The Manufacturers Life Insurance Company Has $167.28 Million Stake in Open Text Co. (NASDAQ:OTEX)

The Manufacturers Life Insurance Company boosted its position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 25.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,578,835 shares of the software maker’s stock after purchasing an additional 1,118,479 shares during the period. The Manufacturers Life Insurance Company’s holdings in Open Text were worth $167,277,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Optiver Holding B.V. purchased a new position in Open Text during the 4th quarter valued at about $27,000. Headlands Technologies LLC acquired a new stake in shares of Open Text during the first quarter worth approximately $32,000. Ridgewood Investments LLC purchased a new position in Open Text during the second quarter valued at approximately $30,000. Assetmark Inc. acquired a new position in Open Text in the 4th quarter valued at approximately $48,000. Finally, UniSuper Management Pty Ltd boosted its stake in shares of Open Text by 105.3% during the 1st quarter. UniSuper Management Pty Ltd now owns 3,900 shares of the software maker’s stock valued at $151,000 after buying an additional 2,000 shares during the period. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Price Performance

NASDAQ OTEX opened at $33.09 on Friday. The stock has a 50-day simple moving average of $31.55 and a 200 day simple moving average of $32.47. Open Text Co. has a twelve month low of $27.50 and a twelve month high of $45.47. The stock has a market capitalization of $8.93 billion, a PE ratio of 53.37 and a beta of 1.11. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.81 and a current ratio of 0.81.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.05. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Open Text had a net margin of 8.06% and a return on equity of 25.00%. The business’s revenue was down 8.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.79 EPS. Research analysts anticipate that Open Text Co. will post 3.23 EPS for the current year.

Open Text Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were paid a $0.192 dividend. This represents a $0.77 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date was Friday, August 30th. Open Text’s dividend payout ratio is currently 169.35%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on OTEX shares. National Bank Financial downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating in a research note on Friday, August 2nd. Citigroup upped their target price on Open Text from $32.00 to $34.00 and gave the stock a “neutral” rating in a research report on Wednesday. Jefferies Financial Group reduced their price target on Open Text from $42.00 to $35.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Barclays dropped their price objective on Open Text from $38.00 to $36.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. Finally, National Bankshares cut shares of Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 target price for the company. in a research note on Friday, August 2nd. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $38.80.

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.