Korea Investment CORP Reduces Stock Holdings in Open Text Co. (NASDAQ:OTEX)

Korea Investment CORP lessened its stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 45.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 90,744 shares of the software maker’s stock after selling 76,800 shares during the quarter. Korea Investment CORP’s holdings in Open Text were worth $2,567,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Brandes Investment Partners LP grew its stake in Open Text by 29.2% during the 4th quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker’s stock worth $127,557,000 after buying an additional 1,017,065 shares during the last quarter. Cooke & Bieler LP grew its position in shares of Open Text by 6.6% during the fourth quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker’s stock worth $178,670,000 after acquiring an additional 389,220 shares during the last quarter. Toronto Dominion Bank increased its holdings in shares of 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 acquiring an additional 362,422 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Open Text in the 4th quarter valued at $8,685,000. Finally, American Century Companies Inc. boosted its stake in Open Text by 406.1% during the 4th quarter. American Century Companies Inc. now owns 298,979 shares of the software maker’s stock worth $8,461,000 after purchasing an additional 239,906 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Price Performance

OTEX stock opened at $25.36 on Wednesday. The firm has a 50 day moving average of $27.27 and a 200-day moving average of $29.39. The company has a market cap of $6.66 billion, a price-to-earnings ratio of 10.31 and a beta of 1.17. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50. Open Text Co. has a 12-month low of $24.61 and a 12-month high of $38.56.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. As a group, equities analysts expect that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were issued a $0.2625 dividend. This represents a $1.05 annualized dividend and a dividend yield of 4.14%. The ex-dividend date was Friday, March 7th. This is an increase from Open Text’s previous quarterly dividend of $0.26. Open Text’s dividend payout ratio is 42.68%.

Wall Street Analyst Weigh In

OTEX has been the subject of a number of research reports. StockNews.com cut shares of Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Barclays upped their price objective on Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. UBS Group started coverage on Open Text in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 target price on the stock. Citigroup increased their price target on Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Finally, TD Securities dropped their price objective 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, February 9th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Open Text currently has a consensus rating of “Hold” and an average price target of $35.18.

Open Text 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.