Citigroup Inc. Has $4.91 Million Stake in Open Text Co. (NASDAQ:OTEX)

Citigroup Inc. lifted its holdings in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 49.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 147,185 shares of the software maker's stock after purchasing an additional 48,496 shares during the quarter. Citigroup Inc. owned 0.06% of Open Text worth $4,905,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of OTEX. Brandes Investment Partners LP raised its holdings in Open Text by 236.8% during the 2nd quarter. Brandes Investment Partners LP now owns 1,834,835 shares of the software maker's stock worth $55,059,000 after buying an additional 1,290,011 shares during the period. The Manufacturers Life Insurance Company lifted its position in Open Text by 25.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,578,835 shares of the software maker's stock valued at $167,277,000 after acquiring an additional 1,118,479 shares in the last quarter. Cooke & Bieler LP boosted its stake in Open Text by 18.6% in the 2nd quarter. Cooke & Bieler LP now owns 5,536,769 shares of the software maker's stock worth $166,325,000 after purchasing an additional 867,978 shares during the period. JARISLOWSKY FRASER Ltd increased its holdings in Open Text by 5.1% during the 2nd quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker's stock worth $471,415,000 after purchasing an additional 767,822 shares in the last quarter. Finally, National Bank of Canada FI raised its stake in shares of Open Text by 17.5% in the 2nd quarter. National Bank of Canada FI now owns 4,021,893 shares of the software maker's stock valued at $120,390,000 after purchasing an additional 599,790 shares during the period. Institutional investors own 70.37% of the company's stock.

Open Text Stock Performance

Shares of OTEX stock traded up $0.40 on Tuesday, reaching $30.68. The stock had a trading volume of 688,646 shares, compared to its average volume of 648,971. Open Text Co. has a 12 month low of $27.50 and a 12 month high of $45.47. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54. The firm has a market capitalization of $8.16 billion, a price-to-earnings ratio of 17.73 and a beta of 1.11. The firm's 50-day moving average is $31.58 and its two-hundred day moving average is $31.01.

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, 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%. The business's revenue was down 11.0% on a year-over-year basis. During the same period last year, the firm posted $0.90 earnings per share. On average, research analysts expect that Open Text Co. will post 3.37 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be issued a $0.262 dividend. This is an increase from Open Text's previous quarterly dividend of $0.19. This represents a $1.05 annualized dividend and a dividend yield of 3.42%. The ex-dividend date of this dividend is Friday, November 29th. Open Text's payout ratio is currently 60.69%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on OTEX shares. Barclays reduced their price objective on Open Text from $36.00 to $34.00 and set an "equal weight" rating for the company in a research report on Friday, November 1st. Royal Bank of Canada downgraded Open Text from an "outperform" rating to a "sector perform" rating and reduced their price target for the stock from $45.00 to $33.00 in a research report on Friday, November 1st. Scotiabank lowered their price objective on shares of Open Text from $40.00 to $35.00 and set a "sector perform" rating on the stock in a report on Friday, November 1st. TD Securities reduced their target price on shares of Open Text from $40.00 to $38.00 and set a "buy" rating for the company in a report on Friday, November 1st. Finally, BMO Capital Markets lowered their price target on shares of Open Text from $33.00 to $32.00 and set a "market perform" rating on the stock in a research note on Friday, November 1st. Eight analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $35.90.

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.