Open Text Co. (NASDAQ:OTEX) Shares Sold by New South Capital Management Inc.

New South Capital Management Inc. lessened its holdings in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 1.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,584,708 shares of the software maker’s stock after selling 40,050 shares during the period. Open Text accounts for 3.5% of New South Capital Management Inc.’s holdings, making the stock its 7th biggest holding. New South Capital Management Inc.’s holdings in Open Text were worth $77,645,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Letko Brosseau & Associates Inc. boosted its holdings in Open Text by 11.9% in the fourth quarter. Letko Brosseau & Associates Inc. now owns 2,863,290 shares of the software maker’s stock valued at $120,929,000 after acquiring an additional 304,677 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of 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 purchasing an additional 135,812 shares during the last quarter. Forge First Asset Management Inc. acquired a new stake in shares of Open Text during the first quarter worth $2,305,000. Norges Bank bought a new position in Open Text during the fourth quarter worth $139,600,000. Finally, FIL Ltd lifted its holdings in Open Text by 25.7% in the fourth quarter. FIL Ltd now owns 9,058,024 shares of the software maker’s stock valued at $380,696,000 after buying an additional 1,853,891 shares during the period. Institutional investors own 70.37% of the company’s stock.

Open Text Stock Performance

Shares of OTEX stock opened at $31.38 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.51. The firm has a fifty day simple moving average of $31.14 and a two-hundred day simple moving average of $33.06. Open Text Co. has a 12 month low of $27.50 and a 12 month high of $45.47. The firm has a market capitalization of $8.47 billion, a PE ratio of 50.61 and a beta of 1.11.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its 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 company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the previous year, the firm posted $0.79 earnings per share. The firm’s revenue for the quarter was down 8.6% on a year-over-year basis. Analysts forecast that Open Text Co. will post 3.18 EPS for the current fiscal year.

Open Text Cuts Dividend

The business also recently announced 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 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 presently 169.35%.

Analyst Ratings Changes

A number of analysts have weighed in on OTEX shares. Barclays decreased their price target on Open Text from $38.00 to $36.00 and set an “equal weight” rating for the company in a report on Monday, August 5th. Jefferies Financial Group decreased their target price on Open Text from $42.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. CIBC dropped their price target on Open Text from $36.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, July 19th. StockNews.com raised shares of Open Text from a “hold” rating to a “buy” rating in a research report on Saturday, May 11th. Finally, BMO Capital Markets dropped their target price 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 equities research 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, the stock currently has an average 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.