First Mercantile Trust Co. cut its stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 8.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,325 shares of the software maker’s stock after selling 1,240 shares during the period. First Mercantile Trust Co.’s holdings in Open Text Corporation were worth $452,000 as of its most recent filing with the SEC.

Other large investors have also recently modified their holdings of the company. Jarislowsky Fraser Ltd increased its stake in shares of Open Text Corporation by 97.3% in the first quarter. Jarislowsky Fraser Ltd now owns 17,149,056 shares of the software maker’s stock valued at $581,219,000 after buying an additional 8,457,300 shares in the last quarter. FMR LLC increased its stake in shares of Open Text Corporation by 116.9% in the first quarter. FMR LLC now owns 13,630,775 shares of the software maker’s stock valued at $463,293,000 after buying an additional 7,346,669 shares in the last quarter. Legato Capital Management LLC increased its stake in shares of Open Text Corporation by 6,678.4% in the first quarter. Legato Capital Management LLC now owns 6,917,008 shares of the software maker’s stock valued at $204,090,000 after buying an additional 6,814,963 shares in the last quarter. New South Capital Management Inc. increased its stake in shares of Open Text Corporation by 92.1% in the first quarter. New South Capital Management Inc. now owns 6,592,938 shares of the software maker’s stock valued at $224,226,000 after buying an additional 3,161,643 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Open Text Corporation by 126.3% in the first quarter. Vanguard Group Inc. now owns 5,446,137 shares of the software maker’s stock valued at $185,223,000 after buying an additional 3,039,282 shares in the last quarter. Institutional investors own 67.76% of the company’s stock.

Shares of Open Text Corporation (NASDAQ OTEX) opened at 32.07 on Wednesday. The company has a market capitalization of $8.43 billion, a PE ratio of 8.00 and a beta of 0.51. The firm’s 50-day moving average price is $32.56 and its 200 day moving average price is $33.15. Open Text Corporation has a one year low of $29.30 and a one year high of $35.21.

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, August 3rd. The software maker reported $0.17 EPS for the quarter, missing the Zacks’ consensus estimate of $0.24 by $0.07. The company had revenue of $663.60 million during the quarter, compared to analyst estimates of $662.36 million. Open Text Corporation had a return on equity of 8.92% and a net margin of 44.77%. Open Text Corporation’s revenue was up 37.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.45 earnings per share. Analysts anticipate that Open Text Corporation will post $2.47 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Shareholders of record on Friday, September 1st will be issued a $0.132 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $0.53 dividend on an annualized basis and a yield of 1.65%. Open Text Corporation’s payout ratio is currently 12.74%.

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OTEX has been the topic of several recent analyst reports. BidaskClub upgraded shares of Open Text Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. Barclays PLC boosted their target price on shares of Open Text Corporation from $53.00 to $56.00 in a research note on Tuesday, May 9th. Citigroup Inc. reduced their target price on shares of Open Text Corporation from $36.00 to $35.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 9th. TD Securities restated a “buy” rating and issued a $52.00 target price on shares of Open Text Corporation in a research note on Tuesday, May 2nd. Finally, Beacon Securities upgraded shares of Open Text Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, July 5th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $42.11.

About Open Text Corporation

Open Text Corporation provides a platform and suite of software products and services that assist organizations in finding, utilizing, and sharing business information from any device. The Company designs, develops, markets and sells Enterprise Information Management (EIM) software and solutions. Its EIM offerings include Enterprise Content Management (ECM), Business Process Management (BPM), Customer Experience Management (CEM), Business Network, Discovery and Analytics.

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Institutional Ownership by Quarter for Open Text Corporation (NASDAQ:OTEX)

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