Van ECK Associates Corp Has $149,000 Stake in Open Text Co. (NASDAQ:OTEX)

Van ECK Associates Corp grew its holdings in Open Text Co. (NASDAQ:OTEXGet Rating) (TSE:OTC) by 11.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 5,660 shares of the software maker’s stock after acquiring an additional 595 shares during the period. Van ECK Associates Corp’s holdings in Open Text were worth $149,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Value Partners Investments Inc. bought a new position in shares of Open Text during the second quarter worth approximately $46,024,000. Bank of America Corp DE increased its stake in shares of Open Text by 121.8% during the first quarter. Bank of America Corp DE now owns 1,999,037 shares of the software maker’s stock worth $84,759,000 after purchasing an additional 1,097,758 shares during the period. FMR LLC increased its stake in shares of Open Text by 6.6% during the second quarter. FMR LLC now owns 14,538,858 shares of the software maker’s stock worth $549,985,000 after purchasing an additional 899,891 shares during the period. Renaissance Technologies LLC increased its stake in shares of Open Text by 120.5% during the first quarter. Renaissance Technologies LLC now owns 1,201,716 shares of the software maker’s stock worth $51,001,000 after purchasing an additional 656,800 shares during the period. Finally, Fiera Capital Corp increased its stake in shares of Open Text by 13.4% during the second quarter. Fiera Capital Corp now owns 5,371,524 shares of the software maker’s stock worth $203,258,000 after purchasing an additional 636,804 shares during the period. 63.93% of the stock is owned by institutional investors and hedge funds.

Open Text Trading Up 0.8 %

NASDAQ OTEX opened at $32.56 on Friday. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.09. Open Text Co. has a twelve month low of $24.91 and a twelve month high of $48.46. The company has a market cap of $8.80 billion, a price-to-earnings ratio of 59.20 and a beta of 0.98. The business’s fifty day moving average is $29.71 and its 200 day moving average is $31.77.

Open Text (NASDAQ:OTEXGet Rating) (TSE:OTC) last released its quarterly earnings data on Thursday, November 3rd. The software maker reported $0.70 earnings per share for the quarter, meeting the consensus estimate of $0.70. Open Text had a return on equity of 19.65% and a net margin of 4.22%. The company had revenue of $852.04 million for the quarter, compared to the consensus estimate of $841.00 million. As a group, sell-side analysts expect that Open Text Co. will post 2.9 EPS for the current fiscal year.

Open Text Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 22nd. Investors of record on Friday, December 2nd were issued a dividend of $0.243 per share. This is an increase from Open Text’s previous quarterly dividend of $0.24. The ex-dividend date was Thursday, December 1st. This represents a $0.97 annualized dividend and a dividend yield of 2.99%. Open Text’s dividend payout ratio (DPR) is 178.19%.

Analyst Ratings Changes

A number of equities analysts have commented on the company. StockNews.com lowered Open Text from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, January 10th. TD Securities lowered their price objective on Open Text from $48.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, November 4th. Citigroup lowered their price objective on Open Text from $34.00 to $30.00 in a research note on Friday, November 4th. Raymond James reduced their target price on Open Text from $53.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, November 4th. Finally, BMO Capital Markets reduced their target price on Open Text from $43.00 to $34.00 and set an “outperform” rating on the stock in a report on Friday, November 4th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Open Text has an average rating of “Moderate Buy” and an average target price of $44.00.

Open Text Profile

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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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Institutional Ownership by Quarter for Open Text (NASDAQ:OTEX)

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