Lorne Steinberg Wealth Management Inc. Grows Stock Holdings in Open Text Corporation $OTEX

Lorne Steinberg Wealth Management Inc. lifted its position in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 14.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 193,233 shares of the software maker’s stock after purchasing an additional 24,935 shares during the period. Open Text accounts for approximately 1.7% of Lorne Steinberg Wealth Management Inc.’s portfolio, making the stock its 27th largest position. Lorne Steinberg Wealth Management Inc.’s holdings in Open Text were worth $7,221,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. JARISLOWSKY FRASER Ltd increased its holdings in Open Text by 0.6% during the 3rd quarter. JARISLOWSKY FRASER Ltd now owns 21,150,154 shares of the software maker’s stock valued at $790,736,000 after purchasing an additional 117,436 shares during the period. Brandes Investment Partners LP grew its position in shares of Open Text by 42.7% in the 2nd quarter. Brandes Investment Partners LP now owns 8,368,336 shares of the software maker’s stock worth $244,356,000 after buying an additional 2,506,058 shares during the last quarter. First Trust Advisors LP grew its position in shares of Open Text by 1.5% in the 2nd quarter. First Trust Advisors LP now owns 8,262,084 shares of the software maker’s stock worth $241,328,000 after buying an additional 119,163 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Open Text by 11.7% during the second quarter. Arrowstreet Capital Limited Partnership now owns 7,730,470 shares of the software maker’s stock valued at $225,898,000 after buying an additional 810,352 shares during the period. Finally, Letko Brosseau & Associates Inc. raised its holdings in shares of Open Text by 16.2% during the second quarter. Letko Brosseau & Associates Inc. now owns 5,649,818 shares of the software maker’s stock valued at $164,754,000 after acquiring an additional 789,013 shares in the last quarter. 70.37% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on OTEX. Weiss Ratings reissued a “hold (c+)” rating on shares of Open Text in a research report on Monday, December 29th. UBS Group lifted their target price on shares of Open Text from $32.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, November 7th. Jefferies Financial Group increased their price target on shares of Open Text from $33.00 to $35.00 and gave the stock a “hold” rating in a research note on Thursday, November 6th. Zacks Research lowered shares of Open Text from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Finally, TD Cowen reiterated a “hold” rating and set a $40.00 target price on shares of Open Text in a report on Friday, October 3rd. Three research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat, Open Text currently has an average rating of “Hold” and an average target price of $39.00.

Open Text Price Performance

Shares of NASDAQ OTEX opened at $28.85 on Monday. The company has a 50 day simple moving average of $32.65 and a two-hundred day simple moving average of $33.70. Open Text Corporation has a fifty-two week low of $22.79 and a fifty-two week high of $39.90. The company has a market capitalization of $7.26 billion, a price-to-earnings ratio of 15.10 and a beta of 1.08. The company has a debt-to-equity ratio of 1.60, a quick ratio of 0.87 and a current ratio of 0.87.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Wednesday, November 5th. The software maker reported $1.05 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.05. Open Text had a return on equity of 23.44% and a net margin of 9.60%.The company had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the prior year, the business posted $0.93 EPS. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. Analysts expect that Open Text Corporation will post 3.45 EPS for the current fiscal year.

Open Text Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were issued a dividend of $0.275 per share. The ex-dividend date was Friday, December 5th. This represents a $1.10 annualized dividend and a dividend yield of 3.8%. Open Text’s dividend payout ratio (DPR) is presently 57.59%.

Open Text Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.