Bank of New York Mellon Corp Sells 6,580 Shares of Open Text Co. (NASDAQ:OTEX)

Bank of New York Mellon Corp reduced its position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 1.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 391,424 shares of the software maker’s stock after selling 6,580 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.14% of Open Text worth $15,089,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in OTEX. Power Corp of Canada bought a new stake in shares of Open Text in the 1st quarter worth approximately $43,000. Ridgewood Investments LLC purchased a new stake in shares of Open Text in the 1st quarter worth about $48,000. Lazard Asset Management LLC bought a new stake in shares of Open Text during the 4th quarter valued at about $71,000. BNP Paribas Arbitrage SA increased its position in shares of Open Text by 1,359.1% during the first quarter. BNP Paribas Arbitrage SA now owns 1,926 shares of the software maker’s stock valued at $82,000 after buying an additional 1,794 shares during the period. Finally, Quadrant Capital Group LLC raised its stake in Open Text by 56.9% in the fourth quarter. Quadrant Capital Group LLC now owns 3,096 shares of the software maker’s stock worth $92,000 after buying an additional 1,123 shares in the last quarter. Hedge funds and other institutional investors own 64.53% of the company’s stock.

Open Text Price Performance

Shares of OTEX opened at $39.82 on Thursday. Open Text Co. has a twelve month low of $24.91 and a twelve month high of $43.25. The company has a market capitalization of $10.80 billion, a P/E ratio of 71.11 and a beta of 1.04. The firm has a 50 day moving average of $39.97 and a 200 day moving average of $39.02. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 2.13.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, August 3rd. The software maker reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.05). The business had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.51 billion. Open Text had a return on equity of 19.55% and a net margin of 3.35%. As a group, equities research analysts anticipate that Open Text Co. will post 4.26 earnings per share for the current fiscal year.

Open Text Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Shareholders of record on Friday, September 1st will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.51%. The ex-dividend date is Thursday, August 31st. Open Text’s dividend payout ratio is currently 173.22%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on OTEX. Citigroup increased their target price on Open Text from $41.00 to $44.00 in a research report on Wednesday, June 21st. TD Securities boosted their target price on shares of Open Text from $50.00 to $52.00 and gave the company a “buy” rating in a report on Friday, May 5th. BMO Capital Markets increased their price target on shares of Open Text from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Monday, August 7th. TheStreet lowered shares of Open Text from a “b” rating to a “c+” rating in a research note on Thursday, May 4th. Finally, CIBC raised their target price on shares of Open Text from $41.00 to $42.00 and gave the company a “neutral” rating in a research note on Friday, August 4th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $46.67.

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.