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

Intact Investment Management Inc. lessened its holdings in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 4.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,252,860 shares of the software maker’s stock after selling 62,020 shares during the period. Open Text makes up 2.1% of Intact Investment Management Inc.’s portfolio, making the stock its 10th biggest position. Intact Investment Management Inc.’s holdings in Open Text were worth $52,658,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of OTEX. Caisse DE Depot ET Placement DU Quebec acquired a new stake in Open Text in the 3rd quarter valued at approximately $49,856,000. Legal & General Group Plc raised its position in Open Text by 48.4% in the 3rd quarter. Legal & General Group Plc now owns 1,606,093 shares of the software maker’s stock valued at $56,627,000 after buying an additional 524,009 shares during the last quarter. Value Partners Investments Inc. raised its position in Open Text by 16.3% in the 4th quarter. Value Partners Investments Inc. now owns 2,046,243 shares of the software maker’s stock valued at $85,983,000 after buying an additional 286,766 shares during the last quarter. Cooke & Bieler LP increased its position in shares of Open Text by 4.2% during the 4th quarter. Cooke & Bieler LP now owns 4,767,848 shares of the software maker’s stock worth $200,345,000 after purchasing an additional 191,292 shares during the last quarter. Finally, Harris Associates L P increased its position in shares of Open Text by 1.6% during the 3rd quarter. Harris Associates L P now owns 11,515,807 shares of the software maker’s stock worth $404,144,000 after purchasing an additional 177,600 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. StockNews.com raised Open Text from a “hold” rating to a “buy” rating in a research report on Tuesday, February 6th. CIBC boosted their price target on Open Text from $42.00 to $44.00 and gave the stock a “neutral” rating in a research report on Thursday, January 11th. TD Securities boosted their price target on Open Text from $53.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Royal Bank of Canada reiterated an “outperform” rating and set a $53.00 target price on shares of Open Text in a research note on Friday, February 2nd. Finally, Citigroup reduced their target price on Open Text from $44.00 to $42.00 and set a “neutral” rating for the company in a research note on Friday, March 22nd. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Open Text currently has an average rating of “Moderate Buy” and a consensus price target of $46.25.

Open Text Stock Performance

OTEX traded down $0.06 during trading on Friday, hitting $35.68. The stock had a trading volume of 434,966 shares, compared to its average volume of 643,478. The company has a 50 day moving average price of $37.77 and a 200-day moving average price of $38.73. The firm has a market cap of $9.72 billion, a price-to-earnings ratio of 75.92 and a beta of 1.09. Open Text Co. has a one year low of $32.04 and a one year high of $45.47. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.38 and a quick ratio of 1.38.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, February 1st. The software maker reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.01. The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.48 billion. Open Text had a return on equity of 22.99% and a net margin of 2.24%. As a group, research analysts predict that Open Text Co. will post 4.14 EPS for the current year.

Open Text Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Friday, March 1st were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.80%. Open Text’s payout ratio is 212.77%.

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.