Scheer Rowlett & Associates Investment Management Ltd. grew its stake in Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 34.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 264,108 shares of the software maker's stock after buying an additional 67,209 shares during the period. Scheer Rowlett & Associates Investment Management Ltd. owned 0.10% of Open Text worth $7,465,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the stock. IFP Advisors Inc boosted its stake in Open Text by 103.8% during the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker's stock worth $29,000 after purchasing an additional 515 shares during the period. Blue Trust Inc. boosted its stake in Open Text by 40.8% during the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker's stock worth $39,000 after purchasing an additional 398 shares during the period. Allworth Financial LP boosted its stake in Open Text by 20.7% during the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker's stock worth $73,000 after purchasing an additional 439 shares during the period. Plato Investment Management Ltd acquired a new stake in Open Text during the 4th quarter worth $138,000. Finally, Asahi Life Asset Management CO. LTD. acquired a new stake in Open Text during the 4th quarter worth $241,000. Institutional investors and hedge funds own 70.37% of the company's stock.
Open Text Price Performance
NASDAQ:OTEX traded down $0.30 during mid-day trading on Wednesday, hitting $25.28. 1,312,468 shares of the company's stock traded hands, compared to its average volume of 1,096,974. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87. The firm's 50 day simple moving average is $27.86 and its 200 day simple moving average is $30.02. Open Text Co. has a 1 year low of $24.91 and a 1 year high of $40.55. The company has a market cap of $6.67 billion, a PE ratio of 10.28 and a beta of 1.17.
Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. Sell-side analysts expect that Open Text Co. will post 3.45 EPS for the current year.
Open Text Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be given a $0.2625 dividend. The ex-dividend date is Friday, March 7th. This is a boost from Open Text's previous quarterly dividend of $0.26. This represents a $1.05 annualized dividend and a dividend yield of 4.15%. Open Text's dividend payout ratio (DPR) is currently 42.68%.
Analyst Ratings Changes
A number of analysts recently weighed in on OTEX shares. Citigroup increased their price target on shares of Open Text from $30.00 to $32.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. Barclays raised their target price on shares of Open Text from $34.00 to $36.00 and gave the stock an "equal weight" rating in a research note on Friday, February 7th. TD Securities reduced their target price on shares of Open Text from $38.00 to $35.00 and set a "buy" rating for the company in a research note on Sunday, February 9th. Royal Bank of Canada reduced 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. Finally, UBS Group initiated coverage on shares of Open Text in a research note on Tuesday, December 17th. They issued a "neutral" rating and a $32.00 target price for the company. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $35.18.
Check Out 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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