Cidel Asset Management Inc. Has $18.16 Million Position in Open Text Corporation $OTEX

Cidel Asset Management Inc. cut its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 42.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 557,011 shares of the software maker’s stock after selling 416,306 shares during the quarter. Open Text comprises about 1.3% of Cidel Asset Management Inc.’s portfolio, making the stock its 24th biggest holding. Cidel Asset Management Inc. owned approximately 0.22% of Open Text worth $18,164,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. JARISLOWSKY FRASER Ltd lifted its holdings in shares of Open Text by 0.6% during the third quarter. JARISLOWSKY FRASER Ltd now owns 21,150,154 shares of the software maker’s stock worth $790,736,000 after buying an additional 117,436 shares in the last quarter. Vanguard Group Inc. increased its position in Open Text by 2.0% during the third quarter. Vanguard Group Inc. now owns 11,689,086 shares of the software maker’s stock worth $436,926,000 after acquiring an additional 229,758 shares during the period. First Trust Advisors LP increased its position in Open Text by 9.3% during the third quarter. First Trust Advisors LP now owns 9,027,450 shares of the software maker’s stock worth $337,445,000 after acquiring an additional 765,366 shares during the period. The Manufacturers Life Insurance Company raised its stake in Open Text by 0.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 4,275,331 shares of the software maker’s stock worth $124,269,000 after purchasing an additional 20,316 shares in the last quarter. Finally, Bank of Montreal Can boosted its holdings in Open Text by 14.1% in the 3rd quarter. Bank of Montreal Can now owns 3,295,347 shares of the software maker’s stock valued at $123,149,000 after purchasing an additional 406,335 shares during the period. Institutional investors own 70.37% of the company’s stock.

Open Text Stock Performance

Shares of Open Text stock opened at $22.52 on Monday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.57. The company has a market cap of $5.53 billion, a PE ratio of 13.25 and a beta of 1.08. The company has a 50 day moving average of $24.15 and a 200-day moving average of $31.15. Open Text Corporation has a 1-year low of $21.31 and a 1-year high of $39.90.

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

Open Text Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, March 6th were paid a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, March 6th. This represents a $1.10 annualized dividend and a yield of 4.9%. Open Text’s payout ratio is presently 64.71%.

Wall Street Analysts Forecast Growth

OTEX has been the topic of a number of analyst reports. UBS Group set a $26.00 target price on shares of Open Text in a research report on Friday, February 6th. Citigroup cut their price target on Open Text from $36.00 to $26.00 and set a “neutral” rating for the company in a research note on Friday, February 6th. Barclays reduced their price target on Open Text from $39.00 to $30.00 and set an “equal weight” rating on the stock in a research report on Friday, February 6th. Royal Bank Of Canada dropped their price objective on Open Text from $33.00 to $30.00 and set a “sector perform” rating for the company in a report on Friday, February 6th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Open Text in a research report on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $35.75.

Open Text Company 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.