Open Text Corporation $OTEX Stock Position Lowered by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company decreased its position in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 4.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,210,601 shares of the software maker’s stock after selling 523,819 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Open Text were worth $227,124,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank bought a new stake in Open Text in the fourth quarter worth about $106,700,000. First Trust Advisors LP boosted its position in shares of Open Text by 27.3% during the 4th quarter. First Trust Advisors LP now owns 11,493,714 shares of the software maker’s stock valued at $374,394,000 after purchasing an additional 2,466,264 shares in the last quarter. Morgan Stanley boosted its position in shares of Open Text by 76.8% during the 4th quarter. Morgan Stanley now owns 2,884,381 shares of the software maker’s stock valued at $93,973,000 after purchasing an additional 1,253,405 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Open Text by 48.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,592,578 shares of the software maker’s stock worth $96,914,000 after purchasing an additional 851,303 shares during the last quarter. Finally, Arbejdsmarkedets Tillaegspension bought a new stake in shares of Open Text in the 4th quarter worth approximately $22,749,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on OTEX. Scotia cut their target price on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a research note on Friday, May 8th. Raymond James Financial decreased their price target on shares of Open Text from $42.00 to $35.00 and set an “outperform” rating on the stock in a research report on Friday, May 8th. UBS Group set a $25.00 price objective on Open Text in a research report on Friday, May 8th. Royal Bank Of Canada reduced their price objective on Open Text from $30.00 to $27.00 and set a “sector perform” rating for the company in a research note on Friday, May 8th. Finally, Barclays lifted their target price on Open Text from $25.00 to $27.00 and gave the stock an “equal weight” rating in a report on Monday, May 11th. Four research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, Open Text currently has an average rating of “Hold” and a consensus target price of $33.67.

Open Text Stock Up 5.6%

OTEX stock opened at $23.62 on Tuesday. Open Text Corporation has a 52-week low of $19.77 and a 52-week high of $39.90. The company’s 50 day simple moving average is $22.64 and its 200-day simple moving average is $23.97. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market capitalization of $5.72 billion, a P/E ratio of 11.52 and a beta of 1.04.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, May 7th. The software maker reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.07. Open Text had a net margin of 9.91% and a return on equity of 24.77%. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same quarter last year, the business posted $0.82 EPS. The company’s revenue was up 2.2% on a year-over-year basis. As a group, equities research analysts anticipate that Open Text Corporation will post 4.05 EPS for the current year.

Open Text Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Friday, June 5th were issued a $0.275 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.7%. Open Text’s dividend payout ratio is presently 53.66%.

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.