Korea Investment CORP lowered its position in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 45.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 90,744 shares of the software maker's stock after selling 76,800 shares during the quarter. Korea Investment CORP's holdings in Open Text were worth $2,567,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Cooke & Bieler LP lifted its stake in Open Text by 6.6% during the fourth quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker's stock valued at $178,670,000 after purchasing an additional 389,220 shares during the last quarter. Brandes Investment Partners LP increased its holdings in shares of Open Text by 29.2% in the fourth quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker's stock valued at $127,557,000 after buying an additional 1,017,065 shares in the last quarter. National Bank of Canada FI lifted its position in shares of Open Text by 1.1% during the 3rd quarter. National Bank of Canada FI now owns 4,068,116 shares of the software maker's stock valued at $135,399,000 after acquiring an additional 46,223 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Open Text by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,397,853 shares of the software maker's stock worth $46,460,000 after acquiring an additional 61,696 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Open Text by 0.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 677,709 shares of the software maker's stock worth $19,170,000 after acquiring an additional 5,177 shares during the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.
Open Text Stock Performance
Open Text stock traded down $0.72 during mid-day trading on Friday, reaching $24.13. The company had a trading volume of 2,218,885 shares, compared to its average volume of 787,592. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. The firm has a market cap of $6.34 billion, a price-to-earnings ratio of 9.81 and a beta of 1.13. The company has a 50 day moving average of $27.05 and a 200-day moving average of $29.24. Open Text Co. has a 52 week low of $23.43 and a 52 week high of $37.77.
Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, beating the consensus estimate of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. On average, sell-side analysts expect that Open Text Co. will post 3.45 EPS for the current fiscal year.
Open Text Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were issued a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a dividend yield of 4.35%. 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 presently 42.68%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on the stock. TD Securities cut their price target on shares of Open Text from $38.00 to $35.00 and set a "buy" rating on the stock in a report on Sunday, February 9th. StockNews.com lowered Open Text from a "strong-buy" rating to a "buy" rating in a report on Monday, January 27th. Barclays lifted their price target on Open Text from $34.00 to $36.00 and gave the company an "equal weight" rating in a report on Friday, February 7th. Citigroup increased their price objective on Open Text from $30.00 to $32.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. Finally, Royal Bank of Canada lowered their target price on Open Text from $33.00 to $31.00 and set a "sector perform" rating on the stock in a research note on Friday, February 7th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $35.18.
Read Our Latest Stock Analysis on Open Text
Open Text Company Profile
(
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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