Cidel Asset Management Inc. Has $25.28 Million Stake in Open Text Co. (NASDAQ:OTEX)

Cidel Asset Management Inc. lowered its stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 2.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 893,824 shares of the software maker's stock after selling 24,081 shares during the quarter. Open Text makes up approximately 1.7% of Cidel Asset Management Inc.'s holdings, making the stock its 17th biggest holding. Cidel Asset Management Inc. owned about 0.34% of Open Text worth $25,282,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in OTEX. The Manufacturers Life Insurance Company boosted its stake in shares of Open Text by 1.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker's stock valued at $187,952,000 after purchasing an additional 63,620 shares during the last quarter. National Bank of Canada FI raised its holdings in Open Text by 1.1% during the 3rd quarter. National Bank of Canada FI now owns 4,068,116 shares of the software maker's stock worth $135,399,000 after buying an additional 46,223 shares during the period. Geode Capital Management LLC raised its holdings in Open Text by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,397,853 shares of the software maker's stock worth $46,460,000 after buying an additional 61,696 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Open Text by 1.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 672,532 shares of the software maker's stock worth $22,411,000 after buying an additional 11,965 shares during the period. Finally, Toronto Dominion Bank raised its holdings in Open Text by 169.6% during the 3rd quarter. Toronto Dominion Bank now owns 576,105 shares of the software maker's stock worth $19,173,000 after buying an additional 362,422 shares during the period. Institutional investors own 70.37% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on OTEX shares. Barclays lifted their price objective on shares of Open Text from $34.00 to $36.00 and gave the company an "equal weight" rating in a report on Friday, February 7th. Citigroup lifted their price objective 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. BMO Capital Markets reduced their price objective on shares of Open Text from $33.00 to $32.00 and set a "market perform" rating for the company in a research report on Friday, November 1st. StockNews.com cut shares of Open Text from a "strong-buy" rating to a "buy" rating in a research report on Monday, January 27th. Finally, UBS Group started coverage on shares of Open Text in a research report on Tuesday, December 17th. They set a "neutral" rating and a $32.00 price objective for the company. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Open Text has a consensus rating of "Hold" and a consensus target price of $35.18.

Open Text Stock Performance

Shares of Open Text stock traded down $0.36 during trading on Wednesday, reaching $28.30. The company's stock had a trading volume of 1,210,648 shares, compared to its average volume of 680,870. The business's 50-day moving average price is $28.78 and its 200-day moving average price is $30.58. The firm has a market cap of $7.46 billion, a PE ratio of 11.50 and a beta of 1.12. Open Text Co. has a 52 week low of $26.84 and a 52 week high of $40.69. 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, February 6th. The software maker reported $1.02 earnings per share (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 23.33%. Equities analysts forecast that Open Text Co. will post 3.37 earnings per share for the current year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be paid a $0.2625 dividend. This represents a $1.05 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date of this dividend is 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%.

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.