The Manufacturers Life Insurance Company Purchases 63,620 Shares of Open Text Co. (NASDAQ:OTEX)

The Manufacturers Life Insurance Company raised its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 1.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 5,642,455 shares of the software maker’s stock after buying an additional 63,620 shares during the period. The Manufacturers Life Insurance Company’s holdings in Open Text were worth $187,952,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in OTEX. Price T Rowe Associates Inc. MD lifted its holdings in shares of Open Text by 3.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 29,585 shares of the software maker’s stock worth $1,149,000 after purchasing an additional 1,056 shares during the period. Value Partners Investments Inc. grew its position in shares of Open Text by 17.5% in the 2nd quarter. Value Partners Investments Inc. now owns 2,291,818 shares of the software maker’s stock valued at $68,846,000 after buying an additional 341,073 shares during the last quarter. M&G Plc acquired a new stake in shares of Open Text in the second quarter valued at about $404,000. NorthCrest Asset Manangement LLC lifted its stake in shares of Open Text by 3.1% in the second quarter. NorthCrest Asset Manangement LLC now owns 95,604 shares of the software maker’s stock worth $2,872,000 after acquiring an additional 2,834 shares during the period. Finally, Assenagon Asset Management S.A. boosted its holdings in Open Text by 11.6% in the second quarter. Assenagon Asset Management S.A. now owns 18,550 shares of the software maker’s stock valued at $557,000 after acquiring an additional 1,926 shares during the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Open Text Stock Performance

OTEX opened at $30.02 on Wednesday. The company has a market cap of $7.98 billion, a price-to-earnings ratio of 17.35 and a beta of 1.13. The company’s fifty day moving average price is $31.81 and its two-hundred day moving average price is $31.02. Open Text Co. has a 1-year low of $27.50 and a 1-year high of $45.47. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the prior year, the firm posted $0.90 EPS. The firm’s quarterly revenue was down 11.0% compared to the same quarter last year. On average, analysts expect that Open Text Co. will post 3.37 EPS for the current fiscal year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be given a $0.262 dividend. This is an increase from Open Text’s previous quarterly dividend of $0.19. This represents a $1.05 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date is Friday, November 29th. Open Text’s dividend payout ratio (DPR) is currently 60.69%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on OTEX. Scotiabank lowered their price target on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a report on Friday, November 1st. Jefferies Financial Group lowered their target price on Open Text from $42.00 to $35.00 and set a “buy” rating for the company in a report on Friday, August 2nd. National Bankshares lowered Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price target on the stock. in a research note on Friday, August 2nd. TD Securities reduced their price objective on shares of Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Finally, Royal Bank of Canada downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating and dropped their target price for the company from $45.00 to $33.00 in a research report on Friday, November 1st. Eight investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $35.90.

About Open Text

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.