Mitchell Capital Management Co. Sells 7,489 Shares of Open Text Co. (NASDAQ:OTEX)

Mitchell Capital Management Co. trimmed its stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 29.6% during the second quarter, HoldingsChannel.com reports. The firm owned 17,832 shares of the software maker’s stock after selling 7,489 shares during the quarter. Mitchell Capital Management Co.’s holdings in Open Text were worth $906,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in the stock. Van ECK Associates Corp increased its stake in Open Text by 198.5% in the 2nd quarter. Van ECK Associates Corp now owns 791 shares of the software maker’s stock worth $40,000 after acquiring an additional 526 shares during the last quarter. Bbva USA bought a new position in Open Text in the 2nd quarter worth about $57,000. Capital Analysts LLC increased its stake in Open Text by 63.8% in the 2nd quarter. Capital Analysts LLC now owns 1,373 shares of the software maker’s stock worth $70,000 after acquiring an additional 535 shares during the last quarter. FORA Capital LLC bought a new position in Open Text in the 1st quarter worth about $75,000. Finally, Eaton Vance Management bought a new position in Open Text in the 1st quarter worth about $116,000. Institutional investors own 65.78% of the company’s stock.

Shares of OTEX stock opened at $52.62 on Wednesday. The stock has a market capitalization of $14.30 billion, a PE ratio of 46.57 and a beta of 0.94. Open Text Co. has a 1-year low of $36.18 and a 1-year high of $55.25. The business has a 50-day moving average of $52.56 and a 200 day moving average of $49.75. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.62 and a quick ratio of 1.62.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, August 5th. The software maker reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.05. The company had revenue of $893.53 million during the quarter, compared to analysts’ expectations of $843.00 million. Open Text had a return on equity of 21.87% and a net margin of 9.17%. Analysts anticipate that Open Text Co. will post 3.4 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 24th. Shareholders of record on Friday, September 3rd will be issued a $0.2209 dividend. The ex-dividend date is Thursday, September 2nd. This represents a $0.88 annualized dividend and a yield of 1.68%. This is a boost from Open Text’s previous quarterly dividend of $0.20. Open Text’s dividend payout ratio (DPR) is 27.16%.

A number of brokerages have weighed in on OTEX. Royal Bank of Canada upped their target price on Open Text from $60.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, August 6th. Raymond James upped their price objective on Open Text from $59.00 to $63.00 and gave the stock an “outperform” rating in a report on Friday, August 6th. Barclays upped their price objective on Open Text from $56.00 to $57.00 and gave the stock an “equal weight” rating in a report on Friday, August 6th. Finally, TD Securities upped their price objective on Open Text from $57.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, August 6th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $59.17.

Open Text Company Profile

Open Text Corp. engages in the design, development, marketing and sales of enterprise information management software and solutions. It includes customer experience management (CEM), digital process automation, business network, and enterprise content management, discovery, security, and artificial intelligence (AI) and analytics solutions.

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Institutional Ownership by Quarter for Open Text (NASDAQ:OTEX)

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