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

Intact Investment Management Inc. trimmed its stake in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 27.1% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 256,240 shares of the software maker's stock after selling 95,200 shares during the period. Intact Investment Management Inc. owned 0.10% of Open Text worth $8,530,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in OTEX. Brandes Investment Partners LP grew 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 buying an additional 1,290,011 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Open Text by 25.1% in 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 purchasing an additional 1,118,479 shares in the last quarter. Cooke & Bieler LP boosted its position in shares of Open Text by 18.6% during the second quarter. Cooke & Bieler LP now owns 5,536,769 shares of the software maker's stock worth $166,325,000 after buying an additional 867,978 shares during the period. JARISLOWSKY FRASER Ltd raised its position in Open Text by 5.1% in the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker's stock valued at $471,415,000 after buying an additional 767,822 shares during the last quarter. Finally, National Bank of Canada FI boosted its holdings in Open Text by 17.5% during 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 purchasing an additional 599,790 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company's stock.

Open Text Stock Performance

Shares of Open Text stock traded down $0.36 on Monday, reaching $28.62. 967,681 shares of the company traded hands, compared to its average volume of 637,090. The firm has a market capitalization of $7.60 billion, a PE ratio of 16.64 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 debt-to-equity ratio of 1.51, a current ratio of 0.81 and a quick ratio of 0.81. The company has a 50 day moving average of $32.73 and a 200 day moving average of $31.54.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its earnings results 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 return on equity of 24.37% and a net margin of 8.35%. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same period in the prior year, the company earned $0.90 EPS. The company's quarterly revenue was down 11.0% compared to the same quarter last year. Equities analysts forecast that Open Text Co. will post 3.23 earnings per share for the current year.

Open Text Increases Dividend

The business also recently disclosed 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 is Friday, November 29th. This represents a $1.05 annualized dividend and a dividend yield of 3.66%. This is an increase from Open Text's previous quarterly dividend of $0.19. Open Text's payout ratio is currently 60.69%.

Analyst Upgrades and Downgrades

OTEX has been the topic of several analyst reports. National Bankshares lowered shares of Open Text from an "outperform" rating to a "sector perform" rating and set a $38.00 price target on the stock. in a research report on Friday, August 2nd. Jefferies Financial Group decreased their price objective 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. National Bank Financial downgraded shares of Open Text from an "outperform" rating to a "sector perform" rating in a report on Friday, August 2nd. Royal Bank of Canada lowered shares of Open Text from an "outperform" rating to a "sector perform" rating and decreased their price target for the company from $45.00 to $33.00 in a research note on Friday. Finally, Scotiabank cut their price objective on shares of Open Text from $40.00 to $35.00 and set a "sector perform" rating for the company in a research report on Friday. 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 MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $35.90.

About Open Text

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.