Mufg Securities Canada LTD. Sells 29,072 Shares of Open Text Corporation $OTEX

Mufg Securities Canada LTD. reduced its stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 7.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 342,649 shares of the software maker’s stock after selling 29,072 shares during the quarter. Mufg Securities Canada LTD. owned approximately 0.14% of Open Text worth $7,572,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. CIBC Private Wealth Group LLC acquired a new stake in Open Text in the third quarter valued at approximately $33,000. Kimelman & Baird LLC acquired a new stake in shares of Open Text in the 2nd quarter worth $27,000. Global Retirement Partners LLC acquired a new stake in shares of Open Text in the 2nd quarter worth $34,000. Caitong International Asset Management Co. Ltd grew its stake in Open Text by 5,096.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker’s stock worth $52,000 after buying an additional 1,580 shares during the last quarter. Finally, WealthCollab LLC increased its position in Open Text by 39.5% during 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 in the last quarter. Institutional investors own 70.37% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on OTEX shares. Raymond James Financial downgraded Open Text from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $35.00 to $29.50 in a report on Thursday, August 6th. Scotiabank decreased their price objective on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating for the company in a research report on Friday, August 7th. UBS Group lifted their target price on shares of Open Text from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Wall Street Zen downgraded shares of Open Text from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Zacks Research lowered shares of Open Text from a “hold” rating to a “strong sell” rating in a research note on Friday, August 21st. Three equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $32.46.

Open Text Stock Down 0.7%

Shares of OTEX stock opened at $24.93 on Tuesday. Open Text Corporation has a fifty-two week low of $19.77 and a fifty-two week high of $39.90. The firm has a market capitalization of $6.04 billion, a PE ratio of 9.66 and a beta of 1.03. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.81 and a current ratio of 0.81. The stock’s 50-day simple moving average is $23.75 and its 200-day simple moving average is $23.35.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, August 6th. The software maker reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.21. Open Text had a return on equity of 25.76% and a net margin of 12.26%.The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the previous year, the company posted $0.97 earnings per share. The company’s revenue was up 2.9% compared to the same quarter last year. Equities analysts expect that Open Text Corporation will post 3.72 earnings per share for the current year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be paid a $0.28 dividend. The ex-dividend date is Friday, September 4th. This is an increase from Open Text’s previous quarterly dividend of $0.28. This represents a $1.12 dividend on an annualized basis and a dividend yield of 4.5%. Open Text’s dividend payout ratio (DPR) is currently 42.64%.

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.