TD Asset Management Inc. lowered its holdings in shares of Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 4.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,058,888 shares of the software maker’s stock after selling 125,874 shares during the period. TD Asset Management Inc. owned about 1.13% of Open Text worth $126,496,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. Henry James International Management Inc. boosted its stake in shares of Open Text by 44.8% in the 1st quarter. Henry James International Management Inc. now owns 135,282 shares of the software maker’s stock valued at $5,199,000 after purchasing an additional 41,885 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Open Text by 34.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 189,821 shares of the software maker’s stock valued at $6,188,000 after purchasing an additional 49,149 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Open Text by 2.9% in the 4th quarter. Northern Trust Corp now owns 199,724 shares of the software maker’s stock valued at $6,511,000 after purchasing an additional 5,634 shares in the last quarter. Parametric Portfolio Associates LLC boosted its stake in shares of Open Text by 15.3% in the 1st quarter. Parametric Portfolio Associates LLC now owns 284,036 shares of the software maker’s stock valued at $10,916,000 after purchasing an additional 37,662 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Open Text by 591.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 337,779 shares of the software maker’s stock valued at $12,980,000 after purchasing an additional 288,899 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.
Shares of Open Text stock traded down $1.06 during trading on Wednesday, reaching $37.30. The company’s stock had a trading volume of 33,519 shares, compared to its average volume of 559,628. The stock has a 50-day moving average of $41.51. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.54 and a quick ratio of 1.54. Open Text Corp has a one year low of $30.99 and a one year high of $44.49. The firm has a market capitalization of $10.36 billion, a PE ratio of 35.19 and a beta of 0.53.
Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, August 1st. The software maker reported $0.27 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.10). Open Text had a net margin of 9.95% and a return on equity of 7.50%. The business had revenue of $747.20 million during the quarter, compared to the consensus estimate of $763.51 million. During the same period in the prior year, the firm earned $0.72 earnings per share. The business’s quarterly revenue was down .9% compared to the same quarter last year. Sell-side analysts forecast that Open Text Corp will post 1.57 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be issued a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.88%. This is a boost from Open Text’s previous quarterly dividend of $0.17. The ex-dividend date is Thursday, August 29th. Open Text’s payout ratio is currently 66.04%.
Several equities research analysts have recently commented on OTEX shares. BidaskClub downgraded shares of Open Text from a “hold” rating to a “sell” rating in a research note on Wednesday, August 7th. Zacks Investment Research downgraded shares of Open Text from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. TD Securities boosted their target price on shares of Open Text from $45.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Royal Bank of Canada restated an “outperform” rating and issued a $47.00 target price on shares of Open Text in a research note on Tuesday, August 6th. Finally, Raymond James set a $48.00 price target on Open Text and gave the company an “outperform” rating in a report on Friday, August 2nd. Two analysts have rated the stock with a sell rating and seven have given a buy rating to the stock. Open Text currently has an average rating of “Buy” and an average target price of $47.25.
Open Text Profile
Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.
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