Connor Clark & Lunn Investment Management Ltd. Sells 39,000 Shares of Open Text Corporation (NASDAQ:OTEX)

Key Points

• Connor Clark & Lunn Investment Management Ltd. decreased its stake in Open Text Corporation by 12.7%, now holding 268,300 shares valued at approximately $6.77 million.
• Open Text aims to pay a quarterly dividend of $0.275 per share, an increase from the previous quarter's $0.26, reflecting a dividend yield of 3.6%.
• The company's stock recently opened at $30.22 but has declined 2.2%, with an average analyst rating of "Hold" and a consensus price target of $32.00.

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 12.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 268,300 shares of the software maker's stock after selling 39,000 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.10% of Open Text worth $6,773,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of OTEX. Versant Capital Management Inc bought a new position in shares of Open Text in the first quarter worth $26,000. Parallel Advisors LLC boosted its position in Open Text by 219.3% during the first quarter. Parallel Advisors LLC now owns 1,938 shares of the software maker's stock valued at $49,000 after buying an additional 1,331 shares during the period. Aquatic Capital Management LLC purchased a new stake in Open Text during the fourth quarter valued at about $60,000. Headlands Technologies LLC grew its stake in shares of Open Text by 360.6% in the first quarter. Headlands Technologies LLC now owns 2,888 shares of the software maker's stock worth $73,000 after purchasing an additional 2,261 shares during the last quarter. Finally, Natixis grew its stake in shares of Open Text by 1,075.1% in the fourth quarter. Natixis now owns 3,161 shares of the software maker's stock worth $90,000 after purchasing an additional 2,892 shares during the last quarter. Institutional investors own 70.37% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Citigroup raised their target price on Open Text from $29.00 to $43.00 and gave the stock a "negative" rating in a research note on Friday, May 2nd. National Bankshares cut their price objective on Open Text from $38.00 to $34.00 and set a "sector perform" rating on the stock in a research report on Friday, April 25th. Royal Bank Of Canada cut their price objective on Open Text from $31.00 to $30.00 and set a "sector perform" rating on the stock in a research report on Tuesday, April 22nd. UBS Group cut their price objective on Open Text from $32.00 to $28.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. Finally, Scotiabank lifted their price objective on Open Text from $30.00 to $35.00 and gave the company a "sector perform" rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Open Text presently has an average rating of "Hold" and an average target price of $32.60.

Open Text Stock Up 2.1%

OTEX stock traded up $0.65 during midday trading on Friday, hitting $31.69. The company's stock had a trading volume of 1,678,254 shares, compared to its average volume of 1,436,635. The company has a market cap of $8.06 billion, a PE ratio of 19.21 and a beta of 1.12. Open Text Corporation has a 12 month low of $22.79 and a 12 month high of $34.20. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.61. The firm's 50-day moving average is $29.19 and its 200-day moving average is $27.68.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings data on Thursday, August 7th. The software maker reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.11. The business had revenue of $1.32 billion for the quarter, compared to analysts' expectations of $1.30 billion. Open Text had a return on equity of 22.52% and a net margin of 8.43%. The firm's quarterly revenue was down 3.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.98 EPS. On average, equities research analysts forecast that Open Text Corporation will post 3.45 earnings per share for the current fiscal year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be given a $0.275 dividend. This is a boost from Open Text's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.10 annualized dividend and a yield of 3.5%. Open Text's payout ratio is currently 63.64%.

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.