Van ECK Associates Corp Buys 1,178 Shares of Open Text Co. (NASDAQ:OTEX)

Van ECK Associates Corp lifted its stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 5.8% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 21,476 shares of the software maker’s stock after acquiring an additional 1,178 shares during the quarter. Van ECK Associates Corp’s holdings in Open Text were worth $705,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Farther Finance Advisors LLC boosted its position in Open Text by 74.6% during the third quarter. Farther Finance Advisors LLC now owns 8,701 shares of the software maker’s stock worth $290,000 after purchasing an additional 3,719 shares during the period. AustralianSuper Pty Ltd acquired a new stake in shares of Open Text in the third quarter worth $8,011,000. Galibier Capital Management Ltd. boosted its holdings in shares of Open Text by 1.3% during the 3rd quarter. Galibier Capital Management Ltd. now owns 404,175 shares of the software maker’s stock worth $13,469,000 after buying an additional 5,207 shares during the period. Canoe Financial LP grew its stake in Open Text by 33.6% in the 3rd quarter. Canoe Financial LP now owns 66,000 shares of the software maker’s stock valued at $2,184,000 after buying an additional 16,585 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale raised its holdings in Open Text by 13.5% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 91,783 shares of the software maker’s stock worth $3,023,000 after acquiring an additional 10,895 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Stock Up 1.6 %

OTEX opened at $29.73 on Tuesday. The company has a market capitalization of $7.90 billion, a P/E ratio of 17.18 and a beta of 1.13. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79. The firm’s fifty day moving average price is $32.42 and its two-hundred day moving average price is $31.31. Open Text Co. has a fifty-two week low of $27.50 and a fifty-two week high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.13. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same period in the previous year, the business earned $0.90 EPS. The firm’s revenue was down 11.0% on a year-over-year basis. On average, analysts anticipate that Open Text Co. will post 3.37 EPS for the current year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, November 29th will be paid a $0.262 dividend. This is a positive change from Open Text’s previous quarterly dividend of $0.19. This represents a $1.05 annualized dividend and a dividend yield of 3.53%. The ex-dividend date of this dividend is Friday, November 29th. Open Text’s dividend payout ratio is currently 60.69%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on OTEX. Citigroup decreased their price target on shares of Open Text from $34.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, November 1st. Scotiabank lowered their target price on Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a report on Friday, November 1st. CIBC cut their price target on Open Text from $36.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, July 19th. National Bankshares downgraded shares of Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price objective on the stock. in a research note on Friday, August 2nd. Finally, Jefferies Financial Group cut their target price on shares of Open Text from $42.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Open Text presently has a consensus rating of “Hold” and an average target price of $35.90.

About Open Text

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.