Korea Investment CORP Increases Stake in Open Text Corporation $OTEX

Key Points

• Korea Investment CORP increased its stake in Open Text Corporation by 107.7%, acquiring an additional 97,700 shares, bringing its total ownership to 188,444 shares worth approximately $4.76 million.
• Open Text recently announced a quarterly dividend of $0.275 per share, which represents a yield of 3.4% and is an increase from the previous dividend of $0.26.
• The company reported strong earnings results, with EPS of $0.97 surpassing analysts' expectations, although revenue was down 3.8% year-over-year.

Korea Investment CORP raised its position in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 107.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 188,444 shares of the software maker's stock after acquiring an additional 97,700 shares during the period. Korea Investment CORP owned approximately 0.07% of Open Text worth $4,755,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in OTEX. Aviso Financial Inc. lifted its holdings in Open Text by 14.0% during the 1st quarter. Aviso Financial Inc. now owns 84,902 shares of the software maker's stock worth $2,144,000 after purchasing an additional 10,453 shares during the last quarter. Northwest & Ethical Investments L.P. boosted its position in shares of Open Text by 8.1% in the first quarter. Northwest & Ethical Investments L.P. now owns 219,294 shares of the software maker's stock valued at $5,538,000 after acquiring an additional 16,407 shares during the period. Raymond James Financial Inc. grew its stake in shares of Open Text by 1.4% in the first quarter. Raymond James Financial Inc. now owns 127,887 shares of the software maker's stock valued at $3,230,000 after acquiring an additional 1,757 shares in the last quarter. American Century Companies Inc. raised its stake in Open Text by 25.7% in the 1st quarter. American Century Companies Inc. now owns 375,844 shares of the software maker's stock worth $9,486,000 after purchasing an additional 76,865 shares in the last quarter. Finally, Boston Partners boosted its holdings in Open Text by 16.3% in the 1st quarter. Boston Partners now owns 54,157 shares of the software maker's stock valued at $1,368,000 after purchasing an additional 7,605 shares during the period. Institutional investors own 70.37% of the company's stock.

Open Text Price Performance

Shares of OTEX traded up $0.01 during mid-day trading on Tuesday, reaching $32.23. 1,214,268 shares of the stock traded hands, compared to its average volume of 1,279,607. The company has a market cap of $8.20 billion, a price-to-earnings ratio of 19.53 and a beta of 1.12. Open Text Corporation has a 1 year low of $22.79 and a 1 year high of $34.20. The firm has a fifty day moving average price of $29.60 and a 200 day moving average price of $27.76. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.61.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings data on Thursday, August 7th. The software maker reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.11. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. Open Text had a return on equity of 22.52% and a net margin of 8.43%.The firm's quarterly revenue was down 3.8% on a year-over-year basis. During the same quarter last year, the company earned $0.98 earnings per share. As a group, equities research analysts predict that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be given a dividend of $0.275 per share. This is a boost from Open Text's previous quarterly dividend of $0.26. The ex-dividend date is Friday, September 5th. This represents a $1.10 annualized dividend and a dividend yield of 3.4%. Open Text's dividend payout ratio is currently 63.64%.

Analyst Upgrades and Downgrades

OTEX has been the topic of several recent analyst reports. Barclays reissued a "positive" rating on shares of Open Text in a report on Friday, August 8th. Citigroup raised their price target on shares of Open Text from $29.00 to $43.00 and gave the company a "negative" rating in a research note on Friday, May 2nd. Jefferies Financial Group lowered shares of Open Text from a "buy" rating to a "hold" rating and set a $33.00 price target for the company. in a report on Tuesday, August 12th. CIBC restated a "neutral" rating on shares of Open Text in a research report on Monday, August 11th. Finally, Scotiabank raised their price objective on shares of Open Text from $30.00 to $35.00 and gave the company a "sector perform" rating in a research note on Tuesday, August 12th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $32.60.

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.