Investment Management Corp of Ontario Cuts Stake in Open Text Co. (NASDAQ:OTEX)

Investment Management Corp of Ontario lessened its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 9.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 11,945 shares of the software maker’s stock after selling 1,200 shares during the quarter. Investment Management Corp of Ontario’s holdings in Open Text were worth $398,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of OTEX. Price T Rowe Associates Inc. MD raised its holdings in Open Text by 3.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 29,585 shares of the software maker’s stock worth $1,149,000 after buying an additional 1,056 shares during the last quarter. M&G Plc bought a new stake in shares of Open Text during the second quarter valued at approximately $404,000. NorthCrest Asset Manangement LLC raised its holdings in Open Text by 3.1% in the 2nd quarter. NorthCrest Asset Manangement LLC now owns 95,604 shares of the software maker’s stock worth $2,872,000 after acquiring an additional 2,834 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in Open Text by 11.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 18,550 shares of the software maker’s stock valued at $557,000 after acquiring an additional 1,926 shares in the last quarter. Finally, Easterly Investment Partners LLC boosted its stake in Open Text by 44.5% during the 2nd quarter. Easterly Investment Partners LLC now owns 482,959 shares of the software maker’s stock valued at $14,508,000 after purchasing an additional 148,738 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. BMO Capital Markets decreased their price target on Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a research note on Friday, November 1st. TD Securities decreased their target price on Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Scotiabank dropped their price target on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a report on Friday, November 1st. Citigroup decreased their price objective on shares of Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, November 1st. Finally, Royal Bank of Canada cut shares of Open Text from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from $45.00 to $33.00 in a report on Friday, November 1st. Eight equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $35.90.

Open Text Stock Down 3.1 %

OTEX opened at $30.67 on Friday. The firm’s 50 day simple moving average is $31.46 and its two-hundred day simple moving average is $31.02. The company has a market capitalization of $8.15 billion, a PE ratio of 17.73 and a beta of 1.11. Open Text Co. has a 1-year low of $27.50 and a 1-year high of $45.47. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.28 billion. During the same period last year, the firm earned $0.90 EPS. Open Text’s revenue for the quarter was down 11.0% compared to the same quarter last year. As a group, equities analysts forecast that Open Text Co. will post 3.37 EPS for the current year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, November 29th will be paid a dividend of $0.262 per share. The ex-dividend date of this dividend is Friday, November 29th. This is an increase from Open Text’s previous quarterly dividend of $0.19. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.42%. Open Text’s payout ratio is 60.69%.

Open Text Profile

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.