Northwest & Ethical Investments L.P. Buys 54,699 Shares of Open Text Co. (NASDAQ:OTEX)

Northwest & Ethical Investments L.P. raised its stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 36.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 202,887 shares of the software maker’s stock after acquiring an additional 54,699 shares during the quarter. Northwest & Ethical Investments L.P.’s holdings in Open Text were worth $5,731,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. IFP Advisors Inc raised its holdings in shares of Open Text by 103.8% in the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock valued at $29,000 after buying an additional 515 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Open Text by 40.8% in the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock valued at $39,000 after buying an additional 398 shares during the last quarter. Generali Asset Management SPA SGR bought a new position in shares of Open Text in the fourth quarter valued at about $62,000. Allworth Financial LP raised its holdings in shares of Open Text by 20.7% in the fourth quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock valued at $73,000 after buying an additional 439 shares during the last quarter. Finally, Plato Investment Management Ltd bought a new position in shares of Open Text in the fourth quarter valued at about $138,000. 70.37% of the stock is owned by institutional investors.

Open Text Price Performance

Open Text stock opened at $26.39 on Friday. The firm has a market capitalization of $6.97 billion, a P/E ratio of 10.73 and a beta of 1.17. Open Text Co. has a 1 year low of $24.86 and a 1 year high of $40.55. The business has a 50-day moving average of $27.53 and a 200-day moving average of $29.74. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its 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 return on equity of 23.23% and a net margin of 12.21%. On average, equities analysts anticipate that Open Text Co. will post 3.45 EPS for the current year.

Open Text Increases Dividend

The firm also recently disclosed 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 positive change from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 annualized dividend and a dividend yield of 3.98%. Open Text’s payout ratio is currently 42.68%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Citigroup lifted their price target on Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Barclays lifted their price objective on Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. StockNews.com lowered Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. UBS Group assumed coverage on Open Text in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price objective for the company. Finally, Royal Bank of Canada lowered their price objective on Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a research report on Friday, February 7th. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $35.18.

Open Text Company 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.