On September 3, 2023, it was reported that Korea Investment CORP had increased its holdings in CGI Inc. by a significant margin during the first quarter. According to the company’s recent Form 13F filing with the SEC, Korea Investment CORP now owns approximately 292,969 shares of CGI’s stock, representing a 212.6% increase from the previous quarter.
At the time of filing, these shares were valued at $28,196,000. Although this stake accounts for only about 0.12% of CGI’s total worth, it signifies Korea Investment CORP’s growing confidence in the technology company.
CGI Inc., listed on both the New York Stock Exchange (NYSE:GIB) and Toronto Stock Exchange (TSE:GIB.A), recently released its quarterly earnings data on July 26th. The company reported earnings per share of $1.34 for the quarter, surpassing market expectations by $0.02.
Furthermore, CGI demonstrated a return on equity of 20.67% and a net margin of 11.25%, indicating its strong financial performance during this period. The company generated revenue amounting to $2.70 billion, slightly exceeding analysts’ consensus estimate of $2.69 billion.
Looking ahead to the current fiscal year, equities analysts anticipate that CGI Inc. will post earnings per share of 5.36. This forecast reflects positive expectations surrounding the company’s future profitability and growth prospects.
As a global corporation and its subsidiaries operating across various regions such as Canada, Europe (Western, Southern Central & Eastern), Australia, Scandinavia, Finland, Poland & Baltics and Asia Pacific as well as in key markets including the United States and United Kingdom; CGI offers comprehensive information technology (IT) and business process services.
Their services encompass IT and business outsourcing management, systems integration and consulting, as well as software solutions selling activities.
CGI’s expansion and success in these areas have likely contributed to Korea Investment CORP’s decision to increase its holdings in the company, indicating a growing interest from institutional investors.
It will be interesting to monitor CGI Inc.’s future performance, as well as the evolving strategies of Korea Investment CORP and other major shareholders.
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CGI Inc. Attracts Institutional Investors and Demonstrates Stability and Growth Potential in Financials and Market Performance
On September 3, 2023, several hedge funds and institutional investors were reported to have bought and sold shares of CGI Inc. (GIB), a leading technology company. Among these investors, Heritage Wealth Management LLC increased its holdings in CGI by 100.0% during the fourth quarter. With this increase, the company now owns 328 shares of CGI’s stock worth $28,000 after purchasing an additional 164 shares.
Another notable investor, Koesten Hirschmann & Crabtree INC., acquired a new stake in CGI during the fourth quarter. This stake was valued at approximately $30,000, signaling confidence in the company’s potential.
Global Retirement Partners LLC also displayed optimism towards CGI by increasing its stake in the company by 332.0% during the first quarter. The firm now owns 419 shares of CGI’s stock worth $43,000 after acquiring an additional 322 shares.
Tobam joined the list of investors supporting CGI by raising its holdings in the technology company by 149.8% in the first quarter. Tobam now possesses 592 shares of CGI’s stock valued at $57,000 after acquiring an additional 355 shares in the last quarter.
Lastly, EverSource Wealth Advisors LLC enhanced its position in CGI by 16.8% during the fourth quarter. The firm’s ownership of 1,126 shares now values around $97,000 after adding an extra 162 shares to their portfolio.
These investments contribute to institutional investors and hedge funds owning a significant portion—49.02%—of CGI Inc.’s stock.
On Friday when the New York Stock Exchange opened for trading, GIB had an opening price of $104.14 per share. The business has shown stability with its fifty-day moving average price at $102.55 and two-hundred-day moving average price at $99.62.
CGI Inc.’s market capitalization stands at $24.51 billion, with a price-to-earnings (PE) ratio of 21.08. The stock also presents a price/earnings growth (PEG) ratio of 1.97 and a beta of 0.91, indicating its relative performance compared to the overall market.
In terms of its yearly performance, CGI Inc.’s stock has fluctuated between a low of $72.23 and a high of $107.66 within the past fifty-two weeks.
The company holds a debt-to-equity ratio of 0.29, reflecting its conservative approach to balance sheet management. Additionally, CGI boasts a current ratio of 1.15 and quick ratio of 0.88, suggesting healthy liquidity levels for the organization.
In recent reports, StockNews.com initiated coverage on CGI Inc., providing insights into the company’s prospects moving forward. They have issued a “hold” rating on the stock, indicating that they believe it may perform neutrally in the near term.
As CGI Inc. captures the attention and support of notable institutional investors and continues to demonstrate stability and growth potential in its financials and market performance, investors will likely monitor these trends closely as they consider their own investment strategies in the technology sector.
