Arrowstreet Capital Limited Partnership Trims Position in Open Text Corporation $OTEX

Arrowstreet Capital Limited Partnership lessened its stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 16.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,681,347 shares of the software maker’s stock after selling 741,476 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 1.47% of Open Text worth $119,914,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Picton Mahoney Asset Management purchased a new stake in shares of Open Text in the 3rd quarter valued at about $11,668,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Open Text by 456.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,312,755 shares of the software maker’s stock valued at $86,429,000 after purchasing an additional 1,896,755 shares during the last quarter. Munich Reinsurance Co Stock Corp in Munich bought a new position in shares of Open Text during the 3rd quarter valued at about $10,052,000. Public Sector Pension Investment Board increased its position in shares of Open Text by 257.3% during the 3rd quarter. Public Sector Pension Investment Board now owns 89,452 shares of the software maker’s stock valued at $3,344,000 after purchasing an additional 64,416 shares during the last quarter. Finally, TD Asset Management Inc increased its position in shares of Open Text by 11.3% during the 3rd quarter. TD Asset Management Inc now owns 2,147,997 shares of the software maker’s stock valued at $80,307,000 after purchasing an additional 217,545 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Price Performance

Shares of NASDAQ:OTEX opened at $22.06 on Tuesday. Open Text Corporation has a 1-year low of $20.00 and a 1-year high of $39.90. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.94 and a quick ratio of 0.94. The business has a fifty day moving average price of $22.94 and a 200-day moving average price of $26.29. The company has a market capitalization of $5.35 billion, a PE ratio of 10.76 and a beta of 1.05.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, May 7th. The software maker reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.07. Open Text had a return on equity of 24.77% and a net margin of 9.91%.The firm had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same period last year, the company earned $0.82 earnings per share. The company’s revenue was up 2.2% on a year-over-year basis. As a group, equities analysts expect that Open Text Corporation will post 4.05 EPS for the current fiscal year.

Open Text Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 19th. Investors of record on Friday, June 5th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.10 annualized dividend and a dividend yield of 5.0%. Open Text’s payout ratio is presently 53.66%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on OTEX shares. Scotiabank reduced their price objective on Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 8th. Raymond James Financial reduced their price target on Open Text from $42.00 to $35.00 and set an “outperform” rating on the stock in a research report on Friday, May 8th. National Bank Financial reduced their price target on Open Text from $45.00 to $33.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 27th. UBS Group set a $25.00 price target on Open Text in a research report on Friday, May 8th. Finally, Scotia cut their price objective on Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 8th. Four analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, Open Text has an average rating of “Hold” and a consensus price target of $33.67.

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.