On September 15, 2023, it was announced that Empower Advisory Group LLC has obtained a new stake in CGI Inc. The institutional investor acquired 11,597 shares of the technology company’s stock during the 1st quarter, with a value of approximately $1,131,000. This acquisition marks an interesting development for both companies.
CGI Inc., along with its subsidiaries, specializes in providing information technology (IT) and business process services across various regions including Canada, Europe, Australia, the United States, and the Asia Pacific. The company offers a wide range of services such as IT and business outsourcing management, systems integration and consulting, as well as software solutions selling activities.
Empower Advisory Group LLC’s decision to invest in CGI Inc. highlights their confidence in the company’s potential for growth and success in the IT industry. By acquiring shares of CGI Inc., Empower Advisory Group LLC aligns themselves with a reputable organization that has a strong track record in delivering high-quality services to its clients.
The acquisition also reflects Empower Advisory Group LLC’s strategic approach to diversify their investment portfolio by entering into the technology sector. This move indicates recognition of the importance of technological advancements and digital transformation in today’s business landscape.
CGI Inc., with its extensive experience and expertise in IT services and solutions, is well-positioned to capitalize on emerging market trends. As businesses increasingly rely on technology to drive efficiency and innovation, demand for CGI Inc.’s offerings is likely to grow.
Furthermore, this partnership between Empower Advisory Group LLC and CGI Inc. can potentially provide mutual benefits. As Empower Advisory Group LLC gains exposure to the technology sector through its investment in CGI Inc., they may gain valuable insights into industry trends and developments. On the other hand, CGI Inc., guided by Empower Advisory Group LLC’s expertise and resources, may find new avenues for expansion and enhance their competitive advantage.
It will be interesting to observe how this new stake acquisition impacts both Empower Advisory Group LLC and CGI Inc. Going forward, it is anticipated that CGI Inc. will continue to innovate and adapt to changing market conditions, leveraging its technological capabilities to meet the evolving needs of its clients.
In conclusion, the acquisition of CGI Inc. shares by Empower Advisory Group LLC signifies a strategic move in diversifying their investment portfolio and harnessing the potential of the technology sector. As both companies join forces, they may unlock new opportunities for growth and contribute to the advancement of the IT industry.
Updated on: 16/09/2023
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Bank of America Securities
Institutional Investors Show Growing Interest in CGI Inc. (NYSE: GIB) as Company Reports Strong Financial Performance
Institutional investors continue to show their interest in CGI Inc. (NYSE: GIB), with several adding or reducing their stakes in the technology company’s stock. Toroso Investments LLC, for instance, acquired a new stake in CGI during the first quarter of this year, valued at approximately $284,000. While Ameriprise Financial Inc. boosted its holdings in CGI by 3.8% during the same period, now owning 9,957 shares valued at $1,111,000 after acquiring an additional 368 shares.
JPMorgan Chase & Co., another institutional investor, also decided to increase its holdings in CGI by 16.0% during the first quarter. The financial giant now has a total of 981,409 shares of the technology company’s stock worth $94,480,000 after acquiring an additional 135,563 shares.
Not only were existing investors increasing their stakes but new investors were also showing interest in CGI. Harvest Portfolios Group Inc. bought a new stake valued at approximately $337,000 in the technology company during the first quarter of this year.
Finally, Providence Capital Advisors LLC added a new position in CGI with approximately $153,000 worth of shares purchased during the same period. Currently over 49% of CGI’s stock is owned by institutional investors.
Separately from these investments and coverage from StockNews.com on August 17th stated that they rated CGI as “hold.”
As for recent trading activity in CGI’s stocks on Friday September 15th resulted an opening price of $104.14 on NYSE under ticker symbol GIB . The company has shown a quick ratio of 0.88 and current ratio of 1.15 along with debt-to-equity ratio being observed at 0.29.In terms of historical performance ,CGI had strong results with twelve month low being around $72.23 while twelve month high hitting $107.66. The 50-day moving average of the stock is $102.41 and its 200-day moving average is $100.35.
CGI Inc. performed well in terms of earnings as it reported $1.34 earnings per share for the quarter ending on July 26th, exceeding analysts’ consensus estimates by $0.02.The company generated revenue of $2.70 billion during the quarter, also surpassing analysts’ expectations of $2.69 billion.This remarkable performance resulted in a return on equity of 20.67% and a net margin of 11.25%.
Sell-side analysts are optimistic about CGI’s future prospects, forecasting that the company will post an estimated EPS (earnings per share) of 5.35 for the current fiscal year.
In conclusion, CGI Inc., with its strong financial performance and growing interest from institutional investors, seems to be positioned well for future growth and success in the technology industry.