Guardian Capital LP Sells 34,673 Shares of Open Text Corporation $OTEX

Guardian Capital LP lowered its stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 0.8% in the third quarter, Holdings Channel.com reports. The institutional investor owned 4,121,132 shares of the software maker’s stock after selling 34,673 shares during the quarter. Open Text comprises about 5.0% of Guardian Capital LP’s holdings, making the stock its 4th largest position. Guardian Capital LP’s holdings in Open Text were worth $154,076,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of OTEX. Norges Bank acquired a new position in Open Text during the 2nd quarter worth approximately $98,882,000. Brandes Investment Partners LP grew its position in Open Text by 42.7% in the second quarter. Brandes Investment Partners LP now owns 8,368,336 shares of the software maker’s stock valued at $244,356,000 after acquiring an additional 2,506,058 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Open Text by 48.9% in the third quarter. Dimensional Fund Advisors LP now owns 2,592,578 shares of the software maker’s stock valued at $96,914,000 after acquiring an additional 851,303 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Open Text by 11.7% during the second quarter. Arrowstreet Capital Limited Partnership now owns 7,730,470 shares of the software maker’s stock valued at $225,898,000 after purchasing an additional 810,352 shares during the period. Finally, Letko Brosseau & Associates Inc. lifted its position in shares of Open Text by 16.2% during the second quarter. Letko Brosseau & Associates Inc. now owns 5,649,818 shares of the software maker’s stock worth $164,754,000 after purchasing an additional 789,013 shares in the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

Open Text Stock Down 1.0%

Shares of NASDAQ:OTEX opened at $25.56 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.57. The company has a fifty day simple moving average of $27.62 and a 200 day simple moving average of $32.70. The firm has a market cap of $6.41 billion, a PE ratio of 15.04 and a beta of 1.08. Open Text Corporation has a 12-month low of $22.44 and a 12-month high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, February 5th. The software maker reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.09. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.29 billion. Open Text had a net margin of 8.42% and a return on equity of 23.60%. The firm’s revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.11 EPS. On average, equities research analysts anticipate that Open Text Corporation will post 3.45 EPS for the current fiscal year.

Open Text Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.10 annualized dividend and a dividend yield of 4.3%. Open Text’s dividend payout ratio (DPR) is presently 64.71%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Raymond James Financial decreased their target price on shares of Open Text from $48.00 to $42.00 and set an “outperform” rating for the company in a research note on Friday, February 6th. Citigroup dropped their price target on shares of Open Text from $36.00 to $26.00 and set a “neutral” rating on the stock in a research note on Friday, February 6th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Open Text in a report on Monday, December 29th. UBS Group set a $26.00 price objective on shares of Open Text in a research report on Friday, February 6th. Finally, Zacks Research downgraded Open Text from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Three equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat, Open Text currently has a consensus rating of “Hold” and a consensus price target of $35.75.

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.