Cooke & Bieler LP Has $166.33 Million Stake in Open Text Co. (NASDAQ:OTEX)

Cooke & Bieler LP boosted its position in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 18.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,536,769 shares of the software maker's stock after acquiring an additional 867,978 shares during the quarter. Open Text accounts for approximately 1.6% of Cooke & Bieler LP's investment portfolio, making the stock its 21st biggest holding. Cooke & Bieler LP owned approximately 2.07% of Open Text worth $166,325,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in OTEX. International Assets Investment Management LLC bought a new position in shares of Open Text during the 4th quarter worth approximately $742,000. Van ECK Associates Corp boosted its position in Open Text by 12.1% during the fourth quarter. Van ECK Associates Corp now owns 17,096 shares of the software maker's stock worth $719,000 after purchasing an additional 1,850 shares during the period. Natixis Advisors L.P. increased its holdings in shares of Open Text by 28.4% in the fourth quarter. Natixis Advisors L.P. now owns 27,418 shares of the software maker's stock valued at $1,152,000 after purchasing an additional 6,066 shares during the last quarter. BNP Paribas Financial Markets raised its position in shares of Open Text by 57.7% in the fourth quarter. BNP Paribas Financial Markets now owns 11,888 shares of the software maker's stock valued at $500,000 after purchasing an additional 4,351 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Open Text by 1.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 656,340 shares of the software maker's stock worth $27,580,000 after buying an additional 8,603 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Jefferies Financial Group cut their price objective on shares of Open Text from $42.00 to $35.00 and set a "buy" rating for the company in a research report on Friday, August 2nd. National Bankshares cut Open Text from an "outperform" rating to a "sector perform" rating and set a $38.00 price target for the company. in a report on Friday, August 2nd. CIBC decreased their price objective on Open Text from $36.00 to $33.00 and set a "neutral" rating on the stock in a report on Friday, July 19th. BMO Capital Markets dropped their target price on Open Text from $38.00 to $33.00 and set a "market perform" rating for the company in a report on Friday, August 2nd. Finally, Citigroup decreased their price target on shares of Open Text from $37.00 to $32.00 and set a "neutral" rating on the stock in a research note on Wednesday, June 26th. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $38.60.

Open Text Price Performance

Shares of NASDAQ:OTEX traded up $0.01 during midday trading on Wednesday, hitting $31.80. The stock had a trading volume of 731,528 shares, compared to its average volume of 672,301. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.51. The company has a market capitalization of $8.58 billion, a P/E ratio of 51.29 and a beta of 1.12. The company's 50-day moving average price is $31.03 and its 200-day moving average price is $33.14. Open Text Co. has a fifty-two week low of $27.50 and a fifty-two week high of $45.47.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last issued its earnings results on Thursday, August 1st. The software maker reported $0.98 earnings per share for the quarter, beating analysts' consensus estimates of $0.93 by $0.05. Open Text had a return on equity of 25.00% and a net margin of 8.06%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter last year, the business posted $0.79 EPS. The company's revenue was down 8.6% compared to the same quarter last year. As a group, equities research analysts predict that Open Text Co. will post 3.18 EPS for the current fiscal year.

Open Text Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be issued a $0.192 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.77 dividend on an annualized basis and a dividend yield of 2.42%. Open Text's dividend payout ratio (DPR) is currently 169.35%.

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.