Grantham Mayo Van Otterloo & Co. LLC Buys 593,447 Shares of Open Text Co. (NASDAQ:OTEX)

Grantham Mayo Van Otterloo & Co. LLC increased its stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 84.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 1,297,772 shares of the software maker’s stock after buying an additional 593,447 shares during the period. Grantham Mayo Van Otterloo & Co. LLC owned 0.49% of Open Text worth $36,738,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Stifel Financial Corp bought a new stake in shares of Open Text during the 3rd quarter valued at approximately $2,232,000. Verition Fund Management LLC bought a new stake in shares of Open Text during the third quarter worth $950,000. Choreo LLC bought a new position in shares of Open Text in the 4th quarter valued at $564,000. BNP Paribas Financial Markets boosted its holdings in shares of Open Text by 3.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker’s stock valued at $369,000 after acquiring an additional 351 shares in the last quarter. Finally, Franklin Resources Inc. increased its holdings in Open Text by 19.9% in the 3rd quarter. Franklin Resources Inc. now owns 205,891 shares of the software maker’s stock worth $7,086,000 after purchasing an additional 34,135 shares in the last quarter. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Stock Performance

NASDAQ:OTEX opened at $24.13 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. Open Text Co. has a twelve month low of $23.43 and a twelve month high of $37.77. The company has a fifty day moving average of $27.05 and a 200-day moving average of $29.26. The firm has a market capitalization of $6.34 billion, a P/E ratio of 9.81 and a beta of 1.13.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, beating 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, sell-side analysts anticipate that Open Text Co. will post 3.45 EPS for the current year.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were issued a $0.2625 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.05 annualized dividend and a yield of 4.35%. This is a positive change from Open Text’s previous quarterly dividend of $0.26. Open Text’s dividend payout ratio is presently 42.68%.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Barclays boosted their price target on Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Friday, February 7th. Citigroup raised their price target on shares of Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Royal Bank of Canada reduced their price objective on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating on the stock in a research note on Friday, February 7th. StockNews.com lowered Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. Finally, TD Securities reduced their price target on Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Sunday, February 9th. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $35.18.

Open Text Company 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.