Bank of Nova Scotia Buys 20,168 Shares of Open Text Co. (NASDAQ:OTEX)

Bank of Nova Scotia raised its position in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 1.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,695,485 shares of the software maker's stock after acquiring an additional 20,168 shares during the quarter. Bank of Nova Scotia owned 0.64% of Open Text worth $47,974,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new stake in Open Text during the 4th quarter worth approximately $93,216,000. Arrowstreet Capital Limited Partnership raised its holdings in Open Text by 75.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker's stock valued at $169,555,000 after acquiring an additional 2,586,549 shares in the last quarter. Brandes Investment Partners LP boosted its stake in Open Text by 29.2% during the 4th quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker's stock valued at $127,557,000 after acquiring an additional 1,017,065 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC grew its holdings in Open Text by 84.3% during the 4th 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. Finally, FIL Ltd increased its position in shares of Open Text by 27.9% in the 4th quarter. FIL Ltd now owns 2,381,553 shares of the software maker's stock worth $67,398,000 after purchasing an additional 519,004 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company's stock.

Open Text Stock Performance

Shares of NASDAQ OTEX traded up $0.20 during trading hours on Monday, reaching $25.35. The stock had a trading volume of 227,034 shares, compared to its average volume of 806,461. The company has a market cap of $6.66 billion, a price-to-earnings ratio of 10.30 and a beta of 1.13. Open Text Co. has a twelve month low of $22.79 and a twelve month high of $36.39. The business's fifty day moving average is $26.35 and its two-hundred day moving average is $28.84. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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, research analysts expect that Open Text Co. will post 3.45 EPS for the current year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were issued a $0.2625 dividend. This represents a $1.05 dividend on an annualized basis and a dividend yield of 4.14%. This is a boost from Open Text's previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, March 7th. Open Text's payout ratio is currently 42.68%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Royal Bank of Canada lowered their price objective on Open Text from $33.00 to $31.00 and set a "sector perform" rating for the company in a report on Friday, February 7th. TD Securities dropped their price target 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. StockNews.com downgraded shares of Open Text from a "strong-buy" rating to a "buy" rating in a report on Monday, January 27th. Citigroup raised their price target on shares of Open Text from $30.00 to $32.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Finally, UBS Group assumed coverage on shares of Open Text in a report on Tuesday, December 17th. They issued a "neutral" rating and a $32.00 target price on the stock. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, Open Text has a consensus rating of "Hold" and a consensus target price of $35.18.

Open Text 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.