Easterly Investment Partners LLC Grows Stock Position in Open Text Co. (NASDAQ:OTEX)

Easterly Investment Partners LLC increased its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 5.6% in the third quarter, Holdings Channel reports. The institutional investor owned 509,800 shares of the software maker’s stock after acquiring an additional 26,841 shares during the period. Open Text makes up about 1.4% of Easterly Investment Partners LLC’s investment portfolio, making the stock its 11th biggest holding. Easterly Investment Partners LLC’s holdings in Open Text were worth $16,966,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Ridgewood Investments LLC purchased a new position in shares of Open Text during the second quarter valued at approximately $30,000. Headlands Technologies LLC purchased a new position in Open Text during the 1st quarter valued at $32,000. Blue Trust Inc. grew its position in Open Text by 435.7% in the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after acquiring an additional 793 shares during the last quarter. Kimelman & Baird LLC purchased a new stake in Open Text in the second quarter worth $36,000. Finally, Cromwell Holdings LLC lifted its position in shares of Open Text by 29.6% during the third quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after purchasing an additional 380 shares during the last quarter. 70.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OTEX has been the topic of a number of research analyst reports. Barclays cut their price target on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a report on Friday, November 1st. TD Securities lowered their price target on Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a report on Friday, November 1st. National Bank Financial downgraded Open Text from an “outperform” rating to a “sector perform” rating in a report on Friday, August 2nd. BMO Capital Markets dropped their price target on Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a research report on Friday, November 1st. Finally, Citigroup decreased their price objective on Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, November 1st. Eight investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $35.90.

Open Text Stock Down 0.6 %

Shares of NASDAQ OTEX traded down $0.18 during trading hours on Friday, hitting $29.42. 159,960 shares of the stock were exchanged, compared to its average volume of 636,894. Open Text Co. has a 12 month low of $27.50 and a 12 month high of $45.47. The firm has a fifty day moving average price of $32.47 and a 200-day moving average price of $31.42. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54. The company has a market cap of $7.82 billion, a PE ratio of 17.00 and a beta of 1.13.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.28 billion. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The business’s quarterly revenue was down 11.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.90 earnings per share. On average, sell-side analysts expect that Open Text Co. will post 3.23 EPS for the current year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be paid a $0.262 dividend. The ex-dividend date is Friday, November 29th. This is a boost from Open Text’s previous quarterly dividend of $0.19. This represents a $1.05 dividend on an annualized basis and a yield of 3.56%. Open Text’s dividend payout ratio (DPR) is 60.69%.

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.