Covington Capital Management bought a new position in shares of Open Text Corp (NASDAQ:OTEX) (TSE:OTC) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 4,026 shares of the software maker’s stock, valued at approximately $177,000.
Other hedge funds also recently made changes to their positions in the company. 10 15 Associates Inc. increased its position in Open Text by 6.3% during the fourth quarter. 10 15 Associates Inc. now owns 65,850 shares of the software maker’s stock worth $2,902,000 after acquiring an additional 3,890 shares during the period. Credit Suisse AG increased its position in Open Text by 7.4% during the fourth quarter. Credit Suisse AG now owns 495,683 shares of the software maker’s stock worth $21,846,000 after acquiring an additional 34,346 shares during the period. Parametric Portfolio Associates LLC boosted its stake in Open Text by 17.0% during the third quarter. Parametric Portfolio Associates LLC now owns 321,912 shares of the software maker’s stock worth $13,137,000 after buying an additional 46,860 shares in the last quarter. Banco de Sabadell S.A acquired a new stake in Open Text during the third quarter worth $1,919,000. Finally, Voya Investment Management LLC boosted its stake in Open Text by 4.7% during the third quarter. Voya Investment Management LLC now owns 177,618 shares of the software maker’s stock worth $7,250,000 after buying an additional 7,955 shares in the last quarter. 66.51% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ:OTEX opened at $32.54 on Thursday. Open Text Corp has a 52 week low of $29.11 and a 52 week high of $47.85. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.62 and a current ratio of 0.62. The company’s fifty day moving average is $41.58 and its 200-day moving average is $42.47. The company has a market capitalization of $8.68 billion, a PE ratio of 26.89 and a beta of 0.59.
Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, January 30th. The software maker reported $0.84 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.39. Open Text had a net margin of 11.13% and a return on equity of 8.36%. The company had revenue of $771.56 million for the quarter, compared to the consensus estimate of $754.01 million. During the same quarter in the previous year, the company earned $0.80 EPS. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year.
The company also recently announced a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Friday, February 28th were paid a $0.175 dividend. The ex-dividend date was Thursday, February 27th. This represents a $0.70 annualized dividend and a dividend yield of 2.15%. Open Text’s dividend payout ratio is presently 66.04%.
A number of equities research analysts have weighed in on OTEX shares. Pi Financial upgraded shares of Open Text from a “sell” rating to a “neutral” rating and set a $44.00 price target on the stock in a research note on Tuesday, March 10th. Zacks Investment Research downgraded shares of Open Text from a “buy” rating to a “hold” rating in a research note on Thursday, January 2nd. TD Securities lifted their price target on shares of Open Text from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, January 31st. Royal Bank of Canada lifted their price target on shares of Open Text from $50.00 to $54.00 and gave the stock an “outperform” rating in a research note on Friday, January 31st. Finally, BidaskClub downgraded shares of Open Text from a “buy” rating to a “hold” rating in a research note on Thursday, March 19th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $50.78.
About Open Text
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.
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