New South Capital Management Inc. Has $84.63 Million Stock Holdings in Open Text Co. (NASDAQ:OTEX)

New South Capital Management Inc. trimmed its stake in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 1.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,543,084 shares of the software maker's stock after selling 41,624 shares during the period. Open Text comprises 3.5% of New South Capital Management Inc.'s holdings, making the stock its 7th biggest holding. New South Capital Management Inc. owned about 0.96% of Open Text worth $84,634,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the business. Headlands Technologies LLC bought a new stake in Open Text in the first quarter valued at $32,000. Blue Trust Inc. grew its stake in Open Text by 435.7% during the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker's stock valued at $32,000 after acquiring an additional 793 shares in the last quarter. Ridgewood Investments LLC acquired a new stake in shares of Open Text during the 2nd quarter valued at about $30,000. Kimelman & Baird LLC acquired a new stake in Open Text in the 2nd quarter worth approximately $36,000. Finally, Cromwell Holdings LLC lifted its holdings in shares of Open Text by 29.6% during the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker's stock worth $55,000 after buying an additional 380 shares during the last quarter. Institutional investors own 70.37% of the company's stock.

Open Text Stock Up 1.2 %

NASDAQ:OTEX traded up $0.36 during midday trading on Tuesday, hitting $30.09. 814,683 shares of the company were exchanged, compared to its average volume of 640,918. The company has a market capitalization of $8.00 billion, a PE ratio of 17.28 and a beta of 1.13. The company has a fifty day simple moving average of $32.38 and a 200 day simple moving average of $31.27. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54. 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 released its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.13. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The business's quarterly revenue was down 11.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.90 earnings per share. As a group, equities analysts anticipate that Open Text Co. will post 3.37 earnings per share for the current fiscal year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, November 29th will be issued a $0.262 dividend. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.48%. This is a boost from Open Text's previous quarterly dividend of $0.19. The ex-dividend date is Friday, November 29th. Open Text's dividend payout ratio is presently 60.69%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Barclays lowered 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 decreased their price target on Open Text from $34.00 to $33.00 and set a "neutral" rating for the company in a research note on Friday, November 1st. National Bankshares cut Open Text from an "outperform" rating to a "sector perform" rating and set a $38.00 price objective for the company. in a report on Friday, August 2nd. Jefferies Financial Group cut their target price on Open Text from $42.00 to $35.00 and set a "buy" rating on the stock in a research report on Friday, August 2nd. Finally, National Bank Financial lowered Open Text from an "outperform" rating to a "sector perform" rating in a report on Friday, August 2nd. Eight analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $35.90.

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.