Russell Investments Group Ltd. Acquires 15,357 Shares of Open Text Co. (NASDAQ:OTEX)

Russell Investments Group Ltd. increased its holdings in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 4.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 351,382 shares of the software maker’s stock after purchasing an additional 15,357 shares during the period. Russell Investments Group Ltd. owned approximately 0.13% of Open Text worth $9,943,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank acquired a new position in shares of Open Text in the fourth quarter valued at approximately $93,216,000. Arrowstreet Capital Limited Partnership boosted its stake in Open Text by 75.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,994,675 shares of the software maker’s stock worth $169,555,000 after purchasing an additional 2,586,549 shares during the period. Brandes Investment Partners LP increased its holdings in Open Text by 29.2% during the 4th quarter. Brandes Investment Partners LP now owns 4,504,139 shares of the software maker’s stock worth $127,557,000 after purchasing an additional 1,017,065 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC raised its stake in shares of Open Text by 84.3% in the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,297,772 shares of the software maker’s stock valued at $36,738,000 after purchasing an additional 593,447 shares during the period. Finally, Cooke & Bieler LP lifted its holdings in shares of Open Text by 6.6% in the fourth quarter. Cooke & Bieler LP now owns 6,308,967 shares of the software maker’s stock valued at $178,670,000 after purchasing an additional 389,220 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Trading Up 1.9 %

Shares of Open Text stock opened at $25.15 on Friday. Open Text Co. has a 1 year low of $22.79 and a 1 year high of $36.39. The company has a market capitalization of $6.61 billion, a price-to-earnings ratio of 10.22 and a beta of 1.13. The business has a fifty day simple moving average of $26.35 and a two-hundred day simple moving average of $28.87. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data 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%. Research analysts forecast that Open Text Co. will post 3.45 EPS for the current year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were issued a $0.2625 dividend. This represents a $1.05 dividend on an annualized basis and a yield of 4.17%. This is a positive change from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, March 7th. Open Text’s dividend payout ratio is currently 42.68%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on OTEX. Royal Bank of Canada dropped their target price on Open Text from $33.00 to $31.00 and set a “sector perform” rating on the stock in a research report on Friday, February 7th. Citigroup boosted their price objective on shares of Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. StockNews.com downgraded shares of Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. TD Securities cut their price target on shares of Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Sunday, February 9th. Finally, UBS Group started 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 research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average 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.