Northwest & Ethical Investments L.P. Buys 9,107 Shares of Open Text Co. (NASDAQ:OTEX)

Northwest & Ethical Investments L.P. increased its stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 6.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 148,188 shares of the software maker’s stock after buying an additional 9,107 shares during the quarter. Northwest & Ethical Investments L.P. owned 0.06% of Open Text worth $4,933,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of OTEX. Brandes Investment Partners LP lifted its holdings in shares of Open Text by 236.8% during the second quarter. Brandes Investment Partners LP now owns 1,834,835 shares of the software maker’s stock valued at $55,059,000 after acquiring an additional 1,290,011 shares during the period. The Manufacturers Life Insurance Company boosted its position in Open Text by 25.1% in the second quarter. The Manufacturers Life Insurance Company now owns 5,578,835 shares of the software maker’s stock valued at $167,277,000 after buying an additional 1,118,479 shares in the last quarter. Cooke & Bieler LP grew its stake in Open Text by 18.6% during the second quarter. Cooke & Bieler LP now owns 5,536,769 shares of the software maker’s stock worth $166,325,000 after buying an additional 867,978 shares during the last quarter. JARISLOWSKY FRASER Ltd increased its holdings in shares of Open Text by 5.1% during the second quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker’s stock worth $471,415,000 after buying an additional 767,822 shares in the last quarter. Finally, National Bank of Canada FI boosted its holdings in shares of Open Text by 17.5% in the 2nd quarter. National Bank of Canada FI now owns 4,021,893 shares of the software maker’s stock worth $120,390,000 after acquiring an additional 599,790 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Price Performance

Shares of OTEX stock opened at $30.59 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54. 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 of $31.74 and a 200-day moving average of $31.01. The firm has a market capitalization of $8.13 billion, a price-to-earnings ratio of 17.68 and a beta of 1.13.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.13. Open Text had a return on equity of 24.34% and a net margin of 8.35%. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the prior year, the company earned $0.90 earnings per share. The company’s revenue for the quarter was down 11.0% compared to the same quarter last year. On average, equities research analysts forecast 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, 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 represents a $1.05 dividend on an annualized basis and a yield of 3.43%. This is a positive change from Open Text’s previous quarterly dividend of $0.19. Open Text’s payout ratio is presently 60.69%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on OTEX shares. TD Securities dropped 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. Royal Bank of Canada cut Open Text from an “outperform” rating to a “sector perform” rating and cut their price target for the company from $45.00 to $33.00 in a report on Friday, November 1st. Jefferies Financial Group decreased their price objective on shares of Open Text from $42.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. National Bankshares downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 target price for the company. in a research note on Friday, August 2nd. Finally, National Bank Financial cut shares of Open Text from an “outperform” rating to a “sector perform” rating in a research note on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $35.90.

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.