Natixis Advisors LLC Invests $1.47 Million in Open Text Co. (NASDAQ:OTEX)

Natixis Advisors LLC acquired a new stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) during the third quarter, HoldingsChannel reports. The fund acquired 44,091 shares of the software maker’s stock, valued at approximately $1,467,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its holdings in shares of Open Text by 435.7% during the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after buying an additional 793 shares during the period. Ridgewood Investments LLC bought a new position in Open Text in the second quarter valued at about $30,000. Kimelman & Baird LLC purchased a new position in Open Text in the second quarter worth about $36,000. Cromwell Holdings LLC grew its stake in shares of Open Text by 29.6% during the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock valued at $55,000 after purchasing an additional 380 shares during the period. Finally, Essex LLC purchased a new stake in shares of Open Text during the 3rd quarter valued at about $210,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Trading Up 2.8 %

OTEX stock opened at $30.28 on Tuesday. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.79 and a quick ratio of 0.79. Open Text Co. has a 1-year low of $27.50 and a 1-year high of $45.47. The business has a 50 day simple moving average of $31.89 and a two-hundred day simple moving average of $31.02. The company has a market capitalization of $8.05 billion, a price-to-earnings ratio of 16.87 and a beta of 1.13.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted 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 company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same period last year, the company posted $0.90 earnings per share. Open Text’s quarterly revenue was down 11.0% on a year-over-year basis. Research analysts anticipate that Open Text Co. will post 3.37 EPS for the current fiscal year.

Open Text Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, November 29th will be paid a dividend of $0.262 per share. The ex-dividend date is Friday, November 29th. This is a positive change from Open Text’s previous quarterly dividend of $0.19. This represents a $1.05 dividend on an annualized basis and a yield of 3.46%. Open Text’s dividend payout ratio is presently 60.69%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on OTEX. Royal Bank of Canada lowered shares of Open Text from an “outperform” rating to a “sector perform” rating and cut their target price for the company from $45.00 to $33.00 in a research report on Friday, November 1st. National Bankshares lowered Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price objective for the company. in a research note on Friday, August 2nd. 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 research report on Friday, November 1st. TD Securities decreased their price objective on Open Text from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Finally, Citigroup lowered their price objective on Open Text from $34.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, November 1st. Eight equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Open Text presently has a consensus rating of “Hold” and an average price target of $35.90.

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.