Open Text Co. (NASDAQ:OTEX) Shares Purchased by Lorne Steinberg Wealth Management Inc.

Lorne Steinberg Wealth Management Inc. raised its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 15.5% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 117,715 shares of the software maker’s stock after buying an additional 15,775 shares during the quarter. Lorne Steinberg Wealth Management Inc.’s holdings in Open Text were worth $4,949,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in OTEX. Pacifica Partners Inc. purchased a new position in Open Text in the fourth quarter valued at about $32,000. IFP Advisors Inc boosted its position in Open Text by 82.0% during the third quarter. IFP Advisors Inc now owns 870 shares of the software maker’s stock worth $31,000 after purchasing an additional 392 shares in the last quarter. Allworth Financial LP increased its position in shares of Open Text by 125.7% in the third quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock valued at $34,000 after buying an additional 533 shares in the last quarter. Impact Partnership Wealth LLC acquired a new position in shares of Open Text during the 3rd quarter worth $37,000. Finally, Cigna Investments Inc. New purchased a new stake in shares of Open Text in the 4th quarter worth about $211,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Stock Down 0.7 %

OTEX stock traded down $0.27 during mid-day trading on Wednesday, hitting $35.82. The stock had a trading volume of 323,774 shares, compared to its average volume of 571,438. The stock has a market capitalization of $9.76 billion, a price-to-earnings ratio of 76.36 and a beta of 1.09. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 2.10. Open Text Co. has a 1-year low of $32.04 and a 1-year high of $45.47. The company has a fifty day moving average of $38.04 and a 200 day moving average of $38.77.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, February 1st. The software maker reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.01. The firm had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.48 billion. Open Text had a net margin of 2.24% and a return on equity of 22.99%. On average, equities analysts expect that Open Text Co. will post 4.14 EPS for the current fiscal year.

Open Text Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Friday, March 1st were issued a $0.25 dividend. The ex-dividend date was Thursday, February 29th. This represents a $1.00 annualized dividend and a yield of 2.79%. Open Text’s dividend payout ratio (DPR) is currently 212.77%.

Analyst Ratings Changes

OTEX has been the topic of several research reports. Jefferies Financial Group began coverage on shares of Open Text in a research report on Tuesday, February 27th. They issued a “buy” rating and a $45.00 price target on the stock. Citigroup dropped their price objective on Open Text from $44.00 to $42.00 and set a “neutral” rating for the company in a research report on Friday, March 22nd. Royal Bank of Canada restated an “outperform” rating and issued a $53.00 target price on shares of Open Text in a report on Friday, February 2nd. BMO Capital Markets lifted their price target on shares of Open Text from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, February 2nd. Finally, StockNews.com raised shares of Open Text from a “hold” rating to a “buy” rating in a research note on Tuesday, February 6th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $46.25.

About Open Text

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.