Letko Brosseau & Associates Inc. Buys 49,065 Shares of Open Text Co. (NASDAQ:OTEX)

Letko Brosseau & Associates Inc. lifted its stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 1.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,348,755 shares of the software maker's stock after acquiring an additional 49,065 shares during the quarter. Open Text accounts for 2.4% of Letko Brosseau & Associates Inc.'s portfolio, making the stock its 13th largest holding. Letko Brosseau & Associates Inc. owned 1.65% of Open Text worth $123,006,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. JARISLOWSKY FRASER Ltd boosted its position in shares of Open Text by 11.8% in the fourth quarter. JARISLOWSKY FRASER Ltd now owns 18,547,256 shares of the software maker's stock worth $522,879,000 after buying an additional 1,957,695 shares during the period. First Trust Advisors LP boosted its position in shares of Open Text by 9.5% in the fourth quarter. First Trust Advisors LP now owns 7,275,908 shares of the software maker's stock worth $205,925,000 after buying an additional 632,437 shares during the period. Cooke & Bieler LP boosted its position in shares of Open Text by 6.6% in the fourth quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker's stock worth $178,670,000 after buying an additional 389,220 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in shares of Open Text by 75.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker's stock worth $169,555,000 after buying an additional 2,586,549 shares during the period. Finally, Brandes Investment Partners LP raised its holdings in shares of Open Text by 29.2% during the fourth quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker's stock worth $127,557,000 after acquiring an additional 1,017,065 shares in the last quarter. 70.37% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Barclays cut their price objective on Open Text from $36.00 to $29.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Scotiabank cut their price objective on Open Text from $35.00 to $30.00 and set a "sector perform" rating for the company in a report on Monday, April 28th. National Bankshares cut their price objective on Open Text from $38.00 to $34.00 and set a "sector perform" rating for the company in a report on Friday, April 25th. StockNews.com upgraded Open Text from a "hold" rating to a "buy" rating in a report on Tuesday. Finally, BMO Capital Markets cut their target price on Open Text from $30.00 to $28.00 and set a "market perform" rating on the stock in a report on Friday, May 2nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Open Text presently has an average rating of "Hold" and an average target price of $32.30.

Open Text Stock Performance

OTEX stock traded up $0.17 during trading on Friday, reaching $28.14. 1,456,760 shares of the stock were exchanged, compared to its average volume of 835,326. Open Text Co. has a twelve month low of $22.79 and a twelve month high of $34.20. The company has a market capitalization of $7.31 billion, a P/E ratio of 11.44 and a beta of 1.15. The stock has a 50 day simple moving average of $25.99 and a 200-day simple moving average of $27.77. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its earnings results on Wednesday, April 30th. The software maker reported $0.82 earnings per share for the quarter, topping analysts' consensus estimates of $0.81 by $0.01. Open Text had a return on equity of 23.23% and a net margin of 12.21%. The business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the business earned $0.94 earnings per share. The firm's revenue for the quarter was down 13.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be given a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date is Friday, June 6th. Open Text's dividend payout ratio (DPR) is presently 42.86%.

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.