Intact Investment Management Inc. Sells 95,200 Shares of Open Text Co. (NASDAQ:OTEX)

Intact Investment Management Inc. cut its holdings in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 27.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 256,240 shares of the software maker’s stock after selling 95,200 shares during the period. Intact Investment Management Inc. owned about 0.10% of Open Text worth $8,530,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in OTEX. Brandes Investment Partners LP increased its stake in Open Text by 236.8% during the second quarter. Brandes Investment Partners LP now owns 1,834,835 shares of the software maker’s stock worth $55,059,000 after acquiring an additional 1,290,011 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Open Text by 25.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,578,835 shares of the software maker’s stock valued at $167,277,000 after purchasing an additional 1,118,479 shares during the last quarter. Cooke & Bieler LP raised its holdings in Open Text by 18.6% during the 2nd quarter. Cooke & Bieler LP now owns 5,536,769 shares of the software maker’s stock valued at $166,325,000 after buying an additional 867,978 shares during the period. JARISLOWSKY FRASER Ltd lifted its position in Open Text by 5.1% in the second quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker’s stock worth $471,415,000 after buying an additional 767,822 shares during the last quarter. Finally, National Bank of Canada FI lifted its position in Open Text by 17.5% in the second quarter. National Bank of Canada FI now owns 4,021,893 shares of the software maker’s stock worth $120,390,000 after buying an additional 599,790 shares during the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on OTEX shares. BMO Capital Markets reduced their target price on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a research note on Friday. Royal Bank of Canada lowered shares of Open Text from an “outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $45.00 to $33.00 in a research report on Friday. TD Securities decreased their price objective on shares of Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Friday. Jefferies Financial Group cut their target price on Open Text from $42.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Finally, National Bankshares lowered Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price target for the company. in a research note on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Open Text presently has a consensus rating of “Hold” and a consensus target price of $35.90.

Open Text Stock Down 0.7 %

Shares of NASDAQ:OTEX opened at $28.78 on Monday. The business’s 50 day moving average is $32.73 and its 200 day moving average is $31.54. The stock has a market cap of $7.64 billion, a P/E ratio of 16.75 and a beta of 1.13. Open Text Co. has a 52-week low of $27.50 and a 52-week high of $45.47. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.51.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.28 billion. Open Text had a return on equity of 24.37% and a net margin of 8.35%. The business’s revenue was down 11.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.90 EPS. Sell-side analysts predict that Open Text Co. will post 3.23 EPS for the current year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, November 29th will be issued a $0.262 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.05 annualized dividend and a dividend yield of 3.64%. This is a positive change from Open Text’s previous quarterly dividend of $0.19. Open Text’s payout ratio is currently 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.