Mangrove Partners IM LLC Sells 50,185 Shares of Open Text Corporation $OTEX

Key Points

• Mangrove Partners IM LLC sold 50,185 shares of Open Text, trimming its stake by 4.6% to 1,052,161 shares worth about $39.33 million, making OTEX its ninth-largest holding.
• Open Text declared a quarterly dividend of $0.275 per share (ex-dividend date March 6, payment March 20), equal to a $1.10 annualized payout and a ~4.8% yield.
• The company beat quarterly EPS estimates ($1.13 vs. $1.04) while revenue fell 0.6% year-over-year, and analysts have trimmed price targets leaving a consensus "Hold" rating with a $35.75 target.

Mangrove Partners IM LLC decreased its holdings in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 4.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,052,161 shares of the software maker's stock after selling 50,185 shares during the quarter. Open Text accounts for about 3.3% of Mangrove Partners IM LLC's holdings, making the stock its 9th biggest holding. Mangrove Partners IM LLC owned about 0.42% of Open Text worth $39,331,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Cidel Asset Management Inc. lifted its holdings in Open Text by 4.5% during the 3rd quarter. Cidel Asset Management Inc. now owns 973,317 shares of the software maker's stock worth $36,389,000 after buying an additional 41,867 shares during the last quarter. Picton Mahoney Asset Management acquired a new position in shares of Open Text during the 3rd quarter worth about $11,668,000. Arkadios Wealth Advisors increased its holdings in shares of Open Text by 596.6% in the 3rd quarter. Arkadios Wealth Advisors now owns 83,192 shares of the software maker's stock valued at $3,110,000 after acquiring an additional 71,249 shares during the last quarter. Munich Reinsurance Co Stock Corp in Munich acquired a new stake in shares of Open Text during the 3rd quarter worth about $10,052,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Open Text by 456.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,312,755 shares of the software maker's stock worth $86,429,000 after acquiring an additional 1,896,755 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Trading Down 1.6%

OTEX opened at $22.98 on Friday. 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 business's 50 day moving average is $26.77 and its two-hundred day moving average is $32.43. The firm has a market cap of $5.76 billion, a price-to-earnings ratio of 13.52 and a beta of 1.08.

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 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 return on equity of 23.60% and a net margin of 8.42%.The company's revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.11 earnings per share. On average, research analysts predict that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be paid a dividend of $0.275 per share. The ex-dividend date is Friday, March 6th. This represents a $1.10 dividend on an annualized basis and a yield of 4.8%. Open Text's dividend payout ratio is currently 64.71%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Royal Bank Of Canada lowered their price target on Open Text from $33.00 to $30.00 and set a "sector perform" rating for the company in a report on Friday, February 6th. Canadian Imperial Bank of Commerce cut their price objective on shares of Open Text from $40.00 to $37.00 and set a "neutral" rating on the stock in a report on Friday, January 16th. TD Securities upgraded shares of Open Text to a "hold" rating in a research report on Monday, February 2nd. Citigroup lowered their target price on shares of Open Text from $36.00 to $26.00 and set a "neutral" rating for the company in a report on Friday, February 6th. Finally, Barclays dropped their target price on shares of Open Text from $39.00 to $30.00 and set an "equal weight" rating on the stock in a research report on Friday, February 6th. Three investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $35.75.

Open Text Company 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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