Bank of Nova Scotia Decreases Stock Position in Open Text Corporation $OTEX

Bank of Nova Scotia lessened its holdings in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 53.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 800,753 shares of the software maker’s stock after selling 918,685 shares during the quarter. Bank of Nova Scotia owned 0.32% of Open Text worth $29,942,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of OTEX. Norges Bank acquired a new stake in Open Text in the 2nd quarter worth approximately $98,882,000. Brandes Investment Partners LP increased its stake in Open Text by 42.7% during the 2nd quarter. Brandes Investment Partners LP now owns 8,368,336 shares of the software maker’s stock valued at $244,356,000 after purchasing an additional 2,506,058 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Open Text by 456.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,312,755 shares of the software maker’s stock worth $86,429,000 after buying an additional 1,896,755 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Open Text by 48.9% in the third quarter. Dimensional Fund Advisors LP now owns 2,592,578 shares of the software maker’s stock worth $96,914,000 after buying an additional 851,303 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Open Text by 11.7% during the second quarter. Arrowstreet Capital Limited Partnership now owns 7,730,470 shares of the software maker’s stock worth $225,898,000 after buying an additional 810,352 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Price Performance

NASDAQ:OTEX opened at $22.34 on Tuesday. The firm’s fifty day moving average is $26.58 and its two-hundred day moving average is $32.35. The firm has a market cap of $5.60 billion, a price-to-earnings ratio of 13.14 and a beta of 1.08. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.94 and a current ratio of 0.94. Open Text Corporation has a one year low of $22.31 and a one year high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings data on Thursday, February 5th. The software maker reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.09. Open Text had a return on equity of 23.60% and a net margin of 8.42%.The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same quarter last year, the business posted $1.11 EPS. The company’s revenue was down .6% on a year-over-year basis. Research analysts expect that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 4.9%. The ex-dividend date is Friday, March 6th. Open Text’s dividend payout ratio (DPR) is currently 64.71%.

Wall Street Analysts Forecast Growth

OTEX has been the topic of several research reports. Barclays cut their target price on Open Text from $39.00 to $30.00 and set an “equal weight” rating on the stock in a research report on Friday, February 6th. UBS Group set a $26.00 price target on Open Text in a research note on Friday, February 6th. Zacks Research lowered Open Text from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Weiss Ratings restated a “hold (c+)” rating on shares of Open Text in a research note on Monday, December 29th. Finally, TD Securities raised Open Text to a “hold” rating in a report on Monday, February 2nd. Three analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $35.75.

Open Text 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.