Ontario Teachers Pension Plan Board Buys 3,805 Shares of Open Text Co. (NASDAQ:OTEX)

Ontario Teachers Pension Plan Board grew its holdings in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 31.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 16,085 shares of the software maker’s stock after acquiring an additional 3,805 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Open Text were worth $624,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Bristol Gate Capital Partners Inc. raised its stake in shares of Open Text by 80.3% in the first quarter. Bristol Gate Capital Partners Inc. now owns 22,177 shares of the software maker’s stock worth $860,000 after purchasing an additional 9,879 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Open Text by 1.3% in the first quarter. Vanguard Group Inc. now owns 10,344,910 shares of the software maker’s stock worth $401,693,000 after purchasing an additional 135,812 shares during the last quarter. Intech Investment Management LLC purchased a new position in Open Text during the first quarter valued at approximately $762,000. Mitsubishi UFJ Trust & Banking Corp raised its position in Open Text by 3.7% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 182,142 shares of the software maker’s stock valued at $7,010,000 after acquiring an additional 6,500 shares in the last quarter. Finally, Forge First Asset Management Inc. purchased a new position in Open Text during the first quarter valued at approximately $2,305,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Trading Up 1.1 %

Shares of NASDAQ OTEX traded up $0.33 during mid-day trading on Monday, reaching $31.27. 270,219 shares of the company’s stock were exchanged, compared to its average volume of 673,597. The firm has a market capitalization of $8.37 billion, a price-to-earnings ratio of 49.90 and a beta of 1.12. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.40 and a current ratio of 1.40. Open Text Co. has a 52-week low of $27.54 and a 52-week high of $45.47. The company’s 50-day moving average is $29.96 and its 200-day moving average is $35.49.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, May 2nd. The software maker reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.03. Open Text had a return on equity of 24.45% and a net margin of 2.85%. The firm had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.43 billion. Analysts expect that Open Text Co. will post 3.79 EPS for the current fiscal year.

Open Text Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Shareholders of record on Friday, May 31st were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date of this dividend was Friday, May 31st. Open Text’s dividend payout ratio is currently 161.29%.

Analyst Upgrades and Downgrades

OTEX has been the subject of several recent research reports. BMO Capital Markets cut Open Text from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $50.00 to $38.00 in a research report on Friday, May 3rd. StockNews.com upgraded Open Text from a “hold” rating to a “buy” rating in a research report on Saturday, May 11th. National Bankshares reduced their target price on Open Text from $60.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. CIBC reduced their target price on Open Text from $36.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday. Finally, Raymond James reduced their target price on Open Text from $55.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $41.20.

Open Text Profile

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.