Open Text Co. (NASDAQ:OTEX) is New South Capital Management Inc.'s 7th Largest Position

New South Capital Management Inc. trimmed its stake in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 1.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,584,708 shares of the software maker's stock after selling 40,050 shares during the quarter. Open Text makes up 3.5% of New South Capital Management Inc.'s holdings, making the stock its 7th biggest position. New South Capital Management Inc. owned approximately 0.96% of Open Text worth $77,645,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of OTEX. Letko Brosseau & Associates Inc. raised its stake in Open Text by 16.8% in the 2nd quarter. Letko Brosseau & Associates Inc. now owns 3,929,040 shares of the software maker's stock valued at $117,956,000 after acquiring an additional 566,150 shares during the period. National Bank of Canada FI lifted its stake in shares of Open Text by 17.5% during the 2nd quarter. National Bank of Canada FI now owns 4,021,893 shares of the software maker's stock valued at $120,390,000 after buying an additional 599,790 shares in the last quarter. Cooke & Bieler LP boosted its holdings in Open Text by 18.6% in the 2nd quarter. Cooke & Bieler LP now owns 5,536,769 shares of the software maker's stock worth $166,325,000 after buying an additional 867,978 shares during the period. CIBC Asset Management Inc grew its stake in Open Text by 2.6% in the 2nd quarter. CIBC Asset Management Inc now owns 1,022,387 shares of the software maker's stock valued at $30,681,000 after buying an additional 25,665 shares in the last quarter. Finally, Van ECK Associates Corp raised its holdings in Open Text by 15.9% during the 2nd quarter. Van ECK Associates Corp now owns 20,298 shares of the software maker's stock valued at $610,000 after acquiring an additional 2,791 shares during the period. 70.37% of the stock is owned by institutional investors.

Open Text Price Performance

Shares of Open Text stock traded down $0.42 during trading on Friday, hitting $31.38. 692,856 shares of the stock traded hands, compared to its average volume of 671,872. The stock has a market cap of $8.47 billion, a price-to-earnings ratio of 50.61 and a beta of 1.11. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.51. Open Text Co. has a 52 week low of $27.50 and a 52 week high of $45.47. The firm's fifty day moving average is $31.14 and its 200-day moving average is $33.02.

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

Open Text Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be issued a $0.192 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.77 annualized dividend and a dividend yield of 2.45%. Open Text's dividend payout ratio is currently 169.35%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. National Bank Financial lowered Open Text from an "outperform" rating to a "sector perform" rating in a research note on Friday, August 2nd. National Bankshares lowered shares of Open Text from an "outperform" rating to a "sector perform" rating and set a $38.00 price objective for the company. in a research report on Friday, August 2nd. CIBC decreased their target price on shares of Open Text from $36.00 to $33.00 and set a "neutral" rating on the stock in a report on Friday, July 19th. Jefferies Financial Group lowered their target price on shares of Open Text from $42.00 to $35.00 and set a "buy" rating on the stock in a research note on Friday, August 2nd. Finally, Citigroup reduced their price target on shares of Open Text from $37.00 to $32.00 and set a "neutral" rating for the company in a research report on Wednesday, June 26th. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, Open Text has a consensus rating of "Hold" and an average target price of $38.60.

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.