Open Text Corporation $OTEX Holdings Lifted by Access Investment Management LLC

Key Points

• Access Investment Management increased its Open Text stake by 43.7% in the third quarter, bringing its holdings to 287,631 shares worth approximately $6.45 million. Institutional investors collectively own 70.37% of the company.
• Open Text reported quarterly EPS of $1.23, beating estimates of $1.02, while revenue reached $1.33 billion and increased 2.9% year over year.
• The company raised its quarterly dividend to $0.28 per share, equating to an annualized dividend of $1.12 and a 4.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $30.95.

Access Investment Management LLC lifted its stake in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 43.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 287,631 shares of the software maker's stock after acquiring an additional 87,535 shares during the period. Open Text makes up about 1.7% of Access Investment Management LLC's investment portfolio, making the stock its 25th largest holding. Access Investment Management LLC owned about 0.12% of Open Text worth $6,449,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently made changes to their positions in OTEX. Signaturefd LLC lifted its holdings in shares of Open Text by 8.2% in the third quarter. Signaturefd LLC now owns 7,796 shares of the software maker's stock valued at $175,000 after purchasing an additional 593 shares in the last quarter. Mondrian Investment Partners LTD bought a new position in shares of Open Text during the third quarter worth about $67,000. Vest Financial LLC grew its holdings in shares of Open Text by 20.4% during the third quarter. Vest Financial LLC now owns 101,285 shares of the software maker's stock worth $2,271,000 after buying an additional 17,175 shares in the last quarter. Net Worth Advisory Group acquired a new stake in Open Text in the 3rd quarter valued at approximately $257,000. Finally, Ridgewood Investments LLC raised its position in Open Text by 1.4% in the 3rd quarter. Ridgewood Investments LLC now owns 67,238 shares of the software maker's stock valued at $1,507,000 after buying an additional 936 shares during the last quarter. Institutional investors own 70.37% of the company's stock.

Open Text Price Performance

NASDAQ:OTEX opened at $27.95 on Monday. The stock has a market capitalization of $6.76 billion, a PE ratio of 10.83 and a beta of 1.01. Open Text Corporation has a 1-year low of $19.77 and a 1-year high of $39.81. The firm has a fifty day simple moving average of $24.02 and a 200 day simple moving average of $23.41. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.43.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its quarterly earnings results on Thursday, August 6th. The software maker reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.21. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.29 billion. Open Text had a net margin of 12.26% and a return on equity of 25.76%. The company's quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.97 earnings per share. On average, research analysts expect that Open Text Corporation will post 3.72 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, September 4th were issued a dividend of $0.28 per share. The ex-dividend date was Friday, September 4th. This is an increase from Open Text's previous quarterly dividend of $0.2750. This represents a $1.12 dividend on an annualized basis and a yield of 4.0%. Open Text's dividend payout ratio is 43.41%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on OTEX. Wall Street Zen upgraded shares of Open Text from a "hold" rating to a "buy" rating in a report on Saturday, September 5th. Scotia decreased their target price on shares of Open Text from $40.00 to $33.00 and set a "sector outperform" rating for the company in a research report on Friday, August 7th. Weiss Ratings upgraded shares of Open Text from a "hold (c-)" rating to a "hold (c)" rating in a research note on Wednesday, October 14th. Zacks Research raised shares of Open Text from a "strong sell" rating to a "hold" rating in a research report on Monday, October 5th. Finally, Citigroup boosted their price target on shares of Open Text from $25.00 to $28.00 and gave the stock a "neutral" rating in a research report on Friday, August 7th. Three equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $30.95.

About Open Text

OpenText Corporation is a Canadian enterprise software company that develops solutions for managing, securing and exchanging business information. Its offerings help organizations organize content, automate business processes, connect with customers and partners, and manage information across cloud, on-premises and hybrid environments.

The company's portfolio includes enterprise content management, business network and integration services, customer experience tools, cybersecurity and information governance solutions, and software for managing enterprise applications and information technology operations.

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