Alberta Investment Management Corp grew its holdings in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 34.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 223,800 shares of the software maker's stock after purchasing an additional 57,000 shares during the quarter. Alberta Investment Management Corp owned about 0.08% of Open Text worth $6,330,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently made changes to their positions in OTEX. Creative Planning lifted its stake in shares of Open Text by 23.7% in the 3rd quarter. Creative Planning now owns 30,102 shares of the software maker's stock valued at $1,002,000 after purchasing an additional 5,760 shares during the period. Blue Trust Inc. raised its stake in Open Text by 435.7% during the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker's stock worth $32,000 after buying an additional 793 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in Open Text by 28,811.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 127,210 shares of the software maker's stock worth $4,239,000 after purchasing an additional 126,770 shares in the last quarter. International Assets Investment Management LLC bought a new stake in Open Text during the 3rd quarter worth approximately $465,000. Finally, DORCHESTER WEALTH MANAGEMENT Co increased its holdings in Open Text by 4.0% during the 3rd quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 253,184 shares of the software maker's stock worth $8,304,000 after purchasing an additional 9,725 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.
Open Text Price Performance
OTEX stock traded down $0.59 during mid-day trading on Friday, hitting $26.87. The company had a trading volume of 492,649 shares, compared to its average volume of 694,018. The company has a market capitalization of $7.09 billion, a price-to-earnings ratio of 10.93 and a beta of 1.12. Open Text Co. has a 12-month low of $26.84 and a 12-month high of $40.55. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. The company has a 50-day moving average price of $28.42 and a 200 day moving average price of $30.46.
Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its quarterly 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, research analysts anticipate that Open Text Co. will post 3.45 earnings per share for the current year.
Open Text Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be given a dividend of $0.2625 per share. This represents a $1.05 annualized dividend and a dividend yield of 3.91%. This is a boost from Open Text's previous quarterly dividend of $0.26. The ex-dividend date is Friday, March 7th. Open Text's dividend payout ratio is currently 42.68%.
Analyst Upgrades and Downgrades
Several research firms have recently issued reports on OTEX. Barclays upped their target price on Open Text from $34.00 to $36.00 and gave the company an "equal weight" rating in a report on Friday, February 7th. UBS Group started coverage on Open Text in a research report on Tuesday, December 17th. They set a "neutral" rating and a $32.00 target price on the stock. TD Securities dropped their target price on Open Text from $38.00 to $35.00 and set a "buy" rating on the stock in a research report on Sunday, February 9th. Citigroup increased their price objective on Open Text from $30.00 to $32.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Finally, Scotiabank lowered their price target on Open Text from $40.00 to $35.00 and set a "sector perform" rating on the stock in a research report on Friday, November 1st. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Open Text has a consensus rating of "Hold" and a consensus target price of $35.18.
Read Our Latest Stock Analysis on Open Text
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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