Intact Investment Management Inc. Decreases Stock Holdings in Open Text Corporation $OTEX

Key Points

• Intact Investment Management reduced its stake in Open Text by 38.0% in Q4, selling 446,940 shares and now holding 728,740 shares (about 0.29% of the company) worth $23.73 million.
• Open Text beat Q4 EPS estimates ($1.13 vs. $1.04) on $1.32 billion in revenue (down 0.6% year-over-year), has a market cap of $5.62 billion and pays an annualized dividend of $1.10 for a ~4.7% yield.
• Analysts maintain a consensus rating of Hold (three Buys, ten Holds) with several firms cutting price targets recently, and a MarketBeat consensus price target of $36.00.

Intact Investment Management Inc. lowered its stake in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 38.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 728,740 shares of the software maker's stock after selling 446,940 shares during the period. Intact Investment Management Inc. owned about 0.29% of Open Text worth $23,732,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Danske Bank A S purchased a new stake in Open Text during the fourth quarter worth about $64,000. Vest Financial LLC boosted its holdings in Open Text by 56.4% during the fourth quarter. Vest Financial LLC now owns 27,547 shares of the software maker's stock worth $897,000 after buying an additional 9,932 shares in the last quarter. Pictet Asset Management Holding SA raised its position in Open Text by 43.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 351,863 shares of the software maker's stock worth $11,477,000 after acquiring an additional 106,836 shares during the last quarter. UBS Group AG raised its position in Open Text by 61.3% during the fourth quarter. UBS Group AG now owns 662,567 shares of the software maker's stock worth $21,586,000 after acquiring an additional 251,851 shares during the last quarter. Finally, Sanctuary Advisors LLC raised its position in Open Text by 3.8% during the fourth quarter. Sanctuary Advisors LLC now owns 27,811 shares of the software maker's stock worth $906,000 after acquiring an additional 1,009 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company's stock.

Open Text Stock Performance

NASDAQ:OTEX opened at $23.20 on Monday. The firm has a 50 day simple moving average of $23.12 and a 200-day simple moving average of $29.08. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market cap of $5.62 billion, a PE ratio of 13.65 and a beta of 1.04. Open Text Corporation has a 1-year low of $20.00 and a 1-year high of $39.90.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings data on Thursday, February 5th. The software maker reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $1.04 by $0.09. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.29 billion. Open Text had a net margin of 8.42% and a return on equity of 23.60%. The company's revenue was down .6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.11 earnings per share. On average, equities analysts expect that Open Text Corporation will post 3.98 EPS for the current year.

Open Text Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Friday, March 6th were given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend was Friday, March 6th. Open Text's payout ratio is currently 64.71%.

Wall Street Analysts Forecast Growth

OTEX has been the subject of a number of research reports. UBS Group set a $26.00 target price on shares of Open Text in a research report on Friday, February 6th. TD Securities upgraded shares of Open Text to a "hold" rating in a research report on Monday, February 2nd. Barclays cut their target price on shares of Open Text from $30.00 to $25.00 and set an "equal weight" rating for the company in a research report on Monday, April 20th. Royal Bank Of Canada cut their target price on shares of Open Text from $33.00 to $30.00 and set a "sector perform" rating for the company in a research report on Friday, February 6th. Finally, Citigroup cut their target price on shares of Open Text from $36.00 to $26.00 and set a "neutral" rating for the company in a research report on Friday, February 6th. Three research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, Open Text currently has a consensus rating of "Hold" and a consensus price target of $36.00.

Open Text Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company's platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text's product suite includes content services, business process management, customer experience management, analytics and security products.

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