State of Wyoming Takes Position in Open Text Corporation $OTEX

Key Points

• The State of Wyoming purchased a new position in Open Text Corporation, acquiring 17,251 shares valued at approximately $435,000.
• Open Text recently increased its quarterly dividend to $0.275 per share, reflecting a boost from the previous dividend of $0.26.
• The company's stock opened at $33.07, with institutional investors currently holding over 70% of the company's shares.

State of Wyoming purchased a new position in shares of Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 17,251 shares of the software maker's stock, valued at approximately $435,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Open Text by 25.3% in the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 146,784 shares of the software maker's stock valued at $3,705,000 after acquiring an additional 29,648 shares during the period. 1832 Asset Management L.P. lifted its holdings in Open Text by 0.3% in the first quarter. 1832 Asset Management L.P. now owns 2,365,600 shares of the software maker's stock valued at $59,755,000 after acquiring an additional 6,921 shares during the period. Wellington Management Group LLP lifted its holdings in Open Text by 1.6% in the first quarter. Wellington Management Group LLP now owns 267,375 shares of the software maker's stock valued at $6,747,000 after acquiring an additional 4,136 shares during the period. Korea Investment CORP increased its position in shares of Open Text by 107.7% in the first quarter. Korea Investment CORP now owns 188,444 shares of the software maker's stock valued at $4,755,000 after buying an additional 97,700 shares in the last quarter. Finally, Aviso Financial Inc. increased its position in shares of Open Text by 14.0% in the first quarter. Aviso Financial Inc. now owns 84,902 shares of the software maker's stock valued at $2,144,000 after buying an additional 10,453 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on OTEX. Royal Bank Of Canada raised their price target on Open Text from $30.00 to $35.00 and gave the company a "sector perform" rating in a research report on Tuesday. Barclays restated a "positive" rating on shares of Open Text in a research report on Friday, August 8th. Scotiabank raised their price target on Open Text from $30.00 to $35.00 and gave the company a "sector perform" rating in a research report on Tuesday, August 12th. Jefferies Financial Group cut Open Text from a "buy" rating to a "hold" rating and set a $33.00 price objective for the company. in a research report on Tuesday, August 12th. Finally, Wall Street Zen upgraded Open Text from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $33.10.

Open Text Trading Down 0.5%

OTEX traded down $0.18 during midday trading on Tuesday, hitting $32.89. The company's stock had a trading volume of 1,919,140 shares, compared to its average volume of 1,613,609. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.61. The firm has a market cap of $8.36 billion, a P/E ratio of 19.93 and a beta of 1.16. The firm has a 50-day moving average price of $30.16 and a two-hundred day moving average price of $27.95. Open Text Corporation has a 52-week low of $22.79 and a 52-week high of $34.20.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its quarterly earnings data on Thursday, August 7th. The software maker reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.11. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. Open Text had a return on equity of 22.52% and a net margin of 8.43%.The company's revenue was down 3.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.98 EPS. On average, research analysts anticipate that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be paid a $0.275 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.10 annualized dividend and a dividend yield of 3.3%. This is an increase from Open Text's previous quarterly dividend of $0.26. Open Text's dividend payout ratio is presently 63.64%.

About Open Text

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.