Ontario Teachers Pension Plan Board Grows Position in Open Text Co. (NASDAQ:OTEX)

Ontario Teachers Pension Plan Board raised its holdings in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 105.8% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 39,885 shares of the software maker’s stock after buying an additional 20,503 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Open Text were worth $1,328,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in the company. AustralianSuper Pty Ltd acquired a new position in Open Text during the third quarter worth $8,011,000. Vanguard Group Inc. raised its position in Open Text by 1.3% during the first quarter. Vanguard Group Inc. now owns 10,344,910 shares of the software maker’s stock worth $401,693,000 after acquiring an additional 135,812 shares during the period. Access Investment Management LLC acquired a new position in Open Text during the third quarter worth $6,509,000. Value Partners Investments Inc. raised its position in Open Text by 2.2% during the third quarter. Value Partners Investments Inc. now owns 2,342,166 shares of the software maker’s stock worth $77,947,000 after acquiring an additional 50,348 shares during the period. Finally, Clearbridge Investments LLC raised its position in Open Text by 6.9% during the second quarter. Clearbridge Investments LLC now owns 2,954,755 shares of the software maker’s stock worth $88,754,000 after acquiring an additional 191,271 shares during the period. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

OTEX has been the subject of a number of research analyst reports. National Bankshares cut shares of Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price objective for the company. in a research report on Friday, August 2nd. Scotiabank dropped their target price on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a report on Friday, November 1st. National Bank Financial lowered shares of Open Text from an “outperform” rating to a “sector perform” rating in a report on Friday, August 2nd. Citigroup dropped their target price on shares of Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, November 1st. Finally, Royal Bank of Canada lowered shares of Open Text from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from $45.00 to $33.00 in a report on Friday, November 1st. Eight analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Open Text has an average rating of “Hold” and an average target price of $35.90.

Open Text Trading Up 1.1 %

Shares of OTEX opened at $28.87 on Thursday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54. The firm has a market capitalization of $7.68 billion, a P/E ratio of 16.69 and a beta of 1.13. The firm has a 50-day moving average price of $32.07 and a 200 day moving average price of $31.04. Open Text Co. has a 12-month low of $27.50 and a 12-month high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.13. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The business’s quarterly revenue was down 11.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.90 earnings per share. Sell-side analysts forecast that Open Text Co. will post 3.37 EPS for the current year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be paid a $0.262 dividend. This is a positive change from Open Text’s previous quarterly dividend of $0.19. This represents a $1.05 annualized dividend and a yield of 3.63%. The ex-dividend date of this dividend is Friday, November 29th. Open Text’s dividend payout ratio is currently 60.69%.

About Open Text

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.