Moloney Securities Asset Management LLC Buys 3,910 Shares of Open Text Co. (NASDAQ:OTEX)

Moloney Securities Asset Management LLC boosted its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 5.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 80,428 shares of the software maker’s stock after acquiring an additional 3,910 shares during the quarter. Moloney Securities Asset Management LLC’s holdings in Open Text were worth $2,677,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in OTEX. Van ECK Associates Corp raised its holdings in shares of Open Text by 5.8% in the third quarter. Van ECK Associates Corp now owns 21,476 shares of the software maker’s stock valued at $705,000 after purchasing an additional 1,178 shares during the last quarter. Farther Finance Advisors LLC lifted its position in Open Text by 74.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,701 shares of the software maker’s stock worth $290,000 after buying an additional 3,719 shares in the last quarter. AustralianSuper Pty Ltd acquired a new position in shares of Open Text during the 3rd quarter worth about $8,011,000. Galibier Capital Management Ltd. increased its position in shares of Open Text by 1.3% in the third quarter. Galibier Capital Management Ltd. now owns 404,175 shares of the software maker’s stock valued at $13,469,000 after acquiring an additional 5,207 shares during the last quarter. Finally, Canoe Financial LP raised its holdings in Open Text by 33.6% during the third quarter. Canoe Financial LP now owns 66,000 shares of the software maker’s stock worth $2,184,000 after acquiring an additional 16,585 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Open Text Stock Down 1.2 %

Open Text stock opened at $28.62 on Tuesday. The firm has a 50 day moving average price of $32.65 and a two-hundred day moving average price of $31.50. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.79 and a current ratio of 0.79. Open Text Co. has a 52-week low of $27.50 and a 52-week high of $45.47. The firm has a market cap of $7.60 billion, a price-to-earnings ratio of 16.54 and a beta of 1.13.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.13. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.28 billion. Open Text had a return on equity of 24.34% and a net margin of 8.35%. During the same period in the previous year, the company posted $0.90 earnings per share. The firm’s revenue for the quarter was down 11.0% on a year-over-year basis. Equities analysts predict that Open Text Co. will post 3.23 EPS for the current year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be issued a dividend of $0.262 per share. This is an increase from Open Text’s previous quarterly dividend of $0.19. The ex-dividend date is Friday, November 29th. This represents a $1.05 annualized dividend and a yield of 3.66%. Open Text’s dividend payout ratio is presently 60.69%.

Analysts Set New Price Targets

A number of brokerages have commented on OTEX. TD Securities cut their price target on shares of Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Friday. National Bankshares downgraded Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 target price for the company. in a research note on Friday, August 2nd. Barclays dropped their price target on Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Friday. CIBC decreased their price objective on shares of Open Text from $36.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, July 19th. Finally, Citigroup cut their target price on shares of Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $35.90.

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.