The Manufacturers Life Insurance Company Takes $266.60 Million Position in Open Text Corporation $OTEX

The Manufacturers Life Insurance Company acquired a new position in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 12,041,601 shares of the software maker’s stock, valued at approximately $266,599,000. The Manufacturers Life Insurance Company owned about 4.97% of Open Text as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank bought a new position in Open Text in the fourth quarter valued at about $106,700,000. Cibc World Market Inc. bought a new stake in shares of Open Text during the second quarter worth about $70,939,000. First Trust Advisors LP grew 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 worth $374,394,000 after purchasing an additional 2,466,264 shares during the last quarter. BlackRock Inc. acquired a new position in shares of Open Text in the second quarter valued at approximately $46,144,000. Finally, Morgan Stanley increased its stake in shares of Open Text by 76.8% in the fourth quarter. Morgan Stanley now owns 2,884,381 shares of the software maker’s stock valued at $93,973,000 after buying an additional 1,253,405 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.

Analysts Set New Price Targets

OTEX has been the topic of a number of research reports. UBS Group boosted their target price on shares of Open Text from $25.00 to $27.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Royal Bank Of Canada dropped their price target on shares of 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. Weiss Ratings reissued a “hold (c-)” rating on shares of Open Text in a research note on Wednesday, June 24th. Raymond James Financial downgraded Open Text from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $35.00 to $29.50 in a report on Thursday, August 6th. Finally, Citigroup raised their target price on Open Text from $25.00 to $28.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Three analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat.com, Open Text has an average rating of “Hold” and an average target price of $32.46.

Open Text Stock Down 0.4%

Shares of NASDAQ:OTEX opened at $24.58 on Tuesday. Open Text Corporation has a 1 year low of $19.77 and a 1 year high of $39.90. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.81 and a quick ratio of 0.81. The business’s 50-day moving average is $23.36 and its 200-day moving average is $23.35. The company has a market capitalization of $5.95 billion, a price-to-earnings 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 for the quarter, topping analysts’ consensus estimates of $1.02 by $0.21. Open Text had a return on equity of 25.76% and a net margin of 12.26%.The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the previous year, the company posted $0.97 earnings per share. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. Equities research analysts predict that Open Text Corporation will post 3.72 earnings per share for the current 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 paid a $0.28 dividend. The ex-dividend date is Friday, September 4th. This represents a $1.12 annualized dividend and a dividend yield of 4.6%. This is an increase from Open Text’s previous quarterly dividend of $0.28. Open Text’s dividend payout ratio (DPR) is presently 43.41%.

Open Text 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.