Great West Life Assurance Co. Can Sells 32,061 Shares of Open Text Corp (OTEX)

Great West Life Assurance Co. Can cut its position in shares of Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 0.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,882,277 shares of the software maker’s stock after selling 32,061 shares during the quarter. Great West Life Assurance Co. Can owned 1.82% of Open Text worth $186,017,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Blue Harbour Group L.P. boosted its holdings in Open Text by 0.6% during the second quarter. Blue Harbour Group L.P. now owns 9,855,331 shares of the software maker’s stock valued at $346,809,000 after purchasing an additional 61,306 shares in the last quarter. NorthCoast Asset Management LLC acquired a new stake in Open Text during the second quarter valued at approximately $2,176,000. Tower Research Capital LLC TRC acquired a new stake in Open Text during the second quarter valued at approximately $160,000. BlackRock Inc. boosted its holdings in Open Text by 19.1% during the second quarter. BlackRock Inc. now owns 1,350,637 shares of the software maker’s stock valued at $47,528,000 after purchasing an additional 216,672 shares in the last quarter. Finally, Andra AP fonden boosted its holdings in Open Text by 14.8% during the third quarter. Andra AP fonden now owns 87,600 shares of the software maker’s stock valued at $4,306,000 after purchasing an additional 11,300 shares in the last quarter. 67.20% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ:OTEX opened at $33.50 on Monday. Open Text Corp has a 1 year low of $31.98 and a 1 year high of $40.31. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.51 and a quick ratio of 1.51. The company has a market capitalization of $9.00 billion, a PE ratio of 36.81 and a beta of 0.46.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Wednesday, October 31st. The software maker reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.01. Open Text had a net margin of 8.51% and a return on equity of 7.99%. The company had revenue of $667.20 million during the quarter, compared to analysts’ expectations of $692.53 million. During the same quarter in the previous year, the company posted $0.54 earnings per share. Open Text’s quarterly revenue was up 4.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Open Text Corp will post 0.77 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Stockholders of record on Friday, November 30th will be paid a $0.1518 dividend. This represents a $0.61 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date is Thursday, November 29th. Open Text’s dividend payout ratio (DPR) is currently 67.03%.

A number of research firms have weighed in on OTEX. Raymond James lifted their price objective on Open Text from $42.00 to $48.00 and gave the company an “outperform” rating in a report on Friday, August 3rd. Barclays lifted their target price on shares of Open Text from $46.00 to $48.00 and gave the company an “overweight” rating in a research note on Monday, August 6th. CIBC reiterated an “average” rating and issued a $51.00 target price on shares of Open Text in a research note on Monday, November 19th. BidaskClub cut shares of Open Text from a “sell” rating to a “strong sell” rating in a research note on Thursday, November 8th. Finally, TD Securities lifted their target price on shares of Open Text from $40.00 to $43.00 and gave the company a “buy” rating in a research note on Friday, August 3rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the stock. Open Text has an average rating of “Buy” and an average price target of $45.30.

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About Open Text

Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.

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Institutional Ownership by Quarter for Open Text (NASDAQ:OTEX)

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