Cooke & Bieler LP Increases Stake in Open Text Co. (NASDAQ:OTEX)

Cooke & Bieler LP grew its holdings in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 6.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,308,967 shares of the software maker's stock after acquiring an additional 389,220 shares during the period. Open Text comprises about 1.7% of Cooke & Bieler LP's investment portfolio, making the stock its 18th biggest position. Cooke & Bieler LP owned about 2.39% of Open Text worth $178,670,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. BNP Paribas Financial Markets lifted its holdings in Open Text by 3.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker's stock worth $369,000 after purchasing an additional 351 shares in the last quarter. Blue Trust Inc. raised its position in shares of Open Text by 40.8% during the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock valued at $39,000 after buying an additional 398 shares during the last quarter. Allworth Financial LP lifted its holdings in shares of Open Text by 20.7% in the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock worth $73,000 after buying an additional 439 shares in the last quarter. IFP Advisors Inc boosted its position in shares of Open Text by 103.8% during the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock worth $29,000 after acquiring an additional 515 shares during the last quarter. Finally, DGS Capital Management LLC grew its stake in Open Text by 2.0% during the fourth quarter. DGS Capital Management LLC now owns 26,477 shares of the software maker's stock valued at $750,000 after acquiring an additional 530 shares in the last quarter. Institutional investors own 70.37% of the company's stock.

Remove Ads

Analyst Ratings Changes

Several brokerages have commented on OTEX. Citigroup boosted their price target on shares of Open Text from $30.00 to $32.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. StockNews.com lowered Open Text from a "strong-buy" rating to a "buy" rating in a research note on Monday, January 27th. Royal Bank of Canada reduced their price objective on Open Text from $33.00 to $31.00 and set a "sector perform" rating on the stock in a research note 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 target price for the company. Finally, TD Securities reduced their price target on shares of Open Text from $38.00 to $35.00 and set a "buy" rating on the stock in a research report on Sunday, February 9th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $35.18.

Open Text Trading Down 0.7 %

Shares of OTEX stock traded down $0.17 during trading hours on Thursday, reaching $25.11. 1,201,934 shares of the stock were exchanged, compared to its average volume of 1,100,463. The firm has a market capitalization of $6.63 billion, a price-to-earnings ratio of 10.21 and a beta of 1.17. Open Text Co. has a 12-month low of $24.86 and a 12-month high of $40.55. The company's 50-day moving average price is $27.74 and its 200-day moving average price is $29.95. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50.

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 the consensus estimate 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, equities analysts anticipate that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be given a $0.2625 dividend. This represents a $1.05 annualized dividend and a yield of 4.18%. The ex-dividend date is Friday, March 7th. This is an increase from Open Text's previous quarterly dividend of $0.26. Open Text's dividend 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.