K.J. Harrison & Partners Inc Buys New Shares in Open Text Co. (NASDAQ:OTEX)

K.J. Harrison & Partners Inc acquired a new position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 19,023 shares of the software maker’s stock, valued at approximately $537,000.

A number of other hedge funds and other institutional investors have also modified their holdings of OTEX. IFP Advisors Inc grew its stake in Open Text by 103.8% in the fourth quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock valued at $29,000 after purchasing an additional 515 shares in the last quarter. Blue Trust Inc. boosted its stake 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 worth $32,000 after acquiring an additional 793 shares during the period. Allworth Financial LP increased its holdings in shares of Open Text by 20.7% during the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock worth $73,000 after acquiring an additional 439 shares during the last quarter. Vest Financial LLC bought a new stake in Open Text in the 4th quarter valued at $267,000. Finally, Farther Finance Advisors LLC lifted its holdings in Open Text by 74.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,701 shares of the software maker’s stock valued at $290,000 after purchasing an additional 3,719 shares during the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. BMO Capital Markets decreased their price objective on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a report on Friday, November 1st. Royal Bank of Canada decreased their target price 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. Citigroup boosted their price target on Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. UBS Group assumed coverage on shares of Open Text in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price objective for the company. Finally, Barclays boosted 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. 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 presently has a consensus rating of “Hold” and an average price target of $35.18.

Open Text Price Performance

Shares of NASDAQ:OTEX opened at $26.55 on Thursday. Open Text Co. has a one year low of $26.41 and a one year high of $40.55. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market cap of $7.01 billion, a price-to-earnings ratio of 10.79 and a beta of 1.12. The firm has a 50 day simple moving average of $28.27 and a 200 day simple moving average of $30.42.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results 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 net margin of 12.21% and a return on equity of 23.23%. Research analysts predict that Open Text Co. will post 3.45 earnings per share for the current fiscal year.

Open Text Increases Dividend

The business 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 dividend of $0.2625 per share. This is a positive change from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 annualized dividend and a yield of 3.95%. The ex-dividend date is Friday, March 7th. Open Text’s dividend payout ratio (DPR) is currently 42.68%.

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.