Bank of Montreal Can Trims Holdings in Open Text Co. (NASDAQ:OTEX)

Bank of Montreal Can trimmed its position in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 33.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,592,837 shares of the software maker's stock after selling 1,307,358 shares during the period. Bank of Montreal Can owned approximately 0.98% of Open Text worth $73,283,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of OTEX. Russell Investments Group Ltd. lifted its position in shares of Open Text by 4.6% during the fourth quarter. Russell Investments Group Ltd. now owns 351,382 shares of the software maker's stock worth $9,943,000 after purchasing an additional 15,357 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC grew its stake in shares of Open Text by 84.3% in the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,297,772 shares of the software maker's stock worth $36,738,000 after acquiring an additional 593,447 shares in the last quarter. CDAM UK Ltd increased its position in shares of Open Text by 3.0% during the fourth quarter. CDAM UK Ltd now owns 2,279,152 shares of the software maker's stock worth $64,546,000 after acquiring an additional 66,515 shares during the period. Prudential PLC acquired a new stake in shares of Open Text in the fourth quarter valued at $264,000. Finally, Massachusetts Financial Services Co. MA boosted its holdings in Open Text by 92.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 12,837 shares of the software maker's stock valued at $364,000 after purchasing an additional 6,152 shares during the period. Institutional investors and hedge funds own 70.37% of the company's stock.

Analyst Ratings Changes

OTEX has been the topic of a number of analyst reports. UBS Group assumed coverage on Open Text in a research report on Tuesday, December 17th. They issued a "neutral" rating and a $32.00 price target on the stock. Royal Bank of Canada lowered their price target on shares of Open Text from $33.00 to $31.00 and set a "sector perform" rating for the company in a report on Friday, February 7th. StockNews.com cut Open Text from a "strong-buy" rating to a "buy" rating in a research note on Monday, January 27th. Citigroup upped 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, Barclays boosted their target price on Open Text from $34.00 to $36.00 and gave the stock an "equal weight" rating in a research note on Friday, February 7th. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $35.18.

Open Text Stock Performance

Shares of NASDAQ OTEX traded up $0.22 during mid-day trading on Monday, hitting $25.37. 213,796 shares of the company were exchanged, compared to its average volume of 806,447. The firm has a market cap of $6.67 billion, a price-to-earnings ratio of 10.31 and a beta of 1.13. 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 $22.79 and a 1-year high of $36.39. The stock has a 50 day simple moving average of $26.35 and a 200-day simple moving average of $28.84.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, beating analysts' consensus estimates 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, sell-side analysts forecast that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were paid a dividend of $0.2625 per share. This represents a $1.05 annualized dividend and a dividend yield of 4.14%. The ex-dividend date was Friday, March 7th. This is an increase from Open Text's previous quarterly dividend of $0.26. Open Text's payout ratio is 42.68%.

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.