Intech Investment Management LLC Cuts Holdings in Open Text Co. (NASDAQ:OTEX)

Intech Investment Management LLC lowered its stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 15.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 53,958 shares of the software maker’s stock after selling 10,238 shares during the period. Intech Investment Management LLC’s holdings in Open Text were worth $1,798,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Brandes Investment Partners LP boosted its position 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 valued at $55,059,000 after purchasing an additional 1,290,011 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Open Text by 25.1% during the second quarter. The Manufacturers Life Insurance Company now owns 5,578,835 shares of the software maker’s stock valued at $167,277,000 after buying an additional 1,118,479 shares during the last quarter. Cooke & Bieler LP boosted its holdings in shares of Open Text by 18.6% in 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 in the last quarter. JARISLOWSKY FRASER Ltd grew its position in shares of Open Text by 5.1% in the 2nd 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 raised its stake in shares of Open Text by 17.5% during the 2nd quarter. National Bank of Canada FI now owns 4,021,893 shares of the software maker’s stock worth $120,390,000 after acquiring an additional 599,790 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

Open Text Price Performance

Shares of NASDAQ:OTEX opened at $30.28 on Tuesday. Open Text Co. has a twelve month low of $27.50 and a twelve month 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. The company has a market cap of $8.05 billion, a PE ratio of 17.50 and a beta of 1.13. The company’s 50 day moving average is $31.89 and its 200 day moving average is $31.02.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the prior year, the business earned $0.90 earnings per share. The business’s quarterly revenue was down 11.0% compared to the same quarter last year. On average, sell-side 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. Shareholders of record on Friday, November 29th will be paid a dividend of $0.262 per share. The ex-dividend date is Friday, November 29th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.46%. This is a positive change from Open Text’s previous quarterly dividend of $0.19. Open Text’s dividend payout ratio (DPR) is presently 60.69%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on OTEX shares. Jefferies Financial Group cut their price target on shares of Open Text from $42.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. TD Securities reduced their target price on Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Barclays decreased their price target on Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a research note on Friday, November 1st. National Bank Financial lowered Open Text from an “outperform” rating to a “sector perform” rating in a research note on Friday, August 2nd. Finally, Scotiabank lowered their target price on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research note on Friday, November 1st. Eight equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Open Text has an average rating of “Hold” and an average target price of $35.90.

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.