Montrusco Bolton Investments Inc. Makes New Investment in Open Text Corporation $OTEX

Montrusco Bolton Investments Inc. acquired a new position in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 218,938 shares of the software maker’s stock, valued at approximately $7,140,000.

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

Open Text Stock Up 0.6%

Shares of Open Text stock opened at $22.43 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.57. The firm has a market cap of $5.43 billion, a P/E ratio of 13.19 and a beta of 1.08. Open Text Corporation has a fifty-two week low of $20.00 and a fifty-two week high of $39.90. The business has a 50-day moving average price of $23.29 and a 200 day moving average price of $29.67.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, February 5th. The software maker reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.09. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.29 billion. Open Text had a return on equity of 23.60% and a net margin of 8.42%.Open Text’s quarterly revenue was down .6% on a year-over-year basis. During the same period in the previous year, the company earned $1.11 earnings per share. On average, sell-side analysts forecast that Open Text Corporation will post 3.98 earnings per share for the current fiscal year.

Open Text Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 6th were given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend was Friday, March 6th. Open Text’s dividend payout ratio is currently 64.71%.

Analyst Upgrades and Downgrades

OTEX has been the subject of a number of recent research reports. TD Securities raised shares of Open Text to a “hold” rating in a research note on Monday, February 2nd. 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 on the stock in a report on Friday, February 6th. UBS Group set a $26.00 target price on shares of Open Text in a report on Friday, February 6th. Raymond James Financial reduced their target price on shares of Open Text from $48.00 to $42.00 and set an “outperform” rating on the stock in a report on Friday, February 6th. Finally, Canadian Imperial Bank of Commerce reduced their target price on shares of Open Text from $40.00 to $37.00 and set a “neutral” rating on the stock in a report on Friday, January 16th. Three research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $35.33.

About Open Text

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.