Letko Brosseau & Associates Inc. Has $185.26 Million Position in Open Text Corporation $OTEX

Letko Brosseau & Associates Inc. boosted its position in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 0.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm 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 about 3.0% of Letko Brosseau & Associates Inc.’s investment portfolio, making the stock its 11th biggest holding. Letko Brosseau & Associates Inc. owned about 2.26% of Open Text worth $185,260,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the company. Tidal Investments LLC grew its holdings in Open Text by 2.6% during the second quarter. Tidal Investments LLC now owns 18,059 shares of the software maker’s stock valued at $527,000 after purchasing an additional 460 shares during the period. WealthCollab LLC grew its holdings in Open Text by 39.5% during the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after purchasing an additional 464 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Open Text by 39.7% during the second quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock valued at $59,000 after purchasing an additional 570 shares during the period. Lazard Asset Management LLC boosted its holdings in shares of Open Text by 1.0% in the second quarter. Lazard Asset Management LLC now owns 66,512 shares of the software maker’s stock valued at $1,942,000 after buying an additional 655 shares during the period. Finally, Hantz Financial Services Inc. boosted its holdings in shares of Open Text by 2.1% in the fourth quarter. Hantz Financial Services Inc. now owns 39,183 shares of the software maker’s stock valued at $1,277,000 after buying an additional 794 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Stock Performance

Shares of OTEX stock opened at $22.16 on Wednesday. The company’s fifty day simple moving average is $22.96 and its 200-day simple moving average is $26.60. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.56. The firm has a market cap of $5.38 billion, a PE ratio of 10.81 and a beta of 1.05. Open Text Corporation has a 12 month low of $20.00 and a 12 month high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, May 7th. The software maker reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.07. The business 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 firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.82 earnings per share. Equities research analysts expect that Open Text Corporation will post 4.05 EPS for the current fiscal year.

Open Text Announces Dividend

The firm 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. This represents a $1.10 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date of this dividend is Friday, June 5th. Open Text’s payout ratio is currently 53.66%.

Analyst Ratings Changes

Several research firms have recently weighed in on OTEX. Scotia reduced their price target on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a report on Friday, May 8th. UBS Group set a $25.00 price target on shares of Open Text in a report on Friday, May 8th. Wall Street Zen upgraded shares of Open Text from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Scotiabank reduced their price target on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a report on Friday, May 8th. Finally, Barclays upped their price target on shares of Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Monday, May 11th. Four analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $33.67.

Open Text Company 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.