Louisbourg Investments Inc. Increases Stock Position in Open Text Co. (NASDAQ:OTEX)

Louisbourg Investments Inc. increased its position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 2.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 116,174 shares of the software maker’s stock after purchasing an additional 3,239 shares during the quarter. Louisbourg Investments Inc.’s holdings in Open Text were worth $3,286,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OTEX. Creative Planning increased its position in shares of Open Text by 23.7% during the 3rd quarter. Creative Planning now owns 30,102 shares of the software maker’s stock valued at $1,002,000 after purchasing an additional 5,760 shares during the last quarter. NBC Securities Inc. bought a new position in Open Text during the third quarter valued at about $278,000. Net Worth Advisory Group purchased a new stake in Open Text during the third quarter worth about $226,000. Blue Trust Inc. raised its position in Open Text by 435.7% in the third 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. Finally, Essex LLC purchased a new position in Open Text in the third quarter valued at about $210,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Analyst Ratings Changes

OTEX has been the subject of several research analyst reports. StockNews.com lowered shares of Open Text from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 27th. Royal Bank of Canada decreased their target price on Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a research report on Friday, February 7th. Scotiabank lowered their target price on Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a research note on Friday, November 1st. UBS Group initiated coverage on Open Text in a research note on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price target for the company. Finally, TD Securities lowered 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. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $35.18.

Open Text Price Performance

Shares of NASDAQ:OTEX opened at $28.66 on Wednesday. Open Text Co. has a 12 month low of $26.84 and a 12 month high of $41.96. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.54. The stock has a market cap of $7.56 billion, a P/E ratio of 11.65 and a beta of 1.12. The company has a 50 day moving average of $28.82 and a 200 day moving average of $30.60.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.33%. As a group, sell-side analysts forecast that Open Text Co. will post 3.37 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be paid a $0.2625 dividend. This is a positive change from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date of this dividend is Friday, March 7th. Open Text’s dividend payout ratio is currently 42.68%.

Open Text 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.