Advisors Asset Management Inc. lowered its stake in Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 19.9% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 15,106 shares of the software maker’s stock after selling 3,762 shares during the period. Advisors Asset Management Inc.’s holdings in Open Text were worth $532,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently made changes to their positions in OTEX. AdvisorNet Financial Inc acquired a new position in Open Text in the 2nd quarter valued at about $115,000. Tower Research Capital LLC TRC acquired a new position in Open Text in the 2nd quarter valued at about $160,000. Greenleaf Trust grew its stake in Open Text by 79.0% in the 2nd quarter. Greenleaf Trust now owns 7,045 shares of the software maker’s stock valued at $248,000 after buying an additional 3,110 shares during the last quarter. River Road Asset Management LLC acquired a new position in Open Text in the 2nd quarter valued at about $263,000. Finally, Jane Street Group LLC acquired a new position in Open Text in the 1st quarter valued at about $284,000. Institutional investors and hedge funds own 67.67% of the company’s stock.
OTEX has been the topic of a number of research reports. Scotiabank reiterated a “buy” rating and issued a $46.00 price target on shares of Open Text in a research note on Friday, August 3rd. BidaskClub upgraded shares of Open Text from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, July 10th. Industrial Alliance Securities increased their target price on shares of Open Text from $40.00 to $42.00 in a research report on Friday, August 3rd. Barclays restated a “buy” rating on shares of Open Text in a research report on Thursday, November 1st. Finally, Royal Bank of Canada increased their target price on shares of Open Text from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, August 3rd. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $44.20.
Shares of NASDAQ:OTEX opened at $33.10 on Wednesday. Open Text Corp has a 12-month low of $31.98 and a 12-month high of $40.31. The company has a market cap of $8.90 billion, a price-to-earnings ratio of 36.37 and a beta of 0.46. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.70.
Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Wednesday, October 31st. The software maker reported $0.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.01. Open Text had a net margin of 8.51% and a return on equity of 7.99%. The firm had revenue of $667.20 million for the quarter, compared to analyst estimates of $692.53 million. During the same quarter in the prior year, the business posted $0.54 EPS. The business’s revenue was up 4.1% compared to the same quarter last year. Equities analysts expect that Open Text Corp will post 0.74 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Shareholders of record on Friday, November 30th will be given a dividend of $0.1518 per share. The ex-dividend date of this dividend is Thursday, November 29th. This represents a $0.61 dividend on an annualized basis and a dividend yield of 1.83%. Open Text’s payout ratio is presently 67.03%.
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Open Text Profile
Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.
Further Reading: Retained Earnings
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