Open Text Corporation $OTEX Stock Position Cut by Montrusco Bolton Investments Inc.

Montrusco Bolton Investments Inc. decreased its holdings in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 6.7% in the 3rd quarter, Holdings Channel reports. The fund owned 297,028 shares of the software maker’s stock after selling 21,431 shares during the period. Montrusco Bolton Investments Inc.’s holdings in Open Text were worth $6,676,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in OTEX. Ridgewood Investments LLC boosted its stake in shares of Open Text by 1.4% in the 3rd quarter. Ridgewood Investments LLC now owns 67,238 shares of the software maker’s stock valued at $1,507,000 after purchasing an additional 936 shares in the last quarter. Sequoia Financial Advisors LLC increased its position in Open Text by 8.3% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 17,506 shares of the software maker’s stock worth $388,000 after purchasing an additional 1,337 shares in the last quarter. Tidal Investments LLC increased its position in Open Text by 797.0% during the 2nd quarter. Tidal Investments LLC now owns 300,997 shares of the software maker’s stock worth $6,667,000 after purchasing an additional 267,440 shares in the last quarter. Engineers Gate Manager LP lifted its stake in Open Text by 807.5% in the 2nd quarter. Engineers Gate Manager LP now owns 88,032 shares of the software maker’s stock valued at $1,950,000 after purchasing an additional 78,332 shares during the last quarter. Finally, Nykredit A S bought a new position in Open Text in the 2nd quarter valued at approximately $179,000. Institutional investors own 70.37% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Wall Street Zen upgraded shares of Open Text from a “hold” rating to a “buy” rating in a research report on Saturday, September 5th. Raymond James Financial downgraded shares of Open Text from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $35.00 to $29.50 in a report on Thursday, August 6th. Scotiabank dropped their price target on Open Text from $40.00 to $33.00 and set a “sector outperform” rating for the company in a research note on Friday, August 7th. Zacks Research raised Open Text from a “strong sell” rating to a “hold” rating in a report on Monday, October 5th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Open Text in a report on Monday, September 21st. Three research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $30.95.

Open Text Trading Up 3.2%

NASDAQ OTEX traded up $0.77 on Tuesday, hitting $24.95. The company’s stock had a trading volume of 1,854,807 shares, compared to its average volume of 1,976,152. The company’s 50-day moving average is $23.79 and its 200 day moving average is $23.16. The firm has a market cap of $6.03 billion, a PE ratio of 9.67 and a beta of 1.01. Open Text Corporation has a 1-year low of $19.77 and a 1-year high of $39.90. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.43.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, August 6th. The software maker reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.21. Open Text had a net margin of 12.26% and a return on equity of 25.76%. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter in the previous year, the firm posted $0.97 earnings per share. Open Text’s revenue for the quarter was up 2.9% on a year-over-year basis. As a group, analysts predict that Open Text Corporation will post 3.72 earnings per share for the current fiscal year.

Open Text Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, September 4th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.12 annualized dividend and a yield of 4.5%. This is an increase from Open Text’s previous quarterly dividend of $0.2750. Open Text’s dividend payout ratio is 43.41%.

About Open Text

OpenText Corporation (NASDAQ: OTEX) is a Canadian enterprise software company that provides information management solutions for organizations worldwide. Its products help businesses create, capture, manage, secure, exchange and analyze content and data across digital operations.

The company’s portfolio includes enterprise content management, business process management, customer experience management, secure file transfer, cybersecurity, IT operations management, analytics and developer tools.