Beutel Goodman & Co Ltd. cut its stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 9.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 7,542,572 shares of the software maker's stock after selling 804,503 shares during the quarter. Beutel Goodman & Co Ltd. owned about 2.86% of Open Text worth $213,344,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its stake in Open Text by 1.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 672,532 shares of the software maker's stock valued at $22,411,000 after purchasing an additional 11,965 shares in the last quarter. Citigroup Inc. raised its stake in shares of Open Text by 49.1% during the 3rd quarter. Citigroup Inc. now owns 147,185 shares of the software maker's stock worth $4,905,000 after buying an additional 48,496 shares during the last quarter. Cerity Partners LLC boosted its position in shares of Open Text by 12.6% in the 3rd quarter. Cerity Partners LLC now owns 34,307 shares of the software maker's stock worth $1,142,000 after buying an additional 3,844 shares in the last quarter. BNP Paribas Financial Markets grew its stake 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 valued at $369,000 after acquiring an additional 351 shares during the last quarter. Finally, Bridgewater Associates LP acquired a new position in Open Text during the third quarter worth about $1,257,000. 70.37% of the stock is owned by institutional investors and hedge funds.
Open Text Trading Up 2.5 %
OTEX stock traded up $0.64 on Wednesday, hitting $26.00. 356,501 shares of the company were exchanged, compared to its average volume of 772,375. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market capitalization of $6.83 billion, a price-to-earnings ratio of 10.57 and a beta of 1.17. Open Text Co. has a twelve month low of $24.61 and a twelve month high of $38.56. The business's fifty day moving average is $27.27 and its two-hundred day moving average is $29.39.
Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, topping analysts' consensus estimates 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, research analysts forecast that Open Text Co. will post 3.45 earnings per share for the current year.
Open Text Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were issued a $0.2625 dividend. This represents a $1.05 dividend on an annualized basis and a dividend yield of 4.04%. This is an increase from Open Text's previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, March 7th. Open Text's dividend payout ratio (DPR) is 42.68%.
Analyst Ratings Changes
OTEX has been the topic of several research reports. TD Securities lowered 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. Citigroup increased their target price on Open Text from $30.00 to $32.00 and gave the company a "neutral" rating in a report on Friday, February 7th. Barclays boosted their price target on Open Text from $34.00 to $36.00 and gave the stock an "equal weight" rating in a report 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. Finally, Royal Bank of Canada cut their target price on shares of Open Text from $33.00 to $31.00 and set a "sector perform" rating for the company in a research note on Friday, February 7th. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $35.18.
Check Out Our Latest Report on Open Text
About Open Text
(
Free Report)
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.
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