings-growth ratio of 2.27 and a beta of 0.96. CGI Inc. has a twelve month low of $96.92 and a twelve month high of $118.89. The stock’s 50 day moving average is $113.58 and its 200-day moving average is $108.07.

CGI Dividend Announcement

The firm also recently declared a — dividend, which will be paid on Friday, December 20th. Investors of record on Wednesday, November 20th will be given a $0.111 dividend. This represents a yield of 0.4%. The ex-dividend date is Wednesday, November 20th.

CGI 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.