Mackenzie Financial Corp Reduces Position in Open Text Corporation $OTEX

Mackenzie Financial Corp decreased its position in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 9.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,700,622 shares of the software maker’s stock after selling 270,273 shares during the period. Mackenzie Financial Corp’s holdings in Open Text were worth $100,924,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Tidal Investments LLC boosted its holdings in shares of Open Text by 2.6% in the second quarter. Tidal Investments LLC now owns 18,059 shares of the software maker’s stock valued at $527,000 after acquiring an additional 460 shares during the period. WealthCollab LLC raised its position in Open Text by 39.5% in the 2nd quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after purchasing an additional 464 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in Open Text by 39.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock valued at $59,000 after purchasing an additional 570 shares during the last quarter. MAI Capital Management boosted its stake in Open Text by 58.7% during the 2nd quarter. MAI Capital Management now owns 1,595 shares of the software maker’s stock worth $47,000 after purchasing an additional 590 shares during the period. Finally, Access Investment Management LLC grew its position in Open Text by 0.3% during the 3rd quarter. Access Investment Management LLC now owns 199,835 shares of the software maker’s stock worth $7,470,000 after purchasing an additional 590 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Stock Performance

NASDAQ OTEX opened at $23.99 on Thursday. The stock has a market capitalization of $6.01 billion, a price-to-earnings ratio of 14.11 and a beta of 1.08. The business’s 50 day moving average is $27.13 and its two-hundred day moving average is $32.56. Open Text Corporation has a 12-month low of $22.44 and a 12-month high of $39.90. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.57.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, February 5th. The software maker reported $1.13 EPS for the quarter, beating the consensus estimate of $1.04 by $0.09. Open Text had a return on equity of 23.60% and a net margin of 8.42%.The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same period last year, the firm earned $1.11 EPS. The company’s quarterly revenue was down .6% compared to the same quarter last year. Research analysts expect that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.10 dividend on an annualized basis and a yield of 4.6%. Open Text’s dividend payout ratio (DPR) is 64.71%.

Analyst Upgrades and Downgrades

OTEX has been the topic of a number of recent research reports. Royal Bank Of Canada dropped their price objective on shares of Open Text from $33.00 to $30.00 and set a “sector perform” rating on the stock in a research note on Friday, February 6th. Barclays lowered their price target on Open Text from $39.00 to $30.00 and set an “equal weight” rating on the stock in a report on Friday, February 6th. Zacks Research downgraded Open Text from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Canadian Imperial Bank of Commerce cut their price target on Open Text from $40.00 to $37.00 and set a “neutral” rating for the company in a research note on Friday, January 16th. Finally, UBS Group set a $26.00 price target on Open Text in a report on Friday, February 6th. Three analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Open Text has an average rating of “Hold” and an average target price of $35.75.

Open Text 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.