Louisbourg Investments Inc. Grows Holdings in Open Text Co. (NASDAQ:OTEX)

Louisbourg Investments Inc. grew its stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 2.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 116,174 shares of the software maker’s stock after buying an additional 3,239 shares during the period. Louisbourg Investments Inc.’s holdings in Open Text were worth $3,286,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. AustralianSuper Pty Ltd purchased a new stake in Open Text during the third quarter valued at about $8,011,000. The Manufacturers Life Insurance Company increased its position in shares of Open Text by 1.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker’s stock valued at $187,952,000 after purchasing an additional 63,620 shares during the last quarter. Natixis Advisors LLC purchased a new position in shares of Open Text during the 3rd quarter valued at about $1,467,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in Open Text by 126.1% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 86,260 shares of the software maker’s stock worth $2,871,000 after buying an additional 48,111 shares during the last quarter. Finally, Stifel Financial Corp purchased a new stake in Open Text in the third quarter worth approximately $2,232,000. 70.37% of the stock is owned by institutional investors.

Open Text Price Performance

Shares of OTEX stock opened at $28.66 on Wednesday. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market cap of $7.56 billion, a P/E ratio of 11.65 and a beta of 1.12. The business’s 50 day moving average price is $28.82 and its 200-day moving average price is $30.60. Open Text Co. has a fifty-two week low of $26.84 and a fifty-two week high of $41.96.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.33%. On average, equities research analysts anticipate that Open Text Co. will post 3.37 earnings per share for the current year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be paid a $0.2625 dividend. This is an increase from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date of this dividend is Friday, March 7th. Open Text’s dividend payout ratio is presently 42.68%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. StockNews.com downgraded shares of Open Text from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 27th. Royal Bank of Canada decreased their target price on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating on the stock in a research report on Friday, February 7th. Scotiabank cut their price target on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research report on Friday, November 1st. UBS Group started coverage on Open Text in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price objective on the stock. Finally, BMO Capital Markets dropped their target price on Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a report on Friday, November 1st. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Open Text presently has a consensus rating of “Hold” and a consensus price target of $35.18.

Open Text Company Profile

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.