Cumberland Partners Ltd Trims Stake in Open Text Co. (NASDAQ:OTEX)

Cumberland Partners Ltd lessened its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 22.0% during the fourth quarter, Holdings Channel reports. The fund owned 13,500 shares of the software maker’s stock after selling 3,800 shares during the period. Cumberland Partners Ltd’s holdings in Open Text were worth $569,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of OTEX. IFP Advisors Inc increased its position in Open Text by 82.0% during the 3rd quarter. IFP Advisors Inc now owns 870 shares of the software maker’s stock valued at $31,000 after purchasing an additional 392 shares during the period. Impact Partnership Wealth LLC purchased a new stake in Open Text in the third quarter worth approximately $37,000. Avior Wealth Management LLC grew its holdings in shares of Open Text by 27.7% in the third quarter. Avior Wealth Management LLC now owns 29,500 shares of the software maker’s stock worth $1,035,000 after acquiring an additional 6,400 shares during the period. Hunter Perkins Capital Management LLC bought a new stake in shares of Open Text during the 3rd quarter valued at about $527,000. Finally, Forsta AP Fonden increased its holdings in Open Text by 10.4% during the third quarter. Forsta AP Fonden now owns 74,400 shares of the software maker’s stock valued at $2,623,000 after buying an additional 7,000 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 OTEX stock traded down $0.15 during trading hours on Wednesday, hitting $35.94. 703,616 shares of the company’s stock were exchanged, compared to its average volume of 575,642. The firm has a 50 day moving average of $38.04 and a two-hundred day moving average of $38.77. Open Text Co. has a fifty-two week low of $32.04 and a fifty-two week high of $45.47. The firm has a market cap of $9.80 billion, a P/E ratio of 76.58 and a beta of 1.09. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 2.10.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, February 1st. The software maker reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.01. The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.48 billion. Open Text had a net margin of 2.24% and a return on equity of 22.99%. Sell-side analysts forecast that Open Text Co. will post 4.14 EPS for the current year.

Open Text Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Friday, March 1st were given a $0.25 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $1.00 annualized dividend and a dividend yield of 2.78%. Open Text’s dividend payout ratio (DPR) is presently 212.77%.

Analyst Ratings Changes

Several brokerages recently issued reports on OTEX. StockNews.com raised Open Text from a “hold” rating to a “buy” rating in a research note on Tuesday, February 6th. Citigroup lowered their target price on shares of Open Text from $44.00 to $42.00 and set a “neutral” rating for the company in a report on Friday, March 22nd. Jefferies Financial Group started coverage on Open Text in a report on Tuesday, February 27th. They set a “buy” rating and a $45.00 price objective for the company. TD Securities boosted their price objective on shares of Open Text from $53.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Finally, BMO Capital Markets raised their price target on Open Text from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, February 2nd. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $46.25.

Open Text 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.