Letko Brosseau & Associates Inc. Purchases 566,150 Shares of Open Text Co. (NASDAQ:OTEX)

Letko Brosseau & Associates Inc. grew its stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 16.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,929,040 shares of the software maker's stock after purchasing an additional 566,150 shares during the period. Open Text makes up 2.2% of Letko Brosseau & Associates Inc.'s investment portfolio, making the stock its 13th biggest holding. Letko Brosseau & Associates Inc. owned about 1.46% of Open Text worth $117,956,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Open Text by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 10,344,910 shares of the software maker's stock valued at $401,693,000 after buying an additional 135,812 shares in the last quarter. Forge First Asset Management Inc. bought a new stake in Open Text during the 1st quarter valued at $2,305,000. Norges Bank purchased a new stake in shares of Open Text during the fourth quarter worth about $139,600,000. FIL Ltd grew its position in shares of Open Text by 25.7% in the 4th quarter. FIL Ltd now owns 9,058,024 shares of the software maker's stock worth $380,696,000 after buying an additional 1,853,891 shares during the last quarter. Finally, Galibier Capital Management Ltd. bought a new stake in Open Text in the first quarter valued at $15,522,000. Institutional investors own 70.37% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on OTEX. National Bankshares cut Open Text from an "outperform" rating to a "sector perform" rating and set a $38.00 price objective on the stock. in a research report on Friday, August 2nd. StockNews.com upgraded shares of Open Text from a "hold" rating to a "buy" rating in a research report on Saturday, May 11th. Citigroup reduced their price objective on Open Text from $37.00 to $32.00 and set a "neutral" rating on the stock in a research note on Wednesday, June 26th. Jefferies Financial Group lowered their price target on shares of Open Text from $42.00 to $35.00 and set a "buy" rating for the company in a report on Friday, August 2nd. Finally, BMO Capital Markets cut their price objective on shares of Open Text from $38.00 to $33.00 and set a "market perform" rating on the stock in a research report on Friday, August 2nd. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Open Text presently has an average rating of "Hold" and an average price target of $38.60.

Open Text Trading Down 1.3 %

NASDAQ OTEX traded down $0.42 on Friday, hitting $31.38. 692,856 shares of the company were exchanged, compared to its average volume of 671,872. Open Text Co. has a twelve month low of $27.50 and a twelve month high of $45.47. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $8.47 billion, a P/E ratio of 50.61 and a beta of 1.11. The company's 50 day moving average price is $31.14 and its 200-day moving average price is $33.06.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its earnings results on Thursday, August 1st. The software maker reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.05. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.41 billion. Open Text had a return on equity of 25.00% and a net margin of 8.06%. The business's revenue was down 8.6% compared to the same quarter last year. During the same period last year, the company earned $0.79 earnings per share. Analysts predict that Open Text Co. will post 3.18 earnings per share for the current fiscal year.

Open Text Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be given a $0.192 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.77 dividend on an annualized basis and a dividend yield of 2.45%. Open Text's dividend payout ratio is 169.35%.

Open Text Company 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.