Arrowstreet Capital Limited Partnership Grows Position in Open Text Co. (NASDAQ:OTEX)

Arrowstreet Capital Limited Partnership grew its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 75.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,994,675 shares of the software maker’s stock after buying an additional 2,586,549 shares during the period. Arrowstreet Capital Limited Partnership owned 2.27% of Open Text worth $169,555,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new position in Open Text in the 4th quarter worth $93,216,000. Brandes Investment Partners LP increased its holdings in shares of Open Text by 29.2% in the fourth quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker’s stock valued at $127,557,000 after purchasing an additional 1,017,065 shares during the period. Cooke & Bieler LP raised its stake in shares of Open Text by 6.6% in the fourth quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker’s stock worth $178,670,000 after purchasing an additional 389,220 shares during the last quarter. Toronto Dominion Bank lifted its holdings 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 worth $19,173,000 after purchasing an additional 362,422 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Open Text in the fourth quarter valued at approximately $8,685,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Barclays increased their price objective on shares of Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Friday, February 7th. StockNews.com lowered Open Text from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 27th. 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 research note on Friday, February 7th. TD Securities reduced their price target on Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a research report on Sunday, February 9th. Finally, Citigroup upped 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 research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Open Text presently has an average rating of “Hold” and an average price target of $35.18.

Open Text Trading Down 4.5 %

Shares of Open Text stock opened at $25.29 on Monday. 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 Co. has a twelve month low of $24.86 and a twelve month high of $39.00. The firm has a market capitalization of $6.65 billion, a PE ratio of 10.28 and a beta of 1.17. The firm’s 50-day moving average price is $27.38 and its 200 day moving average price is $29.49.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued 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, sell-side analysts predict that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were paid a $0.2625 dividend. This is an increase from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 annualized dividend and a dividend yield of 4.15%. The ex-dividend date was 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.