Mitsubishi UFJ Trust & Banking Corp Cuts Stock Holdings in Open Text Corporation $OTEX

Key Points

• Mitsubishi UFJ Trust & Banking Corp trimmed its position by 60.3% in Open Text during Q4, selling 141,701 shares and retaining 93,300 shares worth about $3.00 million.
• Open Text beat Q4 EPS estimates with $1.13 (consensus $1.04) on $1.32 billion in revenue (down 0.6% YoY); the stock has a market cap of $5.62 billion, a PE of 13.65 and a one‑year range of $20.00–$39.90.
• The company pays a quarterly dividend of $0.275 ($1.10 annual, yield 4.7%) and the analyst consensus is a "Hold" with an average target price of $36.00.

Mitsubishi UFJ Trust & Banking Corp trimmed its position in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 60.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 93,300 shares of the software maker's stock after selling 141,701 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp's holdings in Open Text were worth $3,002,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Cidel Asset Management Inc. boosted its position in Open Text by 4.5% in the third quarter. Cidel Asset Management Inc. now owns 973,317 shares of the software maker's stock worth $36,389,000 after purchasing an additional 41,867 shares during the last quarter. Picton Mahoney Asset Management purchased a new position in Open Text in the third quarter worth $11,668,000. Connor Clark & Lunn Investment Management Ltd. boosted its position in Open Text by 456.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,312,755 shares of the software maker's stock worth $86,429,000 after purchasing an additional 1,896,755 shares during the last quarter. Munich Reinsurance Co Stock Corp in Munich purchased a new position in Open Text in the third quarter worth $10,052,000. Finally, Arkadios Wealth Advisors boosted its position in Open Text by 596.6% in the third quarter. Arkadios Wealth Advisors now owns 83,192 shares of the software maker's stock worth $3,110,000 after purchasing an additional 71,249 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Price Performance

Shares of NASDAQ OTEX opened at $23.20 on Monday. Open Text Corporation has a one year low of $20.00 and a one year high of $39.90. 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 business's fifty day moving average price is $23.12 and its 200-day moving average price is $29.08. The stock has a market capitalization of $5.62 billion, a PE ratio of 13.65 and a beta of 1.04.

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

Open Text Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Friday, March 6th were given a dividend of $0.275 per share. 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 dividend payout ratio is currently 64.71%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on OTEX shares. Canadian Imperial Bank of Commerce cut their price objective on Open Text from $40.00 to $37.00 and set a "neutral" rating on the stock in a research report on Friday, January 16th. UBS Group set a $26.00 price objective on Open Text in a research report on Friday, February 6th. Citigroup cut their price objective on Open Text from $36.00 to $26.00 and set a "neutral" rating on the stock in a research report on Friday, February 6th. Zacks Research cut Open Text from a "strong-buy" rating to a "hold" rating in a research report on Monday, January 5th. Finally, Royal Bank Of Canada cut their price objective on 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. Three investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, Open Text has an average rating of "Hold" and an average target price of $36.00.

About Open Text

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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