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

Alberta Investment Management Corp lifted its holdings in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 34.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 223,800 shares of the software maker’s stock after buying an additional 57,000 shares during the period. Alberta Investment Management Corp owned approximately 0.08% of Open Text worth $6,330,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of OTEX. Toronto Dominion Bank boosted its position in shares of Open Text by 169.6% during the third quarter. Toronto Dominion Bank now owns 576,105 shares of the software maker’s stock valued at $19,173,000 after buying an additional 362,422 shares during the last quarter. Crossmark Global Holdings Inc. lifted its holdings in Open Text by 1,290.4% in the third quarter. Crossmark Global Holdings Inc. now owns 336,790 shares of the software maker’s stock valued at $11,209,000 after acquiring an additional 312,567 shares during the period. AustralianSuper Pty Ltd bought a new position in Open Text in the third quarter valued at about $8,011,000. Access Investment Management LLC bought a new position in Open Text in the third quarter valued at about $6,509,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Open Text by 28,811.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 127,210 shares of the software maker’s stock valued at $4,239,000 after acquiring an additional 126,770 shares during the period. 70.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on OTEX. BMO Capital Markets lowered their target price on 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 lowered their target price on Open Text from $33.00 to $31.00 and set a “sector perform” rating on the stock in a report on Friday, February 7th. Citigroup raised their price objective on Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. TD Securities decreased their price objective 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. Finally, UBS Group assumed coverage on Open Text in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price objective on the stock. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $35.18.

Open Text Stock Down 1.3 %

Shares of OTEX opened at $27.48 on Thursday. The business’s 50 day moving average is $28.46 and its 200 day moving average is $30.48. The company has a market capitalization of $7.25 billion, a PE ratio of 11.17 and a beta of 1.12. Open Text Co. has a 12-month low of $26.84 and a 12-month high of $40.55. 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 earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. Research analysts expect that Open Text Co. will post 3.45 earnings per share for the current fiscal year.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be issued a dividend of $0.2625 per share. This represents a $1.05 annualized dividend and a yield of 3.82%. The ex-dividend date of this dividend is Friday, March 7th. This is a boost from Open Text’s previous quarterly dividend of $0.26. 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.