Mangrove Partners IM LLC Decreases Holdings in Open Text Corporation $OTEX

Mangrove Partners IM LLC trimmed its holdings in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 5.6% in the fourth quarter, Holdings Channel reports. The firm owned 993,199 shares of the software maker’s stock after selling 58,962 shares during the period. Open Text makes up 2.6% of Mangrove Partners IM LLC’s portfolio, making the stock its 16th biggest position. Mangrove Partners IM LLC’s holdings in Open Text were worth $32,352,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its stake in shares of Open Text by 75.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,437,335 shares of the software maker’s stock valued at $36,307,000 after purchasing an additional 619,527 shares during the period. United Services Automobile Association purchased a new position in shares of Open Text in the first quarter valued at $213,000. EverSource Wealth Advisors LLC boosted its stake in shares of Open Text by 39.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock valued at $59,000 after purchasing an additional 570 shares during the period. Cerity Partners LLC boosted its stake in shares of Open Text by 3.4% in the second quarter. Cerity Partners LLC now owns 49,003 shares of the software maker’s stock valued at $1,431,000 after purchasing an additional 1,612 shares during the period. Finally, Qube Research & Technologies Ltd boosted its stake in shares of Open Text by 16.8% in the second quarter. Qube Research & Technologies Ltd now owns 46,500 shares of the software maker’s stock valued at $1,360,000 after purchasing an additional 6,700 shares during the period. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Trading Up 0.3%

NASDAQ OTEX opened at $22.13 on Wednesday. Open Text Corporation has a 12 month low of $20.00 and a 12 month high of $39.90. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market capitalization of $5.37 billion, a price-to-earnings ratio of 10.80 and a beta of 1.05. The company’s fifty day moving average price is $22.93 and its two-hundred day moving average price is $26.20.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, May 7th. The software maker reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.07. Open Text had a net margin of 9.91% and a return on equity of 24.77%. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the prior year, the firm posted $0.82 EPS. The firm’s revenue was up 2.2% compared to the same quarter last year. As a group, research analysts predict that Open Text Corporation will post 4.05 earnings per share for the current fiscal year.

Open Text Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 19th. Shareholders of record on Friday, June 5th will be paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date is Friday, June 5th. Open Text’s dividend payout ratio is 53.66%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on OTEX. National Bank Financial decreased their target price on shares of Open Text from $45.00 to $33.00 and set an “outperform” rating for the company in a research note on Wednesday, May 27th. UBS Group set a $25.00 target price on shares of Open Text in a research note on Friday, May 8th. Raymond James Financial decreased their target price on shares of Open Text from $42.00 to $35.00 and set an “outperform” rating for the company in a research note on Friday, May 8th. Scotiabank decreased their target price on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a research note on Friday, May 8th. Finally, Wall Street Zen upgraded shares of Open Text from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Four investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, Open Text has an average rating of “Hold” and an average target price of $33.67.

About Open Text

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.