Intact Investment Management Inc. Invests $11.22 Million in CGI Inc. (NYSE:GIB)

Intact Investment Management Inc. purchased a new stake in CGI Inc. (NYSE:GIB) (TSE:GIB.A) during the 2nd quarter, HoldingsChannel.com reports. The firm purchased 112,445 shares of the technology company’s stock, valued at approximately $11,222,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GIB. Vanguard Group Inc. raised its stake in shares of CGI by 0.8% during the first quarter. Vanguard Group Inc. now owns 7,603,481 shares of the technology company’s stock worth $840,109,000 after buying an additional 64,037 shares during the last quarter. Fiera Capital Corp boosted its position in shares of CGI by 7.1% in the 4th quarter. Fiera Capital Corp now owns 4,085,404 shares of the technology company’s stock worth $439,103,000 after purchasing an additional 272,371 shares during the last quarter. National Bank of Canada FI increased its holdings in 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 valued at $385,239,000 after purchasing an additional 129,020 shares during the last quarter. Norges Bank bought a new position in CGI during the fourth quarter worth about $273,239,000. Finally, TD Asset Management Inc grew its position in shares of CGI by 29.6% during the 4th quarter. TD Asset Management Inc now owns 2,156,776 shares of the technology company’s stock worth $232,181,000 after buying an additional 493,145 shares during the period. 66.68% of the stock is currently owned by institutional investors and hedge funds.

CGI Trading Up 1.1 %

Shares of CGI stock opened at $112.63 on Friday. The company has a market capitalization of $25.99 billion, a price-to-earnings ratio of 21.70, a P/E/G ratio of 2.62 and a beta of 0.95. The business has a fifty day simple moving average of $106.34 and a two-hundred day simple moving average of $106.91. CGI Inc. has a 1 year low of $93.07 and a 1 year high of $118.89. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.16 and a quick ratio of 0.86.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. UBS Group initiated coverage on shares of CGI in a report on Friday, July 19th. They issued a “neutral” rating and a $112.00 target price on the stock. Jefferies Financial Group increased their price objective on shares of CGI from $120.00 to $121.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th. CIBC cut shares of CGI from a “sector outperform” rating to a “neutral” rating in a research report on Friday, June 21st. Finally, Sanford C. Bernstein upgraded CGI to a “strong-buy” rating in a report on Thursday, August 1st. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, CGI presently has an average rating of “Moderate Buy” and an average price target of $132.67.

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.