Intact Investment Management Inc. Acquires 572,540 Shares of Open Text Corporation $OTEX

Intact Investment Management Inc. grew its holdings in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 94.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,175,680 shares of the software maker’s stock after buying an additional 572,540 shares during the quarter. Open Text makes up 1.3% of Intact Investment Management Inc.’s portfolio, making the stock its 22nd largest position. Intact Investment Management Inc. owned about 0.47% of Open Text worth $43,950,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Cromwell Holdings LLC grew its holdings in shares of Open Text by 27.4% in the 2nd quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock valued at $48,000 after acquiring an additional 352 shares in the last quarter. Oppenheimer Asset Management Inc. increased its position in shares of Open Text by 2.9% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 13,174 shares of the software maker’s stock worth $385,000 after purchasing an additional 370 shares during the last quarter. Tidal Investments LLC increased its position in shares of Open Text by 2.6% during the 2nd quarter. Tidal Investments LLC now owns 18,059 shares of the software maker’s stock worth $527,000 after purchasing an additional 460 shares during the last quarter. WealthCollab LLC boosted its holdings in shares of 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 buying an additional 464 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of 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 buying an additional 570 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OTEX has been the topic of several analyst reports. Zacks Research lowered shares of Open Text from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. UBS Group upped their target price on shares of Open Text from $32.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 7th. Jefferies Financial Group lifted their price target on Open Text from $33.00 to $35.00 and gave the stock a “hold” rating in a report on Thursday, November 6th. TD Cowen restated a “hold” rating and issued a $40.00 price objective on shares of Open Text in a research note on Friday, October 3rd. Finally, TD Securities cut Open Text from a “buy” rating to a “hold” rating and raised their price objective for the company from $35.00 to $40.00 in a research report on Friday, October 3rd. Three equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, Open Text has a consensus rating of “Hold” and an average price target of $39.00.

Open Text Stock Down 0.3%

Open Text stock opened at $28.85 on Monday. The company’s 50-day moving average price is $32.65 and its two-hundred day moving average price is $33.70. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.60. The stock has a market cap of $7.26 billion, a P/E ratio of 15.10 and a beta of 1.08. Open Text Corporation has a twelve month low of $22.79 and a twelve month high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Wednesday, November 5th. The software maker reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. The company had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Open Text had a return on equity of 23.44% and a net margin of 9.60%.The business’s revenue was up 1.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.93 earnings per share. As a group, analysts expect that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend was Friday, December 5th. Open Text’s dividend payout ratio is currently 57.59%.

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.