Quantbot Technologies LP purchased a new position in Open Text Corporation (NASDAQ:OTEX – Free Report) (TSE:OTC) during the second quarter, HoldingsChannel reports. The fund purchased 87,291 shares of the software maker’s stock, valued at approximately $1,933,000.
Other hedge funds have also recently bought and sold shares of the company. FIL Ltd raised its holdings in Open Text by 5.7% during the fourth quarter. FIL Ltd now owns 12,155,000 shares of the software maker’s stock worth $395,853,000 after purchasing an additional 655,000 shares during the last quarter. First Trust Advisors LP grew its holdings in Open Text by 27.3% in the fourth quarter. First Trust Advisors LP now owns 11,493,714 shares of the software maker’s stock valued at $374,394,000 after purchasing an additional 2,466,264 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Open Text by 11.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 10,734,420 shares of the software maker’s stock valued at $349,978,000 after buying an additional 1,122,320 shares in the last quarter. Royal Bank of Canada raised its stake in shares of Open Text by 10.9% during the 1st quarter. Royal Bank of Canada now owns 9,843,494 shares of the software maker’s stock worth $218,920,000 after buying an additional 965,385 shares during the last quarter. Finally, Brandes Investment Partners LP boosted its position in shares of Open Text by 1.2% in the 4th quarter. Brandes Investment Partners LP now owns 9,106,157 shares of the software maker’s stock worth $296,679,000 after buying an additional 106,766 shares in the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.
Open Text Trading Down 0.4%
Shares of Open Text stock opened at $24.58 on Tuesday. Open Text Corporation has a fifty-two week low of $19.77 and a fifty-two week high of $39.90. The business’s fifty day moving average is $23.36 and its two-hundred day moving average is $23.35. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.43. The firm has a market cap of $5.95 billion, a PE ratio of 9.53 and a beta of 1.03.
Open Text Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend is Friday, September 4th. This is a positive change from Open Text’s previous quarterly dividend of $0.28. Open Text’s dividend payout ratio is 43.41%.
Analyst Upgrades and Downgrades
OTEX has been the topic of a number of research reports. Weiss Ratings reissued a “hold (c-)” rating on shares of Open Text in a research note on Wednesday, June 24th. National Bank Financial reduced their price target on shares of Open Text from $45.00 to $33.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. Scotiabank lowered their price target on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 7th. Wall Street Zen cut shares of Open Text from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, UBS Group lifted their price objective on Open Text from $25.00 to $27.00 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 eleven have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $32.46.
Get Our Latest Analysis on OTEX
About Open Text
Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.
Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.
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