Open Text Corporation $OTEX Shares Sold by Mangrove Partners IM LLC

Mangrove Partners IM LLC lowered its stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 4.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,052,161 shares of the software maker’s stock after selling 50,185 shares during the quarter. Open Text comprises about 3.3% of Mangrove Partners IM LLC’s holdings, making the stock its 9th largest position. Mangrove Partners IM LLC’s holdings in Open Text were worth $39,331,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in OTEX. Cidel Asset Management Inc. lifted its position in Open Text by 4.5% during the 3rd quarter. Cidel Asset Management Inc. now owns 973,317 shares of the software maker’s stock worth $36,389,000 after acquiring an additional 41,867 shares during the period. Picton Mahoney Asset Management acquired a new position in shares of Open Text in the third quarter valued at approximately $11,668,000. Arkadios Wealth Advisors increased its holdings in shares of Open Text by 596.6% in the third quarter. Arkadios Wealth Advisors now owns 83,192 shares of the software maker’s stock valued at $3,110,000 after purchasing an additional 71,249 shares during the period. Munich Reinsurance Co Stock Corp in Munich purchased a new stake in shares of Open Text during the third quarter worth approximately $10,052,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Open Text by 456.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,312,755 shares of the software maker’s stock worth $86,429,000 after purchasing an additional 1,896,755 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Trading Down 1.6%

NASDAQ:OTEX opened at $22.98 on Friday. Open Text Corporation has a 1 year low of $22.44 and a 1 year high of $39.90. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a fifty day moving average price of $26.77 and a two-hundred day moving average price of $32.43. The stock has a market capitalization of $5.76 billion, a price-to-earnings ratio of 13.52 and a beta of 1.08.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, February 5th. The software maker reported $1.13 EPS for the quarter, topping the consensus estimate of $1.04 by $0.09. Open Text had a net margin of 8.42% and a return on equity of 23.60%. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same period in the previous year, the firm earned $1.11 EPS. The business’s revenue was down .6% on a year-over-year basis. As a group, sell-side analysts anticipate that Open Text Corporation will post 3.45 earnings per share for the current fiscal year.

Open Text Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be issued a dividend of $0.275 per share. 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 4.8%. Open Text’s payout ratio is currently 64.71%.

Analysts Set New Price Targets

OTEX has been the topic of a number of analyst reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Open Text in a research report on Monday, December 29th. Citigroup cut their price objective on shares of Open Text from $36.00 to $26.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. Royal Bank Of Canada reduced their target price on shares of Open Text from $33.00 to $30.00 and set a “sector perform” rating for the company in a research note on Friday, February 6th. Canadian Imperial Bank of Commerce dropped their price target on shares of Open Text from $40.00 to $37.00 and set a “neutral” rating on the stock in a research note on Friday, January 16th. Finally, Zacks Research downgraded shares of Open Text from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. Three research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, Open Text has an average 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.