The Manufacturers Life Insurance Company Invests $266.60 Million in Open Text Corporation $OTEX

The Manufacturers Life Insurance Company bought a new stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in the 2nd quarter, HoldingsChannel.com reports. The firm bought 12,041,601 shares of the software maker’s stock, valued at approximately $266,599,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. CIBC Private Wealth Group LLC acquired a new position in Open Text during the 3rd quarter worth approximately $33,000. Global Retirement Partners LLC acquired a new stake in Open Text in the second quarter valued at approximately $34,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of Open Text by 5,096.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,611 shares of the software maker’s stock valued at $52,000 after acquiring an additional 1,580 shares in the last quarter. WealthCollab LLC increased its holdings in shares of Open Text by 39.5% during the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock valued at $48,000 after acquiring an additional 464 shares in the last quarter. Finally, Osaic Holdings Inc. raised its position in shares of Open Text by 108.8% during the second quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock worth $52,000 after purchasing an additional 937 shares during the period. 70.37% of the stock is owned by institutional investors.

Open Text Stock Down 0.4%

OTEX stock opened at $24.58 on Tuesday. The firm has a market capitalization of $5.95 billion, a PE ratio of 9.53 and a beta of 1.03. The company has a quick ratio of 0.81, a current 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 stock’s 50 day moving average is $23.36 and its 200-day moving average is $23.35.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, August 6th. The software maker reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.21. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.29 billion. Open Text had a return on equity of 25.76% and a net margin of 12.26%.Open Text’s revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.97 earnings per share. Sell-side analysts expect that Open Text Corporation will post 3.72 EPS for the current fiscal year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.12 dividend on an annualized basis and a yield of 4.6%. This is a positive change from Open Text’s previous quarterly dividend of $0.28. Open Text’s payout ratio is presently 43.41%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on OTEX. Citigroup increased their target price on Open Text from $25.00 to $28.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Royal Bank Of Canada lowered their price objective on shares of Open Text from $30.00 to $27.00 and set a “sector perform” rating on the stock in a report on Friday, May 8th. Wall Street Zen lowered shares of Open Text from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Open Text in a report on Wednesday, June 24th. Finally, Raymond James Financial downgraded shares of Open Text from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $35.00 to $29.50 in a research report on Thursday, August 6th. Three analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $32.46.

About Open Text

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.