Open Text Corporation $OTEX Shares Sold by Mufg Securities Canada LTD.

Mufg Securities Canada LTD. decreased its position in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 7.8% during the second quarter, Holdings Channel.com reports. The firm owned 342,649 shares of the software maker’s stock after selling 29,072 shares during the period. Mufg Securities Canada LTD.’s holdings in Open Text were worth $7,572,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Kimelman & Baird LLC purchased a new stake in Open Text during the second quarter worth $27,000. CIBC Private Wealth Group LLC purchased a new position in Open Text in the third quarter valued at $33,000. Global Retirement Partners LLC purchased a new position in Open Text in the second quarter valued at $34,000. WealthCollab LLC raised its position in shares of Open Text by 39.5% in the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after acquiring an additional 464 shares during the period. Finally, Caitong International Asset Management Co. Ltd raised its position in shares of Open Text by 5,096.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker’s stock worth $52,000 after acquiring an additional 1,580 shares during the period. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Stock Down 0.7%

Shares of NASDAQ OTEX opened at $24.93 on Tuesday. The company’s 50-day simple moving average is $23.75 and its 200-day simple moving average is $23.35. Open Text Corporation has a 52-week low of $19.77 and a 52-week high of $39.90. The firm has a market cap of $6.04 billion, a price-to-earnings ratio of 9.66 and a beta of 1.03. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.43.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, August 6th. The software maker reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.21. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.29 billion. Open Text had a net margin of 12.26% and a return on equity of 25.76%. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.97 EPS. Equities analysts predict that Open Text Corporation will post 3.72 EPS for the current fiscal year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, September 4th. This is an increase from Open Text’s previous quarterly dividend of $0.28. This represents a $1.12 dividend on an annualized basis and a dividend yield of 4.5%. Open Text’s payout ratio is currently 42.64%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on OTEX. Weiss Ratings restated a “hold (c-)” rating on shares of Open Text in a research report on Wednesday, June 24th. Royal Bank Of Canada reduced their price target on Open Text from $30.00 to $27.00 and set a “sector perform” rating for the company in a report on Friday, May 8th. UBS Group increased their price target on Open Text from $25.00 to $27.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Citigroup raised their price objective on Open Text from $25.00 to $28.00 and gave the company a “neutral” rating in a report on Friday, August 7th. Finally, Barclays boosted their price objective on Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a research report on Monday, May 11th. Three analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $32.46.

Open Text Profile

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.