1,834,379 Shares in Open Text Corporation $OTEX Bought by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board acquired a new stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,834,379 shares of the software maker’s stock, valued at approximately $40,559,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OTEX. Legal & General Group Plc purchased a new position in shares of Open Text in the 2nd quarter worth approximately $31,319,000. The Manufacturers Life Insurance Company purchased a new stake in Open Text during the second quarter valued at approximately $266,599,000. Cibc World Market Inc. purchased a new stake in Open Text during the second quarter valued at approximately $70,939,000. OMERS ADMINISTRATION Corp acquired a new stake in Open Text in the second quarter valued at approximately $6,315,000. Finally, Sanctuary Advisors LLC purchased a new position in Open Text in the second quarter worth $478,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Stock Up 3.5%

NASDAQ:OTEX opened at $25.18 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.43. Open Text Corporation has a twelve month low of $19.77 and a twelve month high of $39.90. The company has a market cap of $6.10 billion, a PE ratio of 9.76 and a beta of 1.03. The company’s 50 day moving average is $23.56 and its two-hundred day moving average is $23.36.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, August 6th. The software maker reported $1.23 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter last year, the company posted $0.97 earnings per share. The business’s quarterly revenue was up 2.9% on a year-over-year basis. Analysts anticipate that Open Text Corporation will post 3.72 EPS for the current year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be paid a $0.28 dividend. This is a positive change from Open Text’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. This represents a $1.12 dividend on an annualized basis and a yield of 4.4%. Open Text’s dividend payout ratio (DPR) is 43.41%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on OTEX shares. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Open Text in a research report on Wednesday, June 24th. Raymond James Financial cut Open Text from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $35.00 to $29.50 in a research report on Thursday, August 6th. Scotia dropped their target price on Open Text from $40.00 to $33.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 7th. Royal Bank Of Canada reduced their target price on Open Text from $30.00 to $27.00 and set a “sector perform” rating on the stock in a research report on Friday, May 8th. Finally, National Bank Financial decreased their price target on Open Text from $45.00 to $33.00 and set an “outperform” rating for the company in a research note on Wednesday, May 27th. Three research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $32.46.

Open Text Company 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.