BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 126.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 86,260 shares of the software maker's stock after buying an additional 48,111 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Open Text were worth $2,871,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OTEX. PDT Partners LLC purchased a new position in Open Text in the third quarter valued at about $3,252,000. Verition Fund Management LLC acquired a new stake in shares of Open Text during the third quarter worth approximately $950,000. Hantz Financial Services Inc. bought a new stake in shares of Open Text in the third quarter worth $1,141,000. Northwest & Ethical Investments L.P. raised its holdings in Open Text by 6.5% in the third quarter. Northwest & Ethical Investments L.P. now owns 148,188 shares of the software maker's stock valued at $4,933,000 after acquiring an additional 9,107 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Open Text by 30.8% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 64,690 shares of the software maker's stock valued at $2,156,000 after acquiring an additional 15,244 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company's stock.
Wall Street Analyst Weigh In
Several brokerages have recently commented on OTEX. BMO Capital Markets reduced their price target on shares of Open Text from $33.00 to $32.00 and set a "market perform" rating on the stock in a research report on Friday, November 1st. TD Securities reduced their target price on Open Text from $40.00 to $38.00 and set a "buy" rating on the stock in a report on Friday, November 1st. Barclays dropped their price target on Open Text from $36.00 to $34.00 and set an "equal weight" rating on the stock in a research report on Friday, November 1st. Citigroup lowered their target price on shares of Open Text from $34.00 to $33.00 and set a "neutral" rating for the company in a research note on Friday, November 1st. Finally, Scotiabank reduced their price target on shares of 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. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $35.90.
Check Out Our Latest Analysis on Open Text
Open Text Price Performance
Open Text stock traded up $0.30 during trading hours on Thursday, hitting $31.65. 616,264 shares of the company traded hands, compared to its average volume of 647,517. The firm's 50-day simple moving average is $31.55 and its two-hundred day simple moving average is $31.02. The firm has a market cap of $8.42 billion, a P/E ratio of 18.12 and a beta of 1.11. Open Text Co. has a 1-year low of $27.50 and a 1-year high of $45.47. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54.
Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its earnings results on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, topping the consensus estimate of $0.80 by $0.13. The firm had revenue of $1.27 billion for the quarter, compared to analysts' expectations of $1.28 billion. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The firm's quarterly revenue was down 11.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.90 earnings per share. As a group, analysts forecast that Open Text Co. will post 3.37 earnings per share for the current fiscal year.
Open Text Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, November 29th will be given a $0.262 dividend. This is a positive change from Open Text's previous quarterly dividend of $0.19. The ex-dividend date is Friday, November 29th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.31%. Open Text's dividend payout ratio (DPR) is 60.69%.
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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