Bank of Nova Scotia Sells 5,580 Shares of CGI Group, Inc. (GIB)

Bank of Nova Scotia reduced its stake in CGI Group, Inc. (NYSE:GIB) (TSE:GIB.A) by 0.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 687,335 shares of the technology company’s stock after selling 5,580 shares during the period. Bank of Nova Scotia owned approximately 0.26% of CGI Group worth $35,122,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GIB. US Bancorp DE boosted its position in CGI Group by 2.4% in the 1st quarter. US Bancorp DE now owns 2,215 shares of the technology company’s stock valued at $106,000 after buying an additional 52 shares during the last quarter. BerganKDV Wealth Management LLC boosted its position in CGI Group by 1.5% in the 2nd quarter. BerganKDV Wealth Management LLC now owns 15,973 shares of the technology company’s stock valued at $816,000 after buying an additional 238 shares during the last quarter. Lincoln National Corp boosted its position in CGI Group by 3.4% in the 2nd quarter. Lincoln National Corp now owns 7,973 shares of the technology company’s stock valued at $407,000 after buying an additional 263 shares during the last quarter. Advisor Group Inc. boosted its position in CGI Group by 21.2% in the 2nd quarter. Advisor Group Inc. now owns 2,172 shares of the technology company’s stock valued at $111,000 after buying an additional 380 shares during the last quarter. Finally, Regentatlantic Capital LLC boosted its position in CGI Group by 1.0% in the 2nd quarter. Regentatlantic Capital LLC now owns 60,581 shares of the technology company’s stock valued at $3,094,000 after buying an additional 575 shares during the last quarter. Institutional investors and hedge funds own 62.81% of the company’s stock.

Shares of CGI Group, Inc. (NYSE:GIB) traded down 1.01% during trading on Friday, hitting $53.06. The stock had a trading volume of 52,038 shares. The company has a market capitalization of $15.67 billion, a P/E ratio of 17.91 and a beta of 0.92. The firm has a 50-day moving average of $52.01 and a 200 day moving average of $50.34. CGI Group, Inc. has a 1-year low of $45.81 and a 1-year high of $53.78.

CGI Group (NYSE:GIB) (TSE:GIB.A) last issued its quarterly 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). The business had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.78 billion. CGI Group had a net margin of 10.18% and a return on equity of 17.10%. The company’s revenue was up 6.4% on a year-over-year basis. During the same period last year, the business earned $0.89 earnings per share. Equities research analysts predict that CGI Group, Inc. will post $2.95 earnings per share for the current fiscal year.

A number of research analysts have recently weighed in on the company. BidaskClub downgraded CGI Group from a “buy” rating to a “hold” rating in a research note on Thursday, August 10th. Barclays PLC reissued an “overweight” rating and issued a $60.00 price target (up previously from $55.00) on shares of CGI Group in a research note on Wednesday, August 9th. Finally, Zacks Investment Research raised CGI Group from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research note on Wednesday, October 4th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $64.00.

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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.

Institutional Ownership by Quarter for CGI Group (NYSE:GIB)

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