CGI Group, Inc. (GIB) Expected to Post FY2017 Earnings of $3.03 Per Share

CGI Group, Inc. (NYSE:GIB) (TSE:GIB.A) – Cormark upped their FY2017 earnings per share estimates for shares of CGI Group in a research note issued to investors on Monday. Cormark analyst R. Peters now expects that the technology company will earn $3.03 per share for the year, up from their prior estimate of $2.95. Cormark also issued estimates for CGI Group’s FY2018 earnings at $3.39 EPS.

CGI Group (NYSE:GIB) (TSE:GIB.A) last released its earnings results on Wednesday, August 2nd. The technology company reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.01). CGI Group had a return on equity of 17.10% and a net margin of 10.18%. The company had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.78 billion. During the same quarter in the previous year, the company earned $0.89 EPS. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year.

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Several other research firms have also recently weighed in on GIB. Barclays PLC reiterated an “overweight” rating and issued a $60.00 price target (up previously from $55.00) on shares of CGI Group in a report on Wednesday, August 9th. Zacks Investment Research cut shares of CGI Group from a “buy” rating to a “hold” rating in a report on Wednesday, July 5th. Finally, BidaskClub cut shares of CGI Group from a “buy” rating to a “hold” rating in a report on Thursday, August 10th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $61.00.

Shares of CGI Group (GIB) opened at 51.87 on Tuesday. The firm has a 50-day moving average of $50.80 and a 200-day moving average of $49.58. CGI Group has a 52-week low of $45.73 and a 52-week high of $53.65. The stock has a market cap of $15.32 billion, a P/E ratio of 18.03 and a beta of 0.92.

Hedge funds have recently made changes to their positions in the company. Morgan Stanley lifted its position in shares of CGI Group by 38.4% in the first quarter. Morgan Stanley now owns 596,523 shares of the technology company’s stock worth $28,592,000 after purchasing an additional 165,506 shares in the last quarter. CIBC Asset Management Inc lifted its position in shares of CGI Group by 37.0% in the second quarter. CIBC Asset Management Inc now owns 2,036,861 shares of the technology company’s stock worth $103,953,000 after purchasing an additional 550,382 shares in the last quarter. World Asset Management Inc lifted its position in shares of CGI Group by 0.8% in the first quarter. World Asset Management Inc now owns 16,825 shares of the technology company’s stock worth $806,000 after purchasing an additional 134 shares in the last quarter. AGF Investments Inc. lifted its position in shares of CGI Group by 4.0% in the second quarter. AGF Investments Inc. now owns 953,691 shares of the technology company’s stock worth $48,755,000 after purchasing an additional 36,312 shares in the last quarter. Finally, AXA lifted its position in shares of CGI Group by 26.8% in the second quarter. AXA now owns 160,472 shares of the technology company’s stock worth $8,195,000 after purchasing an additional 33,943 shares in the last quarter. 70.69% of the stock is currently owned by institutional investors and hedge funds.

About CGI Group

CGI Group Inc (CGI), directly or through its subsidiaries, manages information technology (IT) services, as well as business process services (BPS). The Company’s services include the management of IT and business functions (outsourcing), systems integration and consulting, as well as the sale of software solutions.

Earnings History and Estimates for CGI Group (NYSE:GIB)

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