Brandes Investment Partners LP Buys 1,017,065 Shares of Open Text Co. (NASDAQ:OTEX)

Brandes Investment Partners LP raised its holdings in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 29.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,504,139 shares of the software maker's stock after acquiring an additional 1,017,065 shares during the quarter. Open Text makes up about 1.4% of Brandes Investment Partners LP's investment portfolio, making the stock its 23rd biggest position. Brandes Investment Partners LP owned about 1.71% of Open Text worth $127,557,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Cooke & Bieler LP raised its holdings in Open Text by 6.6% during the fourth quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker's stock valued at $178,670,000 after acquiring an additional 389,220 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Open Text by 1.1% during the third quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker's stock valued at $187,952,000 after acquiring an additional 63,620 shares during the period. National Bank of Canada FI raised its holdings in Open Text by 1.1% during the third quarter. National Bank of Canada FI now owns 4,068,116 shares of the software maker's stock valued at $135,399,000 after acquiring an additional 46,223 shares during the period. Geode Capital Management LLC raised its holdings in Open Text by 4.6% during the third quarter. Geode Capital Management LLC now owns 1,397,853 shares of the software maker's stock valued at $46,460,000 after acquiring an additional 61,696 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Open Text by 0.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 677,709 shares of the software maker's stock valued at $19,170,000 after acquiring an additional 5,177 shares during the period. 70.37% of the stock is owned by institutional investors.

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Open Text Trading Up 0.8 %

NASDAQ OTEX traded up $0.22 during trading on Wednesday, hitting $26.31. The stock had a trading volume of 989,612 shares, compared to its average volume of 745,052. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market capitalization of $6.95 billion, a price-to-earnings ratio of 10.70 and a beta of 1.17. Open Text Co. has a one year low of $24.86 and a one year high of $40.55. The stock has a 50 day simple moving average of $27.59 and a 200 day simple moving average of $29.79.

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 earnings per share (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%. Sell-side analysts predict that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be paid a $0.2625 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.05 annualized dividend and a yield of 3.99%. This is an increase from Open Text's previous quarterly dividend of $0.26. Open Text's dividend payout ratio (DPR) is presently 42.68%.

Analyst Upgrades and Downgrades

OTEX has been the topic of a number of recent analyst reports. Citigroup raised their price target on Open Text from $30.00 to $32.00 and gave the company a "neutral" 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 price objective for the company. Barclays raised their price objective on Open Text from $34.00 to $36.00 and gave the company an "equal weight" rating in a research report on Friday, February 7th. StockNews.com lowered Open Text from a "strong-buy" rating to a "buy" rating in a research report on Monday, January 27th. Finally, TD Securities cut their price objective on Open Text from $38.00 to $35.00 and set a "buy" rating for the company in a research report on Sunday, February 9th. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $35.18.

About Open Text

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.