Alberta Investment Management Corp Grows Position in Open Text Co. (NASDAQ:OTEX)

Alberta Investment Management Corp lifted its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 34.2% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 223,800 shares of the software maker’s stock after purchasing an additional 57,000 shares during the quarter. Alberta Investment Management Corp’s holdings in Open Text were worth $6,330,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of OTEX. Creative Planning increased its position in shares of Open Text by 23.7% during the 3rd quarter. Creative Planning now owns 30,102 shares of the software maker’s stock valued at $1,002,000 after purchasing an additional 5,760 shares during the last quarter. Blue Trust Inc. increased its position in shares of Open Text by 435.7% during the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after purchasing an additional 793 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Open Text by 28,811.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 127,210 shares of the software maker’s stock valued at $4,239,000 after purchasing an additional 126,770 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of Open Text during the 3rd quarter valued at approximately $465,000. Finally, DORCHESTER WEALTH MANAGEMENT Co increased its position in shares of Open Text by 4.0% during the 3rd quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 253,184 shares of the software maker’s stock valued at $8,304,000 after purchasing an additional 9,725 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

Open Text Price Performance

Shares of OTEX stock opened at $27.48 on Thursday. Open Text Co. has a twelve month low of $26.84 and a twelve month high of $40.55. The stock has a market capitalization of $7.25 billion, a price-to-earnings ratio of 11.17 and a beta of 1.12. The stock has a fifty day simple moving average of $28.46 and a two-hundred day simple moving average of $30.48. 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 (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. On average, analysts predict that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently disclosed 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. This is a boost from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date of this dividend is Friday, March 7th. Open Text’s dividend payout ratio is 42.68%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on OTEX. UBS Group began coverage on Open Text in a research report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 target price on the stock. Royal Bank of Canada cut their price objective on 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. 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 report on Friday, February 7th. StockNews.com downgraded Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. Finally, BMO Capital Markets cut their price objective 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. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average 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.