Intact Investment Management Inc. Trims Position in Open Text Co. (NASDAQ:OTEX)

Intact Investment Management Inc. reduced its position in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 67.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 351,440 shares of the software maker's stock after selling 713,780 shares during the period. Intact Investment Management Inc. owned 0.13% of Open Text worth $10,552,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new stake in Open Text in the 4th quarter valued at about $742,000. Van ECK Associates Corp lifted its position in Open Text by 12.1% during the fourth quarter. Van ECK Associates Corp now owns 17,096 shares of the software maker's stock valued at $719,000 after purchasing an additional 1,850 shares during the last quarter. Natixis Advisors L.P. grew its position in Open Text by 28.4% in the fourth quarter. Natixis Advisors L.P. now owns 27,418 shares of the software maker's stock worth $1,152,000 after acquiring an additional 6,066 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of Open Text by 57.7% during the 4th quarter. BNP Paribas Financial Markets now owns 11,888 shares of the software maker's stock valued at $500,000 after purchasing an additional 4,351 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Open Text by 1.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 656,340 shares of the software maker's stock worth $27,580,000 after acquiring an additional 8,603 shares in the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Open Text Stock Up 0.6 %

Shares of OTEX stock traded up $0.19 during midday trading on Friday, reaching $31.82. 701,508 shares of the stock were exchanged, compared to its average volume of 730,977. Open Text Co. has a 1 year low of $27.50 and a 1 year high of $45.47. The firm has a market cap of $8.53 billion, a PE ratio of 51.32 and a beta of 1.12. The company's 50 day moving average is $30.94 and its two-hundred day moving average is $33.26. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.51.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.93 by $0.05. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.41 billion. Open Text had a return on equity of 25.00% and a net margin of 8.06%. The firm's quarterly revenue was down 8.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.79 earnings per share. On average, equities research analysts predict that Open Text Co. will post 3.18 EPS for the current year.

Open Text Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 30th will be issued a $0.192 dividend. This represents a $0.77 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date is Friday, August 30th. Open Text's dividend payout ratio (DPR) is presently 161.29%.

Wall Street Analyst Weigh In

OTEX has been the subject of several analyst reports. CIBC cut their price target on shares of Open Text from $36.00 to $33.00 and set a "neutral" rating for the company in a research report on Friday, July 19th. Jefferies Financial Group dropped their target price on Open Text from $42.00 to $35.00 and set a "buy" rating for the company in a report on Friday, August 2nd. BMO Capital Markets decreased their price target on Open Text from $38.00 to $33.00 and set a "market perform" rating on the stock in a research note on Friday, August 2nd. National Bankshares lowered Open Text from an "outperform" rating to a "sector perform" rating and set a $38.00 price objective for the company. in a research note on Friday, August 2nd. Finally, National Bank Financial cut shares of Open Text from an "outperform" rating to a "sector perform" rating in a report on Friday, August 2nd. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $38.60.

Open Text Company 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.