Mitsubishi UFJ Asset Management Co. Ltd. Takes $1.97 Million Position in Open Text Corporation $OTEX

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 89,076 shares of the software maker’s stock, valued at approximately $1,973,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Open Text in the fourth quarter valued at about $106,700,000. First Trust Advisors LP raised its stake in Open Text by 27.3% during the fourth quarter. First Trust Advisors LP now owns 11,493,714 shares of the software maker’s stock worth $374,394,000 after purchasing an additional 2,466,264 shares during the period. Morgan Stanley raised its stake in Open Text by 76.8% during the fourth quarter. Morgan Stanley now owns 2,884,381 shares of the software maker’s stock worth $93,973,000 after purchasing an additional 1,253,405 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Open Text by 11.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 10,734,420 shares of the software maker’s stock valued at $349,978,000 after purchasing an additional 1,122,320 shares during the last quarter. Finally, Royal Bank of Canada boosted its holdings in Open Text by 10.9% in the 1st quarter. Royal Bank of Canada now owns 9,843,494 shares of the software maker’s stock valued at $218,920,000 after purchasing an additional 965,385 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Trading Up 0.3%

Shares of OTEX stock opened at $24.67 on Friday. Open Text Corporation has a 1-year low of $19.77 and a 1-year high of $39.90. The firm has a market cap of $5.97 billion, a PE ratio of 9.56 and a beta of 1.03. The company has a 50-day moving average of $23.31 and a two-hundred day moving average of $23.35. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.81 and a quick ratio of 0.81.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, August 6th. The software maker reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.21. Open Text had a net margin of 12.26% and a return on equity of 25.76%. The business had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the previous year, the firm earned $0.97 EPS. The business’s revenue was up 2.9% on a year-over-year basis. On average, analysts predict that Open Text Corporation will post 3.72 EPS for the current year.

Open Text Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be issued a $0.28 dividend. This is a boost from Open Text’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. This represents a $1.12 annualized dividend and a yield of 4.5%. Open Text’s payout ratio is 43.41%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on OTEX shares. Scotia cut their price target on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating for the company in a report on Friday, August 7th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Open Text in a report on Wednesday, June 24th. Royal Bank Of Canada lowered their price objective on Open Text from $30.00 to $27.00 and set a “sector perform” rating for the company in a research report on Friday, May 8th. Raymond James Financial cut Open Text from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $35.00 to $29.50 in a research note on Thursday, August 6th. Finally, Wall Street Zen downgraded Open Text from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Three analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $32.46.

Open Text 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.