PCJ Investment Counsel Ltd. lessened its holdings in Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 55.7% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 338,139 shares of the software maker’s stock after selling 425,325 shares during the period. Open Text makes up approximately 1.1% of PCJ Investment Counsel Ltd.’s portfolio, making the stock its 27th biggest holding. PCJ Investment Counsel Ltd. owned 0.13% of Open Text worth $12,857,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Blue Harbour Group L.P. lifted its stake in Open Text by 0.6% in the second quarter. Blue Harbour Group L.P. now owns 9,855,331 shares of the software maker’s stock valued at $346,809,000 after purchasing an additional 61,306 shares during the last quarter. NorthCoast Asset Management LLC purchased a new position in Open Text in the second quarter valued at approximately $2,176,000. Tower Research Capital LLC TRC purchased a new position in Open Text in the second quarter valued at approximately $160,000. BlackRock Inc. lifted its stake in Open Text by 19.1% in the second quarter. BlackRock Inc. now owns 1,350,637 shares of the software maker’s stock valued at $47,528,000 after purchasing an additional 216,672 shares during the last quarter. Finally, Andra AP fonden lifted its stake in Open Text by 14.8% in the third quarter. Andra AP fonden now owns 87,600 shares of the software maker’s stock valued at $4,306,000 after purchasing an additional 11,300 shares during the last quarter. Hedge funds and other institutional investors own 67.27% of the company’s stock.
Several equities analysts recently commented on OTEX shares. BidaskClub downgraded Open Text from a “sell” rating to a “strong sell” rating in a research note on Thursday, November 8th. CIBC reiterated an “average” rating and issued a $51.00 price objective on shares of Open Text in a research note on Monday, November 19th. Barclays reiterated a “buy” rating on shares of Open Text in a research note on Thursday, November 1st. Raymond James set a $48.00 price objective on Open Text and gave the company an “outperform” rating in a research note on Thursday, November 1st. Finally, BMO Capital Markets reiterated a “buy” rating and issued a $40.00 price objective on shares of Open Text in a research note on Thursday, November 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $45.30.
Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Wednesday, October 31st. The software maker reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.01. The firm had revenue of $667.20 million for the quarter, compared to the consensus estimate of $692.53 million. Open Text had a return on equity of 7.99% and a net margin of 8.51%. The business’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.54 earnings per share. On average, analysts expect that Open Text Corp will post 0.4 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Shareholders of record on Friday, November 30th will be given a dividend of $0.1518 per share. The ex-dividend date of this dividend is Thursday, November 29th. This represents a $0.61 annualized dividend and a dividend yield of 1.83%. Open Text’s dividend payout ratio is currently 67.03%.
Open Text Profile
Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.
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