Scotia Capital Inc. Grows Holdings in Open Text Corp (NASDAQ:OTEX)

Scotia Capital Inc. grew its position in Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 7.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 368,939 shares of the software maker’s stock after acquiring an additional 25,036 shares during the period. Scotia Capital Inc.’s holdings in Open Text were worth $15,161,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. First Trust Advisors LP grew its stake in Open Text by 10.1% in the 1st quarter. First Trust Advisors LP now owns 2,734,060 shares of the software maker’s stock valued at $105,070,000 after acquiring an additional 251,035 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Open Text by 3.1% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,577,044 shares of the software maker’s stock valued at $106,572,000 after purchasing an additional 77,490 shares during the period. FMR LLC increased its stake in shares of Open Text by 1.8% during the first quarter. FMR LLC now owns 1,516,784 shares of the software maker’s stock worth $58,238,000 after purchasing an additional 26,655 shares in the last quarter. Russell Investments Group Ltd. increased its stake in shares of Open Text by 3.4% during the second quarter. Russell Investments Group Ltd. now owns 1,153,345 shares of the software maker’s stock worth $47,679,000 after purchasing an additional 38,409 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Open Text by 3.8% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,016,661 shares of the software maker’s stock worth $39,025,000 after purchasing an additional 36,867 shares in the last quarter. Institutional investors and hedge funds own 64.60% of the company’s stock.

Shares of NASDAQ OTEX traded up $0.17 during mid-day trading on Wednesday, reaching $41.13. The company’s stock had a trading volume of 28,249 shares, compared to its average volume of 524,527. The stock has a 50-day moving average of $39.91 and a two-hundred day moving average of $39.79. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.54 and a current ratio of 1.54. The stock has a market capitalization of $11.06 billion, a P/E ratio of 38.85 and a beta of 0.56. Open Text Corp has a 1-year low of $30.99 and a 1-year high of $44.49.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, August 1st. The software maker reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.10). Open Text had a return on equity of 7.50% and a net margin of 9.95%. The business had revenue of $747.20 million for the quarter, compared to analyst estimates of $763.51 million. During the same quarter in the previous year, the firm posted $0.72 earnings per share. The business’s revenue was down .9% compared to the same quarter last year. Analysts predict that Open Text Corp will post 1.57 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 30th will be issued a $0.175 dividend. This is an increase from Open Text’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.70 dividend on an annualized basis and a yield of 1.70%. Open Text’s dividend payout ratio is presently 66.04%.

A number of brokerages recently weighed in on OTEX. Benchmark reaffirmed a “buy” rating and issued a $48.00 price target (up from $42.00) on shares of Open Text in a research note on Thursday, July 11th. TD Securities boosted their price objective on Open Text from $45.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Royal Bank of Canada reissued an “outperform” rating and set a $47.00 target price on shares of Open Text in a report on Tuesday, August 6th. Zacks Investment Research downgraded Open Text from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. Finally, CIBC reaffirmed a “buy” rating and issued a $53.00 price target on shares of Open Text in a research note on Sunday, August 4th. One equities research analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $47.25.

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

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