Intact Investment Management Inc. Sells 713,780 Shares of Open Text Co. (NASDAQ:OTEX)

Intact Investment Management Inc. reduced its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 67.0% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 351,440 shares of the software maker’s stock after selling 713,780 shares during the period. Intact Investment Management Inc. owned about 0.13% of Open Text worth $10,552,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of OTEX. Optiver Holding B.V. bought a new stake in shares of Open Text during the fourth quarter worth approximately $27,000. Ridgewood Investments LLC bought a new position in Open Text during the second quarter worth about $30,000. Headlands Technologies LLC bought a new stake in Open Text in the 1st quarter valued at about $32,000. Assetmark Inc. bought a new position in shares of Open Text during the fourth quarter worth approximately $48,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Open Text by 18.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the software maker’s stock valued at $92,000 after buying an additional 334 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on OTEX. Barclays dropped their price objective on Open Text from $38.00 to $36.00 and set an “equal weight” rating for the company in a report on Monday, August 5th. Citigroup dropped their price target on Open Text from $37.00 to $32.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. BMO Capital Markets decreased their target price on shares of Open Text from $38.00 to $33.00 and set a “market perform” rating on the stock in a report on Friday, August 2nd. National Bankshares lowered shares of Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price target on the stock. in a research report on Friday, August 2nd. Finally, National Bank Financial cut Open Text from an “outperform” rating to a “sector perform” rating in a research note on Friday, August 2nd. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $38.60.

Open Text Price Performance

Open Text stock opened at $31.82 on Friday. The firm has a market cap of $8.53 billion, a P/E ratio of 51.32 and a beta of 1.12. The stock’s 50 day moving average is $30.94 and its 200 day moving average is $33.31. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.81 and a quick ratio of 0.81. Open Text Co. has a one year low of $27.50 and a one year high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.05. Open Text had a net margin of 8.06% and a return on equity of 25.00%. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the company posted $0.79 earnings per share. Open Text’s revenue for the quarter was down 8.6% compared to the same quarter last year. As a group, research analysts expect that Open Text Co. will post 3.18 EPS for the current year.

Open Text Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 30th will be paid a $0.192 dividend. This represents a $0.77 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend is Friday, August 30th. Open Text’s dividend payout ratio (DPR) is presently 161.29%.

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.