Wilmington Savings Fund Society FSB boosted its stake in Open Text Co. (NASDAQ:OTEX – Free Report) (TSE:OTC) by 15.2% in the 4th quarter, Holdings Channel reports. The firm owned 17,253 shares of the software maker’s stock after purchasing an additional 2,270 shares during the period. Wilmington Savings Fund Society FSB’s holdings in Open Text were worth $489,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in OTEX. The Manufacturers Life Insurance Company lifted its position in shares of Open Text by 1.1% during the third quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker’s stock worth $187,952,000 after purchasing an additional 63,620 shares in the last quarter. National Bank of Canada FI lifted its position in shares of Open Text by 1.1% during the third quarter. National Bank of Canada FI now owns 4,068,116 shares of the software maker’s stock worth $135,399,000 after purchasing an additional 46,223 shares in the last quarter. Geode Capital Management LLC boosted its position in Open Text by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,397,853 shares of the software maker’s stock valued at $46,460,000 after buying an additional 61,696 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Open Text by 1.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 672,532 shares of the software maker’s stock valued at $22,411,000 after buying an additional 11,965 shares during the period. Finally, Toronto Dominion Bank boosted its position in Open Text by 169.6% in the 3rd quarter. Toronto Dominion Bank now owns 576,105 shares of the software maker’s stock valued at $19,173,000 after buying an additional 362,422 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.
Open Text Stock Down 0.8 %
OTEX opened at $28.66 on Wednesday. The stock has a market capitalization of $7.56 billion, a P/E ratio of 11.65 and a beta of 1.12. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. Open Text Co. has a one year low of $26.84 and a one year high of $41.96. The business’s 50-day simple moving average is $28.82 and its 200-day simple moving average is $30.60.
Open Text Increases Dividend
The firm 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 dividend of $0.2625 per share. The ex-dividend date is Friday, March 7th. This represents a $1.05 dividend on an annualized basis and a yield of 3.66%. This is a boost from Open Text’s previous quarterly dividend of $0.26. Open Text’s dividend payout ratio is currently 42.68%.
Wall Street Analyst Weigh In
Several research analysts recently commented on the company. Scotiabank lowered their target price on Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research note on Friday, November 1st. TD Securities cut their target price on shares of Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Sunday. BMO Capital Markets cut their target price on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a research note on Friday, November 1st. Royal Bank of Canada cut 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 note on Friday, February 7th. Finally, UBS Group began coverage on shares of Open Text in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price objective on the stock. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $35.18.
Read Our Latest Research Report on OTEX
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.
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