Ontario Teachers Pension Plan Board Grows Stock Position in Open Text Co. (NASDAQ:OTEX)

Ontario Teachers Pension Plan Board raised its position in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 105.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 39,885 shares of the software maker's stock after acquiring an additional 20,503 shares during the quarter. Ontario Teachers Pension Plan Board's holdings in Open Text were worth $1,328,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in OTEX. Ridgewood Investments LLC bought a new stake in Open Text in the 2nd quarter valued at about $30,000. Blue Trust Inc. grew its stake in Open Text by 435.7% in the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker's stock valued at $32,000 after purchasing an additional 793 shares during the period. Kimelman & Baird LLC purchased a new position in Open Text in the second quarter valued at about $36,000. Cromwell Holdings LLC lifted its position in shares of Open Text by 29.6% during the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker's stock valued at $55,000 after buying an additional 380 shares during the last quarter. Finally, UniSuper Management Pty Ltd lifted its stake in shares of Open Text by 105.3% during the 1st quarter. UniSuper Management Pty Ltd now owns 3,900 shares of the software maker's stock valued at $151,000 after buying an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on OTEX. TD Securities reduced their price target on shares of Open Text from $40.00 to $38.00 and set a "buy" rating for the company in a research report on Friday, November 1st. National Bankshares cut shares of Open Text from an "outperform" rating to a "sector perform" rating and set a $38.00 price target for the company. in a research report on Friday, August 2nd. Barclays decreased their price objective on shares of Open Text from $36.00 to $34.00 and set an "equal weight" rating for the company in a report on Friday, November 1st. Jefferies Financial Group dropped their target price on shares of Open Text from $42.00 to $35.00 and set a "buy" rating on the stock in a report on Friday, August 2nd. Finally, Citigroup dropped their price target on shares of Open Text from $34.00 to $33.00 and set a "neutral" rating on the stock in a research note on Friday, November 1st. Eight equities research 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, the stock presently has a consensus rating of "Hold" and an average price target of $35.90.

Open Text Price Performance

NASDAQ OTEX traded up $0.51 during trading on Thursday, hitting $29.38. 82,546 shares of the stock traded hands, compared to its average volume of 643,289. Open Text Co. has a 12-month low of $27.50 and a 12-month high of $45.47. The company has a market capitalization of $7.81 billion, a P/E ratio of 16.69 and a beta of 1.13. The firm has a 50-day simple moving average of $32.00 and a 200-day simple moving average of $31.03. 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 posted its quarterly earnings data on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.13. The company had revenue of $1.27 billion during 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%. Open Text's revenue was down 11.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.90 EPS. As a group, analysts predict that Open Text Co. will post 3.37 EPS for the current year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, November 29th will be paid a dividend of $0.262 per share. This is a boost from Open Text's previous quarterly dividend of $0.19. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date is Friday, November 29th. Open Text's dividend payout ratio is 60.69%.

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.