K.J. Harrison & Partners Inc bought a new stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 19,023 shares of the software maker's stock, valued at approximately $537,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of New York Mellon Corp lifted its holdings in shares of Open Text by 2.2% during the 4th quarter. Bank of New York Mellon Corp now owns 352,405 shares of the software maker's stock valued at $9,980,000 after buying an additional 7,728 shares during the period. IFP Advisors Inc lifted its holdings in shares of Open Text by 103.8% during the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock valued at $29,000 after buying an additional 515 shares during the period. Access Investment Management LLC lifted its holdings in shares of Open Text by 1.4% during the 4th quarter. Access Investment Management LLC now owns 198,355 shares of the software maker's stock valued at $5,617,000 after buying an additional 2,785 shares during the period. DORCHESTER WEALTH MANAGEMENT Co lifted its holdings in shares of Open Text by 1.2% during the 4th quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 256,149 shares of the software maker's stock valued at $7,137,000 after buying an additional 2,965 shares during the period. Finally, Alberta Investment Management Corp lifted its holdings in shares of Open Text by 34.2% during the 4th quarter. Alberta Investment Management Corp now owns 223,800 shares of the software maker's stock valued at $6,330,000 after buying an additional 57,000 shares during the period. 70.37% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on OTEX shares. Citigroup increased their price target on Open Text from $30.00 to $32.00 and gave the company a "neutral" rating in a report on Friday, February 7th. UBS Group started coverage on Open Text in a report on Tuesday, December 17th. They set a "neutral" rating and a $32.00 price target on the stock. StockNews.com cut Open Text from a "strong-buy" rating to a "buy" rating in a report on Monday, January 27th. Barclays raised their target price on Open Text from $34.00 to $36.00 and gave the stock an "equal weight" rating in a report on Friday, February 7th. Finally, TD Securities decreased their target price on Open Text from $38.00 to $35.00 and set a "buy" rating on the stock in a report on Sunday, February 9th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Open Text presently has a consensus rating of "Hold" and an average target price of $35.18.
Get Our Latest Analysis on Open Text
Open Text Price Performance
NASDAQ OTEX traded down $0.09 during trading hours on Friday, reaching $25.82. The company's stock had a trading volume of 1,252,284 shares, compared to its average volume of 723,566. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. Open Text Co. has a 1 year low of $25.58 and a 1 year high of $40.55. The firm's 50-day moving average price is $28.19 and its 200-day moving average price is $30.33. The company has a market capitalization of $6.82 billion, a price-to-earnings ratio of 10.50 and a beta of 1.12.
Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, topping the consensus estimate of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. On average, equities research analysts predict that Open Text Co. will post 3.45 EPS for the current fiscal year.
Open Text Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be paid a dividend of $0.2625 per share. This represents a $1.05 annualized dividend and a yield of 4.07%. This is a boost from Open Text's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, March 7th. Open Text's dividend payout ratio (DPR) is presently 42.68%.
Open Text Profile
(
Free Report)
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.
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