Grantham Mayo Van Otterloo & Co. LLC Has $36.74 Million Holdings in Open Text Co. (NASDAQ:OTEX)

Grantham Mayo Van Otterloo & Co. LLC raised its stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 84.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 1,297,772 shares of the software maker’s stock after buying an additional 593,447 shares during the period. Grantham Mayo Van Otterloo & Co. LLC’s holdings in Open Text were worth $36,738,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. IFP Advisors Inc increased its stake in Open Text by 103.8% in the 4th 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. increased its position in shares of Open Text by 40.8% during the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock valued at $39,000 after acquiring an additional 398 shares during the last quarter. Generali Asset Management SPA SGR bought a new stake in Open Text during the fourth quarter worth $62,000. Allworth Financial LP boosted its position in Open Text by 20.7% in the fourth 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 last quarter. Finally, CIBC Private Wealth Group LLC purchased a new stake in shares of Open Text during the 4th quarter valued at $105,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Citigroup increased their price target on shares of Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. StockNews.com lowered shares of Open Text from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 27th. UBS Group started coverage on Open Text in a report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price objective for the company. Barclays boosted their target price on Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. Finally, TD Securities cut their price target on Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Sunday, February 9th. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Open Text currently has an average rating of “Hold” and an average target price of $35.18.

Open Text Trading Down 2.9 %

Shares of Open Text stock opened at $24.13 on Friday. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87. Open Text Co. has a 1 year low of $23.43 and a 1 year high of $37.77. The firm has a market cap of $6.34 billion, a PE ratio of 9.81 and a beta of 1.13. The company has a 50 day simple moving average of $27.05 and a two-hundred day simple moving average of $29.26.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. Analysts expect that Open Text Co. will post 3.45 earnings per share for the current fiscal 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 given a dividend of $0.2625 per share. The ex-dividend date of this dividend was 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 4.35%. Open Text’s dividend payout ratio is 42.68%.

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.