Brandes Investment Partners LP Has $296.68 Million Stake in Open Text Corporation $OTEX

Brandes Investment Partners LP increased its stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 1.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,106,157 shares of the software maker’s stock after acquiring an additional 106,766 shares during the quarter. Open Text comprises about 2.3% of Brandes Investment Partners LP’s portfolio, making the stock its 3rd largest holding. Brandes Investment Partners LP owned approximately 3.62% of Open Text worth $296,679,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Open Text by 2.0% during the third quarter. Vanguard Group Inc. now owns 11,689,086 shares of the software maker’s stock worth $436,926,000 after acquiring an additional 229,758 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Open Text by 9.3% during the third quarter. First Trust Advisors LP now owns 9,027,450 shares of the software maker’s stock worth $337,445,000 after acquiring an additional 765,366 shares during the last quarter. Letko Brosseau & Associates Inc. boosted its position in shares of Open Text by 0.5% during the fourth quarter. Letko Brosseau & Associates Inc. now owns 5,681,093 shares of the software maker’s stock worth $185,260,000 after acquiring an additional 27,825 shares during the last quarter. Bank of Montreal Can boosted its position in shares of Open Text by 14.1% during the third quarter. Bank of Montreal Can now owns 3,295,347 shares of the software maker’s stock worth $123,149,000 after acquiring an additional 406,335 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Open Text during the fourth quarter worth $106,700,000. Institutional investors own 70.37% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Open Text from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Citigroup lowered their price objective on shares of Open Text from $26.00 to $25.00 and set a “neutral” rating for the company in a research report on Friday, May 8th. Scotia lowered their price objective on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a research report on Friday, May 8th. Barclays increased their price objective on shares of Open Text from $25.00 to $27.00 and gave the company an “equal weight” rating in a research report on Monday, May 11th. Finally, Scotiabank lowered their price objective on shares of Open Text from $50.00 to $40.00 and set a “sector outperform” rating for the company in a research report on Friday, May 8th. Four investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $33.67.

Open Text Price Performance

OTEX stock opened at $22.16 on Wednesday. Open Text Corporation has a 52 week low of $20.00 and a 52 week high of $39.90. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.56. The company has a fifty day simple moving average of $22.96 and a two-hundred day simple moving average of $26.60. The firm has a market capitalization of $5.38 billion, a P/E ratio of 10.81 and a beta of 1.05.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, May 7th. The software maker reported $1.01 EPS for the quarter, beating the consensus estimate of $0.94 by $0.07. Open Text had a net margin of 9.91% and a return on equity of 24.77%. The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same quarter last year, the business earned $0.82 earnings per share. Open Text’s quarterly revenue was up 2.2% compared to the same quarter last year. Analysts anticipate that Open Text Corporation will post 4.05 earnings per share for the current fiscal year.

Open Text Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Friday, June 5th will be paid 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 dividend payout ratio is currently 53.66%.

Open Text Company Profile

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.