Access Investment Management LLC Takes $6.51 Million Position in Open Text Co. (NASDAQ:OTEX)

Access Investment Management LLC bought a new stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 195,570 shares of the software maker's stock, valued at approximately $6,509,000. Open Text accounts for 2.0% of Access Investment Management LLC's holdings, making the stock its 17th biggest holding. Access Investment Management LLC owned approximately 0.07% of Open Text at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Forsta AP Fonden lifted its position in shares of Open Text by 27.5% during the 1st quarter. Forsta AP Fonden now owns 78,900 shares of the software maker's stock valued at $3,064,000 after buying an additional 17,000 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of Open Text during the 1st quarter valued at $32,000. Henry James International Management Inc. raised its position in shares of Open Text by 14.2% during the 1st quarter. Henry James International Management Inc. now owns 117,990 shares of the software maker's stock valued at $4,582,000 after purchasing an additional 14,700 shares during the period. Forge First Asset Management Inc. purchased a new position in shares of Open Text during the 1st quarter valued at $2,305,000. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of Open Text by 3.7% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 182,142 shares of the software maker's stock valued at $7,010,000 after buying an additional 6,500 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Open Text Stock Up 1.6 %

Shares of OTEX stock traded up $0.48 during mid-day trading on Monday, hitting $29.73. 673,870 shares of the stock traded hands, compared to its average volume of 640,043. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market cap of $7.90 billion, a P/E ratio of 17.23 and a beta of 1.13. The stock's fifty day moving average is $32.42 and its two-hundred day moving average is $31.31. Open Text Co. has a 52-week low of $27.50 and a 52-week high of $45.47.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.13. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The business's revenue for the quarter was down 11.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.90 earnings per share. Equities analysts predict that Open Text Co. will post 3.37 EPS for the current year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be paid a $0.262 dividend. The ex-dividend date is Friday, November 29th. This is a boost from Open Text's previous quarterly dividend of $0.19. This represents a $1.05 dividend on an annualized basis and a yield of 3.53%. Open Text's dividend payout ratio (DPR) is 60.69%.

Analyst Ratings Changes

A number of research firms have commented on OTEX. BMO Capital Markets decreased their price target on Open Text from $33.00 to $32.00 and set a "market perform" rating on the stock in a report on Friday, November 1st. Citigroup reduced their price objective on shares of Open Text from $34.00 to $33.00 and set a "neutral" rating on the stock in a research report on Friday, November 1st. Royal Bank of Canada downgraded shares of Open Text from an "outperform" rating to a "sector perform" rating and lowered their target price for the stock from $45.00 to $33.00 in a report on Friday, November 1st. National Bank Financial cut shares of Open Text from an "outperform" rating to a "sector perform" rating in a research note on Friday, August 2nd. Finally, CIBC decreased their target price on Open Text from $36.00 to $33.00 and set a "neutral" rating on the stock in a research report on Friday, July 19th. Eight analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $35.90.

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.