Cooke & Bieler LP Purchases 389,220 Shares of Open Text Co. (NASDAQ:OTEX)

Cooke & Bieler LP boosted its holdings in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 6.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,308,967 shares of the software maker’s stock after buying an additional 389,220 shares during the period. Open Text comprises 1.7% of Cooke & Bieler LP’s portfolio, making the stock its 18th largest holding. Cooke & Bieler LP’s holdings in Open Text were worth $178,670,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Van ECK Associates Corp raised its holdings in Open Text by 5.8% during the 3rd quarter. Van ECK Associates Corp now owns 21,476 shares of the software maker’s stock worth $705,000 after purchasing an additional 1,178 shares during the last quarter. Crossmark Global Holdings Inc. boosted its position in Open Text by 1,290.4% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 336,790 shares of the software maker’s stock worth $11,209,000 after acquiring an additional 312,567 shares during the last quarter. Access Investment Management LLC acquired a new position in Open Text during the 3rd quarter worth approximately $6,509,000. Saturna Capital Corp raised its stake in shares of Open Text by 9.7% during the 3rd quarter. Saturna Capital Corp now owns 41,440 shares of the software maker’s stock worth $1,379,000 after purchasing an additional 3,650 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. bought a new stake in shares of Open Text during the 3rd quarter worth approximately $332,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Stock Down 1.3 %

OTEX stock opened at $26.00 on Tuesday. The business has a 50 day moving average of $27.92 and a 200 day moving average of $30.07. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. Open Text Co. has a twelve month low of $25.07 and a twelve month high of $40.55. The firm has a market cap of $6.86 billion, a PE ratio of 10.57 and a beta of 1.17.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) 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, research analysts forecast that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be given a $0.2625 dividend. This is an increase 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 4.04%. The ex-dividend date is Friday, March 7th. Open Text’s payout ratio is currently 42.68%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on OTEX. UBS Group initiated coverage on Open Text in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price target on the stock. Royal Bank of Canada reduced their price objective on 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. TD Securities cut their price target on Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Sunday, February 9th. Barclays lifted their price target 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. Finally, Citigroup raised their price objective on Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Open Text presently has a consensus rating of “Hold” and a consensus target price 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.