Letko Brosseau & Associates Inc. Acquires 27,825 Shares of Open Text Corporation $OTEX

Letko Brosseau & Associates Inc. lifted its holdings in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 0.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,681,093 shares of the software maker’s stock after purchasing an additional 27,825 shares during the quarter. Open Text accounts for approximately 3.0% of Letko Brosseau & Associates Inc.’s investment portfolio, making the stock its 11th biggest holding. Letko Brosseau & Associates Inc.’s holdings in Open Text were worth $185,260,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Open Text by 2.0% during the third quarter. Vanguard Group Inc. now owns 11,689,086 shares of the software maker’s stock worth $436,926,000 after acquiring an additional 229,758 shares in the last quarter. First Trust Advisors LP raised its position in Open Text by 9.3% during the third quarter. First Trust Advisors LP now owns 9,027,450 shares of the software maker’s stock worth $337,445,000 after acquiring an additional 765,366 shares in the last quarter. Bank of Montreal Can raised its position in Open Text by 14.1% during the third quarter. Bank of Montreal Can now owns 3,295,347 shares of the software maker’s stock worth $123,149,000 after acquiring an additional 406,335 shares in the last quarter. Norges Bank bought a new stake in Open Text during the fourth quarter worth $106,700,000. Finally, Geode Capital Management LLC raised its position in Open Text by 5.7% during the fourth quarter. Geode Capital Management LLC now owns 2,680,546 shares of the software maker’s stock worth $88,929,000 after acquiring an additional 143,996 shares in the last quarter. 70.37% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on OTEX. Scotiabank dropped their price target on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 8th. Scotia dropped their price target on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 8th. Citigroup dropped their price target on shares of Open Text from $26.00 to $25.00 and set a “neutral” rating on the stock in a research report on Friday, May 8th. Barclays upped their price target on shares of Open Text from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Monday, May 11th. Finally, National Bank Financial dropped their price target on shares of Open Text from $45.00 to $33.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. Four investment 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.com, Open Text currently has a consensus rating of “Hold” and an average price target of $33.67.

Open Text Price Performance

Shares of OTEX opened at $22.16 on Wednesday. The firm has a market capitalization of $5.38 billion, a PE ratio of 10.81 and a beta of 1.05. The company’s 50-day moving average is $22.96 and its 200-day moving average is $26.60. Open Text Corporation has a fifty-two week low of $20.00 and a fifty-two week high of $39.90. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.94 and a quick ratio of 0.94.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, May 7th. The software maker reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.07. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.26 billion. Open Text had a net margin of 9.91% and a return on equity of 24.77%. The company’s revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.82 earnings per share. Equities analysts forecast that Open Text Corporation will post 4.05 EPS for the current year.

Open Text Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Friday, June 5th will be given a $0.275 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.10 annualized dividend and a dividend yield of 5.0%. 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.