Intact Investment Management Inc. Increases Holdings in Open Text Corporation (NASDAQ:OTEX)

Intact Investment Management Inc. increased its holdings in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 136.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 606,440 shares of the software maker's stock after purchasing an additional 350,200 shares during the period. Intact Investment Management Inc. owned approximately 0.23% of Open Text worth $15,308,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. JARISLOWSKY FRASER Ltd increased its position in Open Text by 11.8% during the fourth quarter. JARISLOWSKY FRASER Ltd now owns 18,547,256 shares of the software maker's stock valued at $522,879,000 after acquiring an additional 1,957,695 shares during the last quarter. First Trust Advisors LP lifted its stake in Open Text by 9.5% in the fourth quarter. First Trust Advisors LP now owns 7,275,908 shares of the software maker's stock worth $205,925,000 after purchasing an additional 632,437 shares during the last quarter. Cooke & Bieler LP lifted its stake in Open Text by 6.6% in the fourth quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker's stock worth $178,670,000 after purchasing an additional 389,220 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Open Text by 75.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker's stock valued at $169,555,000 after buying an additional 2,586,549 shares during the period. Finally, Turtle Creek Asset Management Inc. grew its stake in shares of Open Text by 2.1% during the fourth quarter. Turtle Creek Asset Management Inc. now owns 5,366,703 shares of the software maker's stock valued at $151,985,000 after buying an additional 109,550 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. CIBC dropped their price objective on Open Text from $33.00 to $31.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. Scotiabank reduced their price target on shares of Open Text from $35.00 to $30.00 and set a "sector perform" rating on the stock in a research note on Monday, April 28th. Barclays lowered their price objective on shares of Open Text from $36.00 to $29.00 and set an "equal weight" rating for the company in a research report on Monday, April 21st. BMO Capital Markets decreased their price target on shares of Open Text from $30.00 to $28.00 and set a "market perform" rating for the company in a research note on Friday, May 2nd. Finally, Wall Street Zen raised Open Text from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $32.30.

Open Text Stock Performance

OTEX traded up $0.90 on Tuesday, reaching $28.65. 1,590,964 shares of the stock were exchanged, compared to its average volume of 928,973. Open Text Corporation has a fifty-two week low of $22.79 and a fifty-two week high of $34.20. The firm has a market capitalization of $7.35 billion, a PE ratio of 11.69 and a beta of 1.13. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.86 and a quick ratio of 0.86. The company's 50-day moving average price is $27.57 and its 200 day moving average price is $27.41.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings data on Wednesday, April 30th. The software maker reported $0.82 EPS for the quarter, beating the consensus estimate of $0.81 by $0.01. The business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.28 billion. Open Text had a net margin of 12.55% and a return on equity of 22.49%. The business's revenue for the quarter was down 13.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.94 EPS. As a group, sell-side analysts forecast that Open Text Corporation will post 3.45 EPS for the current fiscal year.

Open Text Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were paid a dividend of $0.2625 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.66%. Open Text's payout ratio is 42.86%.

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.