Bridgewater Associates LP Acquires New Stake in CGI Group, Inc. (GIB)

Bridgewater Associates LP acquired a new stake in shares of CGI Group, Inc. (NYSE:GIB) (TSE:GIB.A) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 53,989 shares of the technology company’s stock, valued at approximately $2,755,000.

Other hedge funds have also recently bought and sold shares of the company. US Bancorp DE grew its holdings in shares of CGI Group by 2.4% in the first quarter. US Bancorp DE now owns 2,215 shares of the technology company’s stock worth $106,000 after purchasing an additional 52 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of CGI Group in the first quarter worth about $173,000. Quantitative Systematic Strategies LLC bought a new position in shares of CGI Group in the second quarter worth about $202,000. Marshall Wace North America L.P. bought a new position in shares of CGI Group in the second quarter worth about $214,000. Finally, Intercontinental Wealth Advisors LLC bought a new position in shares of CGI Group in the second quarter worth about $217,000. Institutional investors and hedge funds own 70.70% of the company’s stock.

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Shares of CGI Group, Inc. (NYSE:GIB) traded down 0.79% on Friday, reaching $51.65. 21,663 shares of the company’s stock traded hands. The firm has a market capitalization of $15.25 billion, a P/E ratio of 17.95 and a beta of 0.92. CGI Group, Inc. has a 52 week low of $45.73 and a 52 week high of $53.65. The firm’s 50 day moving average is $50.91 and its 200 day moving average is $49.43.

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 for the quarter, missing the consensus estimate of $0.71 by ($0.01). The firm had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.78 billion. CGI Group had a net margin of 10.18% and a return on equity of 17.10%. The business’s revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.89 earnings per share. Analysts expect that CGI Group, Inc. will post $3.01 earnings per share for the current fiscal year.

A number of research analysts have recently commented on the stock. BidaskClub upgraded shares of CGI Group from a “hold” rating to a “buy” rating in a report on Thursday, June 29th. Barclays PLC restated an “overweight” rating and issued a $60.00 price target (up from $55.00) on shares of CGI Group in a report on Thursday, August 3rd. Finally, Zacks Investment Research upgraded shares of CGI Group from a “sell” rating to a “buy” rating and set a $57.00 price target on the stock in a report on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $61.00.

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.

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

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