OMERS ADMINISTRATION Corp Invests $6.32 Million in Open Text Corporation $OTEX

OMERS ADMINISTRATION Corp purchased a new stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 285,400 shares of the software maker’s stock, valued at approximately $6,315,000.

Several other institutional investors and hedge funds also recently made changes to their positions in OTEX. FIL Ltd boosted its stake in Open Text by 5.7% during the 4th quarter. FIL Ltd now owns 12,155,000 shares of the software maker’s stock valued at $395,853,000 after purchasing an additional 655,000 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Open Text by 27.3% during the fourth 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. The Manufacturers Life Insurance Company boosted its position in shares of Open Text by 11.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 10,734,420 shares of the software maker’s stock valued at $349,978,000 after buying an additional 1,122,320 shares during the last quarter. Royal Bank of Canada boosted its position in shares of Open Text by 10.9% during the first quarter. Royal Bank of Canada now owns 9,843,494 shares of the software maker’s stock valued at $218,920,000 after buying an additional 965,385 shares during the last quarter. Finally, Brandes Investment Partners LP increased its holdings in Open Text by 1.2% in the 4th quarter. Brandes Investment Partners LP now owns 9,106,157 shares of the software maker’s stock worth $296,679,000 after buying an additional 106,766 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

Open Text Stock Performance

NASDAQ:OTEX opened at $24.58 on Tuesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.43. Open Text Corporation has a 12-month low of $19.77 and a 12-month high of $39.90. The stock has a 50-day moving average price of $23.36 and a 200 day moving average price of $23.35. The stock has a market capitalization of $5.95 billion, a P/E ratio of 9.53 and a beta of 1.03.

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

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, September 4th. This is an increase from Open Text’s previous quarterly dividend of $0.28. This represents a $1.12 annualized dividend and a dividend yield of 4.6%. Open Text’s dividend payout ratio (DPR) is 43.41%.

Wall Street Analyst Weigh In

OTEX has been the subject of a number of research analyst reports. Barclays lifted 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 note on Monday, May 11th. National Bank Financial dropped their target price on shares of Open Text from $45.00 to $33.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. Wall Street Zen downgraded shares of Open Text from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Scotia decreased their target price on shares of 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. Finally, Raymond James Financial cut Open Text from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $35.00 to $29.50 in a report on Thursday, August 6th. Three analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $32.46.

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.