Advisors Asset Management Inc. Boosts Position in Open Text Corporation $OTEX

Advisors Asset Management Inc. raised its stake in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 75.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,719 shares of the software maker’s stock after buying an additional 4,601 shares during the quarter. Advisors Asset Management Inc.’s holdings in Open Text were worth $271,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in OTEX. Northern Trust Corp grew its holdings in Open Text by 31.4% during the 4th quarter. Northern Trust Corp now owns 151,281 shares of the software maker’s stock valued at $4,284,000 after buying an additional 36,123 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Open Text by 154.5% during the fourth quarter. BNP Paribas Financial Markets now owns 28,233 shares of the software maker’s stock worth $800,000 after purchasing an additional 17,140 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Open Text by 91.3% during the fourth quarter. Bank of America Corp DE now owns 1,602,313 shares of the software maker’s stock worth $45,378,000 after purchasing an additional 764,734 shares in the last quarter. Deutsche Bank AG grew its holdings in shares of Open Text by 9.7% during the fourth quarter. Deutsche Bank AG now owns 872,591 shares of the software maker’s stock worth $24,712,000 after purchasing an additional 76,802 shares in the last quarter. Finally, Lazard Asset Management LLC grew its holdings in shares of Open Text by 101.7% during the fourth quarter. Lazard Asset Management LLC now owns 53,656 shares of the software maker’s stock worth $1,519,000 after purchasing an additional 27,049 shares in the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Stock Performance

Shares of OTEX stock opened at $35.25 on Friday. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.80 and a current ratio of 0.80. Open Text Corporation has a fifty-two week low of $22.79 and a fifty-two week high of $35.96. The stock has a 50 day moving average price of $30.83 and a two-hundred day moving average price of $28.26. The company has a market capitalization of $8.96 billion, a P/E ratio of 21.36 and a beta of 1.16.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, August 7th. The software maker reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.11. Open Text had a return on equity of 22.52% and a net margin of 8.43%.The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the previous year, the company posted $0.98 earnings per share. The business’s revenue was down 3.8% on a year-over-year basis. Analysts expect that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be issued a dividend of $0.275 per share. This is a boost from Open Text’s previous quarterly dividend of $0.26. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Friday, September 5th. Open Text’s dividend payout ratio is currently 66.67%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on OTEX. Royal Bank Of Canada boosted their price objective on Open Text from $30.00 to $35.00 and gave the stock a “sector perform” rating in a report on Tuesday, September 2nd. Barclays reissued a “positive” rating on shares of Open Text in a report on Friday, August 8th. Jefferies Financial Group lowered Open Text from a “buy” rating to a “hold” rating and set a $33.00 price objective for the company. in a report on Tuesday, August 12th. CIBC reissued a “neutral” rating on shares of Open Text in a report on Monday, August 11th. Finally, Wall Street Zen raised Open Text from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $33.10.

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.