TD Asset Management Inc. cut its holdings in Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 4.0% in the 2nd quarter, Holdings Channel.com reports. The firm owned 3,058,888 shares of the software maker’s stock after selling 125,874 shares during the quarter. TD Asset Management Inc.’s holdings in Open Text were worth $126,496,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of OTEX. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new position in shares of Open Text in the 1st quarter valued at approximately $51,897,000. Clark Capital Management Group Inc. acquired a new position in Open Text during the 1st quarter worth approximately $21,292,000. Toronto Dominion Bank boosted its position in Open Text by 28.0% during the 1st quarter. Toronto Dominion Bank now owns 1,422,968 shares of the software maker’s stock worth $54,880,000 after acquiring an additional 311,177 shares during the last quarter. Bank of Montreal Can boosted its position in Open Text by 11.1% during the 1st quarter. Bank of Montreal Can now owns 3,011,673 shares of the software maker’s stock worth $115,740,000 after acquiring an additional 301,360 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in Open Text by 591.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 337,779 shares of the software maker’s stock worth $12,980,000 after acquiring an additional 288,899 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.
OTEX has been the subject of a number of recent research reports. Zacks Investment Research downgraded Open Text from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. BidaskClub downgraded Open Text from a “hold” rating to a “sell” rating in a research report on Wednesday, August 7th. Raymond James set a $48.00 price target on Open Text and gave the stock an “outperform” rating in a research report on Friday, August 2nd. CIBC reaffirmed a “buy” rating and set a $53.00 price target on shares of Open Text in a research report on Sunday, August 4th. Finally, TD Securities upped their price target on Open Text from $45.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Two research analysts have rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $47.25.
Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, August 1st. The software maker reported $0.27 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.10). The company had revenue of $747.20 million during the quarter, compared to analyst estimates of $763.51 million. Open Text had a net margin of 9.95% and a return on equity of 7.50%. The company’s quarterly revenue was down .9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.72 EPS. Analysts forecast that Open Text Corp will post 1.57 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be issued a $0.175 dividend. This represents a $0.70 annualized dividend and a dividend yield of 1.88%. The ex-dividend date is Thursday, August 29th. This is an increase from Open Text’s previous quarterly dividend of $0.17. Open Text’s dividend payout ratio is presently 66.04%.
About Open Text
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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