Lorne Steinberg Wealth Management Inc. Acquires 20,495 Shares of Open Text Corporation (NASDAQ:OTEX)

Lorne Steinberg Wealth Management Inc. increased its stake in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 15.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 149,298 shares of the software maker's stock after purchasing an additional 20,495 shares during the period. Lorne Steinberg Wealth Management Inc. owned approximately 0.06% of Open Text worth $3,772,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new position in shares of Open Text in the 1st quarter worth $3,538,000. RTD Financial Advisors Inc. bought a new position in Open Text in the first quarter valued at about $575,000. Wedge Capital Management L L P NC boosted its position in Open Text by 11.1% in the first quarter. Wedge Capital Management L L P NC now owns 93,111 shares of the software maker's stock worth $2,352,000 after purchasing an additional 9,340 shares during the last quarter. Vest Financial LLC grew its stake in shares of Open Text by 34.9% during the 1st quarter. Vest Financial LLC now owns 12,724 shares of the software maker's stock valued at $321,000 after purchasing an additional 3,290 shares during the period. Finally, NBC Securities Inc. increased its position in shares of Open Text by 143,737.5% during the 1st quarter. NBC Securities Inc. now owns 11,507 shares of the software maker's stock valued at $290,000 after purchasing an additional 11,499 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company's stock.

Analyst Ratings Changes

Several analysts recently issued reports on OTEX shares. Royal Bank Of Canada cut their target price on shares of Open Text from $31.00 to $30.00 and set a "sector perform" rating for the company in a research report on Tuesday, April 22nd. Citigroup upped their price objective on Open Text from $29.00 to $43.00 and gave the stock a "negative" rating in a research note on Friday, May 2nd. BMO Capital Markets cut their price target on Open Text from $30.00 to $28.00 and set a "market perform" rating for the company in a report on Friday, May 2nd. CIBC lowered their price objective on Open Text from $33.00 to $31.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. Finally, UBS Group reduced their target price on shares of Open Text from $32.00 to $28.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $32.30.

Open Text Price Performance

Shares of OTEX stock traded up $0.04 during mid-day trading on Thursday, hitting $28.32. The company had a trading volume of 891,861 shares, compared to its average volume of 922,030. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.86 and a quick ratio of 0.86. The stock's 50 day moving average price is $27.33 and its 200-day moving average price is $27.51. Open Text Corporation has a 52-week low of $22.79 and a 52-week high of $34.20. The company has a market capitalization of $7.26 billion, a P/E ratio of 11.56 and a beta of 1.13.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its quarterly earnings results on Wednesday, April 30th. The software maker reported $0.82 EPS for the quarter, topping the consensus estimate of $0.81 by $0.01. The business had revenue of $1.25 billion for the quarter, compared to analysts' expectations of $1.28 billion. Open Text had a net margin of 12.55% and a return on equity of 22.49%. The business's quarterly revenue was down 13.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.94 EPS. Equities research analysts forecast that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.2625 per share. This represents a $1.05 annualized dividend and a yield of 3.71%. The ex-dividend date is Friday, June 6th. Open Text's dividend payout ratio is presently 42.86%.

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.