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

The Manufacturers Life Insurance Company lifted its holdings in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 1.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,642,455 shares of the software maker’s stock after acquiring an additional 63,620 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 2.12% of Open Text worth $187,952,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in OTEX. Ridgewood Investments LLC bought a new position in Open Text during the second quarter worth $30,000. Blue Trust Inc. lifted its stake in shares of Open Text by 435.7% during the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after buying an additional 793 shares during the last quarter. Kimelman & Baird LLC bought a new stake in shares of Open Text during the 2nd quarter worth about $36,000. Cromwell Holdings LLC raised its holdings in Open Text by 29.6% in the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after acquiring an additional 380 shares during the period. Finally, Essex LLC acquired a new stake in Open Text during the third quarter worth approximately $210,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

OTEX has been the topic of several research reports. National Bankshares downgraded Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 target price on the stock. in a research report on Friday, August 2nd. TD Securities decreased their price objective on Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Barclays dropped their target price on Open Text from $36.00 to $34.00 and set an “equal weight” rating for the company in a report on Friday, November 1st. Scotiabank decreased their price target on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a research note on Friday, November 1st. Finally, National Bank Financial cut shares of Open Text from an “outperform” rating to a “sector perform” rating in a research note on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Open Text has a consensus rating of “Hold” and an average price target of $35.90.

Open Text Stock Down 0.9 %

Shares of OTEX opened at $30.02 on Wednesday. The firm has a 50 day simple moving average of $31.81 and a two-hundred day simple moving average of $31.02. The company has a market cap of $7.98 billion, a P/E ratio of 17.35 and a beta of 1.13. Open Text Co. has a one year low of $27.50 and a one year high of $45.47. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Open Text had a return on equity of 24.34% and a net margin of 8.35%. Open Text’s revenue was down 11.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.90 EPS. Research analysts forecast that Open Text Co. will post 3.37 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, November 29th will be paid 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 dividend yield of 3.49%. The ex-dividend date is Friday, November 29th. Open Text’s dividend payout ratio (DPR) is presently 60.69%.

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.