Open Text Co. (NASDAQ:OTEX) Shares Acquired by Scheer Rowlett & Associates Investment Management Ltd.

Scheer Rowlett & Associates Investment Management Ltd. raised its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 34.1% in the fourth quarter, Holdings Channel reports. The institutional investor owned 264,108 shares of the software maker’s stock after purchasing an additional 67,209 shares during the period. Scheer Rowlett & Associates Investment Management Ltd.’s holdings in Open Text were worth $7,465,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. The Manufacturers Life Insurance Company grew its holdings in Open Text by 1.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker’s stock worth $187,952,000 after acquiring an additional 63,620 shares in the last quarter. Natixis Advisors LLC purchased a new stake in shares of Open Text during the third quarter worth approximately $1,467,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in shares of Open Text by 126.1% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 86,260 shares of the software maker’s stock worth $2,871,000 after acquiring an additional 48,111 shares during the period. Stifel Financial Corp acquired a new stake in shares of Open Text in the 3rd quarter valued at approximately $2,232,000. Finally, Access Investment Management LLC purchased a new stake in shares of Open Text during the 3rd quarter worth $6,509,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Stock Performance

NASDAQ OTEX opened at $26.33 on Friday. The firm has a market cap of $6.95 billion, a price-to-earnings ratio of 10.70 and a beta of 1.17. Open Text Co. has a 1 year low of $25.07 and a 1 year high of $40.55. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87. The company has a fifty day moving average price of $27.97 and a 200-day moving average price of $30.13.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. As a group, equities research analysts predict that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be given a dividend of $0.2625 per share. The ex-dividend date of this dividend is Friday, March 7th. This is an increase from Open Text’s previous quarterly dividend of $0.26. This represents a $1.05 annualized dividend and a yield of 3.99%. Open Text’s payout ratio is 42.68%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Royal Bank of Canada dropped their target price on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a report on Friday, February 7th. Barclays raised their target price on shares of Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. TD Securities lowered their price target on Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a research report on Sunday, February 9th. StockNews.com cut Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Finally, UBS Group initiated coverage on Open Text in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price objective for the company. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Open Text currently has an average rating of “Hold” and a consensus target price of $35.18.

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.