Montrusco Bolton Investments Inc. Sells 21,431 Shares of Open Text Corporation $OTEX

Montrusco Bolton Investments Inc. trimmed its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 6.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 297,028 shares of the software maker’s stock after selling 21,431 shares during the quarter. Montrusco Bolton Investments Inc. owned approximately 0.12% of Open Text worth $6,676,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Ridgewood Investments LLC grew its holdings in Open Text by 1.4% during the third quarter. Ridgewood Investments LLC now owns 67,238 shares of the software maker’s stock worth $1,507,000 after purchasing an additional 936 shares during the period. Sequoia Financial Advisors LLC lifted its position in shares of Open Text by 8.3% in the second quarter. Sequoia Financial Advisors LLC now owns 17,506 shares of the software maker’s stock valued at $388,000 after buying an additional 1,337 shares during the last quarter. Tidal Investments LLC boosted its stake in shares of 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 acquiring an additional 267,440 shares during the period. Engineers Gate Manager LP increased its holdings in shares of Open Text by 807.5% during the 2nd quarter. Engineers Gate Manager LP now owns 88,032 shares of the software maker’s stock worth $1,950,000 after acquiring an additional 78,332 shares during the last quarter. Finally, Nykredit A S acquired a new position in shares of Open Text during the 2nd quarter worth approximately $179,000. 70.37% of the stock is owned by institutional investors.

Open Text Price Performance

Shares of NASDAQ:OTEX traded up $0.77 during midday trading on Tuesday, hitting $24.95. The 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 price is $23.79 and its 200-day moving average price is $23.16. Open Text Corporation has a fifty-two week low of $19.77 and a fifty-two week 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. The company has a market capitalization of $6.03 billion, a P/E ratio of 9.67 and a beta of 1.01.

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

Open Text Increases Dividend

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

Wall Street Analysts Forecast Growth

OTEX has been the subject of several recent research reports. Scotiabank reduced 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. Citigroup boosted their target price on shares of Open Text from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Scotia decreased their price target on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 7th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Open Text in a research report on Monday, September 21st. Finally, Zacks Research upgraded shares of Open Text from a “strong sell” rating to a “hold” rating in a research note on Monday, October 5th. 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, Open Text presently has an average rating of “Hold” and a consensus target price of $30.95.

Open Text Profile

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.