Mariner LLC Reduces Stock Holdings in Open Text Co. (NASDAQ:OTEX)

Mariner LLC lessened its stake in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 51.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,685 shares of the software maker's stock after selling 14,324 shares during the quarter. Mariner LLC's holdings in Open Text were worth $388,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in OTEX. IFP Advisors Inc increased its holdings in Open Text by 103.8% in the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock valued at $29,000 after purchasing an additional 515 shares during the period. Blue Trust Inc. boosted its position in Open Text by 40.8% during the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock valued at $39,000 after acquiring an additional 398 shares during the last quarter. Generali Asset Management SPA SGR acquired a new stake in Open Text during the 4th quarter worth about $62,000. Allworth Financial LP grew its stake in Open Text by 20.7% during the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock worth $73,000 after purchasing an additional 439 shares during the period. Finally, CIBC Private Wealth Group LLC bought a new stake in Open Text in the fourth quarter valued at $105,000. Institutional investors and hedge funds own 70.37% of the company's stock.

Open Text Price Performance

Shares of OTEX traded down $0.37 during midday trading on Friday, hitting $27.03. 274,054 shares of the company traded hands, compared to its average volume of 1,139,871. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87. Open Text Co. has a 52 week low of $22.79 and a 52 week high of $34.20. The firm has a 50 day moving average of $25.80 and a 200-day moving average of $27.96. The stock has a market cap of $7.02 billion, a price-to-earnings ratio of 10.99 and a beta of 1.15.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its quarterly earnings results on Wednesday, April 30th. The software maker reported $0.82 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.81 by $0.01. Open Text had a return on equity of 23.23% and a net margin of 12.21%. The company had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the company earned $0.94 earnings per share. Open Text's revenue was down 13.3% on a year-over-year basis. On average, analysts forecast that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be given a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.88%. The ex-dividend date is Friday, June 6th. Open Text's payout ratio is 42.86%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on OTEX. StockNews.com downgraded Open Text from a "buy" rating to a "hold" rating in a report on Monday. National Bankshares lowered their price target on shares of Open Text from $38.00 to $34.00 and set a "sector perform" rating on the stock in a research report on Friday, April 25th. UBS Group cut their price objective on shares of Open Text from $32.00 to $28.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. Barclays cut their price objective on Open Text from $36.00 to $29.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Finally, Citigroup upped their price objective on Open Text from $29.00 to $43.00 and gave the stock a "negative" rating in a report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Open Text currently has an average rating of "Hold" and an average price target of $32.30.

About Open Text

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.