MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Has $2.36 Million Holdings in Open Text Corporation $OTEX

Key Points

• MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH reduced its stake in Open Text Corporation by 42.2% in the second quarter, holding approximately $2.36 million worth of shares after selling 59,188 shares.
• Open Text recently reported a quarterly earnings per share (EPS) of $0.97, surpassing estimates, despite a 3.8% year-over-year decline in revenue.
• The company has announced a quarterly dividend increase to $0.275 per share, resulting in an annualized yield of 3.0%.

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH trimmed its holdings in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 42.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 80,997 shares of the software maker's stock after selling 59,188 shares during the quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH's holdings in Open Text were worth $2,362,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Versant Capital Management Inc bought a new stake in Open Text in the 1st quarter valued at $26,000. Parallel Advisors LLC lifted its stake in shares of Open Text by 219.3% in 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. Headlands Technologies LLC grew its position in Open Text by 360.6% during the first quarter. Headlands Technologies LLC now owns 2,888 shares of the software maker's stock worth $73,000 after buying an additional 2,261 shares in the last quarter. United Services Automobile Association bought a new position in Open Text during the first quarter valued at about $213,000. Finally, Ridgewood Investments LLC raised its holdings in Open Text by 593.1% in the 1st quarter. Ridgewood Investments LLC now owns 8,664 shares of the software maker's stock valued at $219,000 after acquiring an additional 7,414 shares in the last quarter. Institutional investors own 70.37% of the company's stock.

Open Text Stock Down 2.5%

OTEX opened at $37.19 on Friday. The firm has a market cap of $9.41 billion, a price-to-earnings ratio of 22.54 and a beta of 1.16. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.80 and a current ratio of 0.80. The firm's 50-day simple moving average is $32.47 and its 200-day simple moving average is $29.02. Open Text Corporation has a twelve month low of $22.79 and a twelve month high of $39.04.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its quarterly earnings results 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 firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The firm's quarterly revenue was down 3.8% on a year-over-year basis. During the same period last year, the firm posted $0.98 EPS. Equities research analysts anticipate that Open Text Corporation will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were issued a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.10 dividend on an annualized basis and a yield of 3.0%. This is a positive change from Open Text's previous quarterly dividend of $0.26. Open Text's payout ratio is 66.67%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on OTEX shares. National Bankshares upgraded Open Text from a "sector perform" rating to an "outperform" rating and boosted their price objective for the company from $34.00 to $45.00 in a research report on Monday, September 15th. Jefferies Financial Group downgraded shares of Open Text from a "buy" rating to a "hold" rating and set a $33.00 price target on the stock. in a research note on Tuesday, August 12th. National Bank Financial upgraded shares of Open Text from a "sector perform" rating to an "outperform" rating and set a $45.00 price objective for the company in a research note on Monday, September 15th. CIBC reaffirmed a "neutral" rating on shares of Open Text in a report on Monday, August 11th. Finally, Wall Street Zen raised shares of Open Text from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $36.55.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.