Lorne Steinberg Wealth Management Inc. Sells 3,032 Shares of Open Text Co. (NASDAQ:OTEX)

Lorne Steinberg Wealth Management Inc. decreased its holdings in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 2.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 128,803 shares of the software maker’s stock after selling 3,032 shares during the period. Lorne Steinberg Wealth Management Inc.’s holdings in Open Text were worth $3,641,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. Blue Trust Inc. grew its holdings 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 purchasing an additional 793 shares during the last quarter. Cromwell Holdings LLC grew its position in shares of Open Text by 29.6% during the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after acquiring an additional 380 shares during the period. Allworth Financial LP grew its position in shares of Open Text by 20.7% during the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock valued at $73,000 after acquiring an additional 439 shares during the period. Net Worth Advisory Group acquired a new stake in shares of Open Text during the 3rd quarter valued at about $226,000. Finally, Farther Finance Advisors LLC grew its position in shares of Open Text by 74.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,701 shares of the software maker’s stock valued at $290,000 after acquiring an additional 3,719 shares during the period. Institutional investors own 70.37% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on OTEX. Citigroup raised their target price on Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Royal Bank of Canada decreased their price target on shares of 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 decreased their price target on shares of Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Sunday, February 9th. BMO Capital Markets decreased their price target on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a research note on Friday, November 1st. Finally, StockNews.com lowered shares of Open Text from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 27th. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $35.18.

Open Text Stock Down 2.0 %

Shares of NASDAQ OTEX opened at $27.83 on Wednesday. The company has a 50 day simple moving average of $28.57 and a 200-day simple moving average of $30.50. The company has a market capitalization of $7.35 billion, a P/E ratio of 11.31 and a beta of 1.12. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87. Open Text Co. has a 1 year low of $26.84 and a 1 year high of $40.55.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced 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 net margin of 12.21% and a return on equity of 23.23%. On average, equities research analysts predict that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be issued a dividend of $0.2625 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.77%. This is an increase from Open Text’s previous quarterly dividend of $0.26. Open Text’s dividend payout ratio (DPR) 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.