Northwest & Ethical Investments L.P. Acquires 16,407 Shares of Open Text Corporation $OTEX

Key Points

• Northwest & Ethical Investments L.P. increased its holdings in Open Text Corporation by 8.1%, acquiring an additional 16,407 shares, bringing their total ownership to 219,294 shares valued at approximately $5.54 million.
• Open Text recently announced a quarterly dividend of $0.275, which is an increase from $0.26, resulting in a 3.5% yield for shareholders.
• The company's latest earnings report showed a profit of $0.97 per share, exceeding estimates, with revenue of $1.32 billion, though reflecting a 3.8% decline year-over-year.

Northwest & Ethical Investments L.P. lifted its holdings in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 8.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 219,294 shares of the software maker's stock after purchasing an additional 16,407 shares during the quarter. Northwest & Ethical Investments L.P. owned 0.08% of Open Text worth $5,538,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Raymond James Financial Inc. increased its holdings in shares of Open Text by 1.4% during the first quarter. Raymond James Financial Inc. now owns 127,887 shares of the software maker's stock worth $3,230,000 after purchasing an additional 1,757 shares during the period. American Century Companies Inc. increased its stake in Open Text by 25.7% in the first quarter. American Century Companies Inc. now owns 375,844 shares of the software maker's stock valued at $9,486,000 after acquiring an additional 76,865 shares during the last quarter. Boston Partners increased its stake in Open Text by 16.3% in the first quarter. Boston Partners now owns 54,157 shares of the software maker's stock valued at $1,368,000 after acquiring an additional 7,605 shares during the last quarter. Gulf International Bank UK Ltd increased its stake in Open Text by 3,434.8% in the first quarter. Gulf International Bank UK Ltd now owns 15,765 shares of the software maker's stock valued at $398,000 after acquiring an additional 15,319 shares during the last quarter. Finally, Nuveen LLC bought a new position in Open Text in the first quarter valued at approximately $4,672,000. 70.37% of the stock is owned by institutional investors.

Open Text Price Performance

Shares of NASDAQ OTEX opened at $31.69 on Monday. Open Text Corporation has a twelve month low of $22.79 and a twelve month high of $34.20. The firm has a fifty day simple moving average of $29.19 and a 200 day simple moving average of $27.65. The company has a market capitalization of $8.06 billion, a PE ratio of 19.21 and a beta of 1.12. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.61.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last announced its earnings results on Thursday, August 7th. The software maker reported $0.97 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.11. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter last year, the firm earned $0.98 earnings per share. Open Text's quarterly revenue was down 3.8% on a year-over-year basis. On average, sell-side analysts forecast that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be paid a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.5%. This is an increase from Open Text's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. Open Text's payout ratio is presently 63.64%.

Wall Street Analysts Forecast Growth

OTEX has been the topic of a number of recent analyst reports. Royal Bank Of Canada decreased their price objective on shares of Open Text from $31.00 to $30.00 and set a "sector perform" rating on the stock in a research note on Tuesday, April 22nd. Scotiabank raised their target price on shares of Open Text from $30.00 to $35.00 and gave the company a "sector perform" rating in a research report on Tuesday, August 12th. BMO Capital Markets cut their target price on shares of Open Text from $30.00 to $28.00 and set a "market perform" rating on the stock in a research report on Friday, May 2nd. Barclays restated a "positive" rating on shares of Open Text in a research report on Friday, August 8th. Finally, Jefferies Financial Group lowered shares of Open Text from a "buy" rating to a "hold" rating and set a $33.00 price target on the stock. in a report on Tuesday, August 12th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $32.60.

Open Text 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.

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