Public Employees Retirement System of Ohio Has $2.76 Million Stock Holdings in Open Text Corporation $OTEX

Public Employees Retirement System of Ohio cut its holdings in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 29.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 94,686 shares of the software maker’s stock after selling 38,837 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Open Text were worth $2,764,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Ridgewood Investments LLC lifted its stake in Open Text by 23.8% in the second quarter. Ridgewood Investments LLC now owns 10,726 shares of the software maker’s stock valued at $313,000 after acquiring an additional 2,062 shares during the last quarter. Avanza Fonder AB acquired a new stake in Open Text in the second quarter valued at approximately $480,000. Wedge Capital Management L L P NC raised its position in shares of Open Text by 5.4% in the second quarter. Wedge Capital Management L L P NC now owns 98,130 shares of the software maker’s stock valued at $2,865,000 after purchasing an additional 5,019 shares during the period. Value Partners Investments Inc. raised its position in shares of Open Text by 9.8% in the second quarter. Value Partners Investments Inc. now owns 2,561,601 shares of the software maker’s stock valued at $74,709,000 after purchasing an additional 228,062 shares during the period. Finally, Plato Investment Management Ltd raised its position in shares of Open Text by 926.0% in the first quarter. Plato Investment Management Ltd now owns 49,999 shares of the software maker’s stock valued at $1,276,000 after purchasing an additional 45,126 shares during the period. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Stock Down 0.6%

OTEX opened at $37.14 on Thursday. Open Text Corporation has a fifty-two week low of $22.79 and a fifty-two week high of $39.04. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.80 and a quick ratio of 0.80. The firm’s fifty day moving average price is $33.12 and its two-hundred day moving average price is $29.35. The company has a market capitalization of $9.39 billion, a P/E ratio of 22.51 and a beta of 1.17.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, August 7th. The software maker reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.11. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the previous year, the company earned $0.98 earnings per share. The business’s revenue was down 3.8% compared to the same quarter last year. On average, analysts anticipate that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Friday, September 5th were paid a dividend of $0.275 per share. This is an increase from Open Text’s previous quarterly dividend of $0.26. This represents a $1.10 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Friday, September 5th. Open Text’s dividend payout ratio is presently 66.67%.

Analysts Set New Price Targets

A number of research firms have recently commented on OTEX. Wall Street Zen raised shares of Open Text from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. Royal Bank Of Canada lifted their price target on shares of Open Text from $30.00 to $35.00 and gave the company a “sector perform” rating in a research report on Tuesday, September 2nd. Scotiabank raised shares of Open Text from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $35.00 to $50.00 in a research report on Wednesday, September 24th. CIBC reissued a “neutral” rating on shares of Open Text in a research report on Monday, August 11th. Finally, National Bank Financial raised shares of Open Text from a “sector perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research report on Monday, September 15th. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Open Text presently has an average rating of “Hold” and an average target price of $36.55.

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.