Arrowstreet Capital Limited Partnership grew its position in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 75.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,994,675 shares of the software maker's stock after acquiring an additional 2,586,549 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 2.27% of Open Text worth $169,555,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Pictet Asset Management Holding SA boosted its stake in Open Text by 24.4% during the 4th quarter. Pictet Asset Management Holding SA now owns 155,945 shares of the software maker's stock worth $4,411,000 after purchasing an additional 30,585 shares during the period. Norges Bank acquired a new stake in shares of Open Text during the fourth quarter worth about $93,216,000. JPMorgan Chase & Co. grew its holdings in shares of Open Text by 6.6% during the fourth quarter. JPMorgan Chase & Co. now owns 1,190,472 shares of the software maker's stock worth $33,714,000 after buying an additional 73,523 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Open Text by 644.1% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 16,995 shares of the software maker's stock valued at $486,000 after acquiring an additional 14,711 shares during the period. Finally, Mufg Securities Canada LTD. raised its stake in Open Text by 70.6% during the 4th quarter. Mufg Securities Canada LTD. now owns 406,007 shares of the software maker's stock valued at $11,482,000 after acquiring an additional 167,973 shares during the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research analysts have recently issued reports on the company. StockNews.com lowered Open Text from a "strong-buy" rating to a "buy" rating in a report on Monday, January 27th. Royal Bank of Canada dropped their price objective on shares of Open Text from $33.00 to $31.00 and set a "sector perform" rating on the stock in a research note on Friday, February 7th. Barclays raised their target price on shares of Open Text from $34.00 to $36.00 and gave the stock an "equal weight" rating in a research note on Friday, February 7th. UBS Group started coverage on shares of Open Text in a research note on Tuesday, December 17th. They set a "neutral" rating and a $32.00 price target on the stock. Finally, Citigroup raised their price objective on shares of Open Text from $30.00 to $32.00 and gave the company a "neutral" rating in a research report on Friday, February 7th. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $35.18.
Check Out Our Latest Research Report on Open Text
Open Text Price Performance
OTEX traded down $0.72 during midday trading on Friday, reaching $24.13. 2,218,885 shares of the company's stock were exchanged, compared to its average volume of 786,149. Open Text Co. has a 1-year low of $23.44 and a 1-year high of $37.86. The stock has a market capitalization of $6.34 billion, a PE ratio of 9.81 and a beta of 1.17. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87. The business's 50-day moving average price is $27.05 and its 200 day moving average price is $29.28.
Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. As a group, equities analysts anticipate that Open Text Co. will post 3.45 EPS for the current fiscal year.
Open Text Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were paid a dividend of $0.2625 per share. The ex-dividend date was Friday, March 7th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 4.35%. This is a positive change from Open Text's previous quarterly dividend of $0.26. Open Text's dividend payout ratio (DPR) is presently 42.68%.
About Open Text
(
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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