Mackenzie Financial Corp Cuts Stock Holdings in Open Text Corporation $OTEX

Key Points

• Mackenzie Financial Corp reduced its stake in Open Text by 9.1%, selling 270,273 shares to hold 2,700,622 shares (about 1.07% of the company) valued at roughly $100.9 million at quarter-end.
• Open Text beat quarterly estimates with EPS of $1.13 versus $1.04 and revenue of $1.32 billion versus $1.29 billion, although revenue was down 0.6% year-over-year.
• The company declared a quarterly dividend of $0.275 (annualized $1.10) for a yield of about 4.6%, with an ex-dividend date of March 6 and payment on March 20.

Mackenzie Financial Corp reduced its stake in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 9.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,700,622 shares of the software maker's stock after selling 270,273 shares during the period. Mackenzie Financial Corp owned approximately 1.07% of Open Text worth $100,924,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sagard Holdings Management Inc. acquired a new stake in Open Text in the 2nd quarter valued at about $30,000. MAI Capital Management boosted its stake in shares of Open Text by 58.7% in the 2nd quarter. MAI Capital Management now owns 1,595 shares of the software maker's stock valued at $47,000 after buying an additional 590 shares during the period. WealthCollab LLC grew its position in shares of Open Text by 39.5% during the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker's stock worth $48,000 after buying an additional 464 shares in the last quarter. Osaic Holdings Inc. increased its stake in shares of Open Text by 108.8% during the second quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker's stock worth $52,000 after buying an additional 937 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Open Text by 39.7% during the second quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker's stock worth $59,000 after buying an additional 570 shares during the period. 70.37% of the stock is owned by institutional investors and hedge funds.

Open Text Stock Performance

Shares of Open Text stock opened at $23.99 on Thursday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.57. Open Text Corporation has a 52 week low of $22.44 and a 52 week high of $39.90. The firm's 50 day moving average is $27.13 and its two-hundred day moving average is $32.56. The firm has a market capitalization of $6.01 billion, a P/E ratio of 14.11 and a beta of 1.08.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its quarterly earnings data on Thursday, February 5th. The software maker reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.09. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.11 EPS. Research analysts forecast that Open Text Corporation will post 3.45 EPS for the current fiscal year.

Open Text Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be paid a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 4.6%. The ex-dividend date is Friday, March 6th. Open Text's dividend payout ratio is currently 64.71%.

Analysts Set New Price Targets

OTEX has been the subject of a number of recent research reports. Canadian Imperial Bank of Commerce decreased their price target on shares of Open Text from $40.00 to $37.00 and set a "neutral" rating for the company in a research note on Friday, January 16th. Royal Bank Of Canada dropped their price objective on shares of Open Text from $33.00 to $30.00 and set a "sector perform" rating on the stock in a research report on Friday, February 6th. Zacks Research cut shares of Open Text from a "strong-buy" rating to a "hold" rating in a research report on Monday, January 5th. Barclays lowered their target price on shares of Open Text from $39.00 to $30.00 and set an "equal weight" rating for the company in a research note on Friday, February 6th. Finally, TD Securities raised Open Text to a "hold" rating in a report on Monday, February 2nd. Three investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $35.75.

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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