Value Partners Investments Inc. Has $74.71 Million Stake in Open Text Corporation $OTEX

Key Points

• Value Partners Investments Inc. increased its holdings in Open Text Corporation by 9.8%, owning 2,561,601 shares valued at approximately $74.7 million.
• Open Text recently declared a quarterly dividend of $0.275, marking an increase from the previous dividend of $0.26, with a yield of 3.1%.
• Analysts have mixed ratings on Open Text, with a consensus rating of "Hold" and an average price target of $33.10, following recent performance exceeding earnings estimates.

Value Partners Investments Inc. lifted its stake in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 9.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,561,601 shares of the software maker's stock after purchasing an additional 228,062 shares during the period. Open Text makes up about 5.8% of Value Partners Investments Inc.'s holdings, making the stock its 2nd biggest position. Value Partners Investments Inc. owned 1.00% of Open Text worth $74,709,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of OTEX. Vanguard Group Inc. grew its holdings in shares of Open Text by 6.1% during the first quarter. Vanguard Group Inc. now owns 11,151,279 shares of the software maker's stock valued at $281,447,000 after buying an additional 639,514 shares in the last quarter. Mackenzie Financial Corp grew its holdings in shares of Open Text by 9.2% during the first quarter. Mackenzie Financial Corp now owns 5,876,003 shares of the software maker's stock valued at $148,299,000 after buying an additional 492,897 shares in the last quarter. Turtle Creek Asset Management Inc. grew its holdings in shares of Open Text by 2.1% during the fourth quarter. Turtle Creek Asset Management Inc. now owns 5,366,703 shares of the software maker's stock valued at $151,985,000 after buying an additional 109,550 shares in the last quarter. Letko Brosseau & Associates Inc. grew its stake in Open Text by 11.8% in the first quarter. Letko Brosseau & Associates Inc. now owns 4,860,805 shares of the software maker's stock valued at $122,664,000 after purchasing an additional 512,050 shares in the last quarter. Finally, 1832 Asset Management L.P. grew its stake in Open Text by 0.3% in the first quarter. 1832 Asset Management L.P. now owns 2,365,600 shares of the software maker's stock valued at $59,755,000 after purchasing an additional 6,921 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Open Text Price Performance

NASDAQ OTEX traded down $0.49 during trading hours on Friday, reaching $36.94. 332,243 shares of the company's stock were exchanged, compared to its average volume of 1,343,169. The stock has a market cap of $9.34 billion, a PE ratio of 22.39 and a beta of 1.16. Open Text Corporation has a one year low of $22.79 and a one year high of $38.08. The firm has a fifty day moving average of $31.55 and a 200-day moving average of $28.63. 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 announced its quarterly earnings data on Thursday, August 7th. The software maker reported $0.97 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.11. The firm had revenue of $1.32 billion for 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 business's quarterly revenue was down 3.8% compared to the same quarter last year. During the same period last year, the company earned $0.98 EPS. On average, equities research analysts predict that Open Text Corporation will post 3.45 earnings per share for the current fiscal year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be issued 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 dividend on an annualized basis and a yield of 3.0%. Open Text's dividend payout ratio is currently 66.67%.

Analysts Set New Price Targets

A number of research analysts have commented on OTEX shares. Barclays restated a "positive" rating on shares of Open Text in a research note on Friday, August 8th. Royal Bank Of Canada boosted their price target on Open Text from $30.00 to $35.00 and gave the stock a "sector perform" rating in a research report on Tuesday, September 2nd. Jefferies Financial Group cut Open Text from a "buy" rating to a "hold" rating and set a $33.00 price target for the company. in a research report on Tuesday, August 12th. Scotiabank boosted their price target on Open Text from $30.00 to $35.00 and gave the stock a "sector perform" rating in a research report on Tuesday, August 12th. Finally, CIBC reaffirmed a "neutral" rating on shares of Open Text in a research report on Monday, August 11th. Four equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $35.18.

Open Text Profile

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.