Starfire Investment Advisers Inc. purchased a new position in Open Text Corp (NASDAQ:OTEX) (TSE:OTC) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 8,000 shares of the software maker’s stock, valued at approximately $307,000.
A number of other institutional investors have also bought and sold shares of OTEX. Bank of New York Mellon Corp raised its position in shares of Open Text by 25.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 350,735 shares of the software maker’s stock valued at $13,342,000 after purchasing an additional 71,114 shares during the period. JPMorgan Chase & Co. lifted its holdings in Open Text by 276.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 390,422 shares of the software maker’s stock valued at $14,852,000 after buying an additional 286,835 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Open Text by 3.6% in the 3rd quarter. Vanguard Group Inc. now owns 6,558,071 shares of the software maker’s stock valued at $249,469,000 after purchasing an additional 225,874 shares in the last quarter. Intact Investment Management Inc. raised its holdings in shares of Open Text by 16.6% in the 4th quarter. Intact Investment Management Inc. now owns 643,740 shares of the software maker’s stock valued at $28,543,000 after purchasing an additional 91,800 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI bought a new stake in shares of Open Text in the 4th quarter valued at about $552,000. 68.43% of the stock is owned by institutional investors and hedge funds.
OTEX has been the subject of several recent research reports. Royal Bank of Canada boosted their price target on shares of Open Text from $45.00 to $47.00 and gave the company an “outperform” rating in a report on Friday, February 1st. Raymond James set a $48.00 price objective on shares of Open Text and gave the stock an “outperform” rating in a research note on Thursday, May 2nd. BidaskClub raised shares of Open Text from a “sell” rating to a “hold” rating in a research report on Friday, May 3rd. Zacks Investment Research downgraded shares of Open Text from a “buy” rating to a “hold” rating in a report on Saturday, February 9th. Finally, Mitsubishi UFJ Financial Group boosted their target price on shares of Open Text to $43.00 in a research note on Monday, February 4th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Open Text presently has a consensus rating of “Buy” and a consensus target price of $45.60.
Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Wednesday, May 1st. The software maker reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.19. Open Text had a net margin of 9.57% and a return on equity of 7.31%. The firm had revenue of $719.10 million for the quarter, compared to analysts’ expectations of $710.47 million. During the same quarter last year, the company earned $0.54 earnings per share. The firm’s revenue was up 4.8% compared to the same quarter last year. Equities research analysts anticipate that Open Text Corp will post 1.16 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 21st. Investors of record on Friday, May 31st will be given a $0.1746 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 1.73%. This is a positive change from Open Text’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, May 30th. Open Text’s dividend payout ratio (DPR) is 67.03%.
Open Text Company Profile
Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.
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