Saturna Capital Corp Purchases 3,650 Shares of Open Text Co. (NASDAQ:OTEX)

Saturna Capital Corp raised its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 9.7% in the 3rd quarter, Holdings Channel reports. The firm owned 41,440 shares of the software maker’s stock after buying an additional 3,650 shares during the period. Saturna Capital Corp’s holdings in Open Text were worth $1,379,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. JARISLOWSKY FRASER Ltd increased its stake in Open Text by 5.1% in the second quarter. JARISLOWSKY FRASER Ltd now owns 15,702,510 shares of the software maker’s stock valued at $471,415,000 after purchasing an additional 767,822 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Open Text by 1.3% during the first quarter. Vanguard Group Inc. now owns 10,344,910 shares of the software maker’s stock worth $401,693,000 after acquiring an additional 135,812 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Open Text by 25.1% during the second quarter. The Manufacturers Life Insurance Company now owns 5,578,835 shares of the software maker’s stock worth $167,277,000 after acquiring an additional 1,118,479 shares in the last quarter. Cooke & Bieler LP increased its position in shares of Open Text by 18.6% during the second quarter. Cooke & Bieler LP now owns 5,536,769 shares of the software maker’s stock worth $166,325,000 after acquiring an additional 867,978 shares in the last quarter. Finally, National Bank of Canada FI increased its position in shares of Open Text by 17.5% during the second quarter. National Bank of Canada FI now owns 4,021,893 shares of the software maker’s stock worth $120,390,000 after acquiring an additional 599,790 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

Analyst Ratings Changes

OTEX has been the subject of several research reports. CIBC lowered their price objective on shares of Open Text from $36.00 to $33.00 and set a “neutral” rating for the company in a research report on Friday, July 19th. TD Securities lowered their price objective on shares of Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Friday, November 1st. BMO Capital Markets lowered their price objective on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a research report on Friday, November 1st. Jefferies Financial Group lowered their price objective on shares of Open Text from $42.00 to $35.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Finally, National Bank Financial downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating in a research report on Friday, August 2nd. Eight 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, Open Text has a consensus rating of “Hold” and an average target price of $35.90.

Open Text Stock Performance

Shares of OTEX stock opened at $30.08 on Wednesday. The stock has a market cap of $8.00 billion, a P/E ratio of 17.39 and a beta of 1.13. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79. The company has a fifty day moving average price of $32.38 and a two-hundred day moving average price of $31.27. Open Text Co. has a one year low of $27.50 and a one year high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.13. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The company’s revenue for the quarter was down 11.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.90 earnings per share. As a group, equities analysts predict that Open Text Co. will post 3.37 EPS for the current year.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be paid a $0.262 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.05 dividend on an annualized basis and a yield of 3.48%. This is a boost from Open Text’s previous quarterly dividend of $0.19. Open Text’s dividend payout ratio (DPR) is currently 60.69%.

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.