Wellington Management Group LLP Invests $11.12 Million in Open Text Corporation $OTEX

Wellington Management Group LLP bought a new position in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 502,614 shares of the software maker’s stock, valued at approximately $11,120,000.

Several other institutional investors also recently bought and sold shares of the stock. Royal Bank of Canada boosted its position in Open Text by 10.9% in the 1st quarter. Royal Bank of Canada now owns 9,843,494 shares of the software maker’s stock worth $218,920,000 after purchasing an additional 965,385 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of Open Text by 99.1% in the 1st quarter. Bank of America Corp DE now owns 1,349,545 shares of the software maker’s stock valued at $30,014,000 after purchasing an additional 671,572 shares during the period. Sei Investments Co. lifted its stake in shares of Open Text by 47.3% in the 1st quarter. Sei Investments Co. now owns 255,601 shares of the software maker’s stock valued at $5,684,000 after purchasing an additional 82,049 shares during the period. Brandes Investment Partners LP raised its position in shares of Open Text by 1.2% in the fourth quarter. Brandes Investment Partners LP now owns 9,106,157 shares of the software maker’s stock worth $296,679,000 after acquiring an additional 106,766 shares during the period. Finally, Quantinno Capital Management LP boosted its stake in shares of Open Text by 109.8% during the 1st quarter. Quantinno Capital Management LP now owns 109,717 shares of the software maker’s stock worth $2,440,000 after acquiring an additional 57,432 shares in the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Open Text Price Performance

NASDAQ OTEX opened at $23.95 on Tuesday. The business has a fifty day moving average price of $23.99 and a 200 day moving average price of $23.35. Open Text Corporation has a one year low of $19.77 and a one year high of $39.90. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market cap of $5.80 billion, a P/E ratio of 9.28 and a beta of 1.02.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Thursday, August 6th. The software maker reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.21. Open Text had a net margin of 12.26% and a return on equity of 25.76%. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same period last year, the company posted $0.97 EPS. The business’s revenue was up 2.9% on a year-over-year basis. Research analysts anticipate that Open Text Corporation will post 3.72 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, September 4th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 4.7%. This is a boost from Open Text’s previous quarterly dividend of $0.28. Open Text’s dividend payout ratio (DPR) is currently 43.41%.

Wall Street Analyst Weigh In

OTEX has been the topic of a number of analyst reports. Citigroup raised their target price on Open Text from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Scotia reduced their price target on Open Text from $40.00 to $33.00 and set a “sector outperform” rating for the company in a report on Friday, August 7th. Weiss Ratings reissued a “hold (c-)” rating on shares of Open Text in a report on Wednesday, June 24th. Raymond James Financial cut Open Text from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $35.00 to $29.50 in a research report on Thursday, August 6th. Finally, Scotiabank reduced their target price on Open Text from $40.00 to $33.00 and set a “sector outperform” rating for the company in a research note on Friday, August 7th. Three investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $32.46.

Open Text Company Profile

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.