Cerity Partners LLC grew its stake in shares of Open Text Co. (NASDAQ:OTEX – Get Rating) (TSE:OTC) by 20.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,822 shares of the software maker’s stock after buying an additional 1,331 shares during the quarter. Cerity Partners LLC’s holdings in Open Text were worth $296,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in OTEX. Harris Associates L P raised its position in shares of Open Text by 23.5% during the 1st quarter. Harris Associates L P now owns 10,109,221 shares of the software maker’s stock valued at $428,536,000 after buying an additional 1,921,206 shares in the last quarter. Value Partners Investments Inc. bought a new position in shares of Open Text during the 2nd quarter valued at $46,024,000. First Pacific Advisors LP grew its holdings in shares of Open Text by 53.3% during the 1st quarter. First Pacific Advisors LP now owns 3,331,800 shares of the software maker’s stock valued at $141,268,000 after purchasing an additional 1,158,271 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Open Text by 121.8% during the 1st quarter. Bank of America Corp DE now owns 1,999,037 shares of the software maker’s stock valued at $84,759,000 after purchasing an additional 1,097,758 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of Open Text by 14.2% during the 1st quarter. American Century Companies Inc. now owns 6,113,599 shares of the software maker’s stock valued at $259,218,000 after purchasing an additional 760,505 shares during the last quarter. Hedge funds and other institutional investors own 68.82% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities analysts recently commented on the stock. StockNews.com assumed coverage on shares of Open Text in a report on Wednesday, October 12th. They set a “buy” rating on the stock. Raymond James cut their price target on shares of Open Text from $53.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, November 4th. TheStreet lowered shares of Open Text from a “b-” rating to a “c+” rating in a report on Wednesday, August 31st. Citigroup cut their price target on shares of Open Text from $34.00 to $30.00 in a report on Friday, November 4th. Finally, CIBC lowered shares of Open Text from a “sector outperform” rating to a “neutral” rating and cut their target price for the company from $51.00 to $44.00 in a research note on Friday, August 26th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Open Text has an average rating of “Moderate Buy” and an average target price of $44.75.
Open Text Stock Performance
Open Text Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 22nd. Investors of record on Friday, December 2nd will be given a dividend of $0.243 per share. This is a boost from Open Text’s previous quarterly dividend of $0.24. This represents a $0.97 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date of this dividend is Thursday, December 1st. Open Text’s dividend payout ratio (DPR) is 176.37%.
Open Text Profile
Open Text Corporation engages in the designs, develops, markets, and sells information management software and solutions. It offers content services; business network that manages data within the organization and outside the firewall; security and protection solutions for defending against cyber threats, and preparing for business continuity and response in the event of a breach; digital investigation and forensic security solutions; OpenText security solutions to address information cyber resilience needs; Carbonite and Webroot products; and OpenText Information Management software platform.
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