US Bancorp DE Trims Holdings in Open Text Co. (NASDAQ:OTEX)

US Bancorp DE reduced its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 45.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,710 shares of the software maker’s stock after selling 15,656 shares during the quarter. US Bancorp DE’s holdings in Open Text were worth $530,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of OTEX. IFP Advisors Inc boosted its position in shares of Open Text by 103.8% during the 4th quarter. IFP Advisors Inc now owns 1,011 shares of the software maker’s stock valued at $29,000 after acquiring an additional 515 shares during the last quarter. Blue Trust Inc. raised its stake in Open Text by 40.8% during the fourth quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock worth $39,000 after purchasing an additional 398 shares during the period. Allworth Financial LP boosted its holdings in Open Text by 20.7% in the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock valued at $73,000 after purchasing an additional 439 shares during the last quarter. DRW Securities LLC purchased a new stake in shares of Open Text in the 3rd quarter valued at approximately $313,000. Finally, Vest Financial LLC acquired a new stake in shares of Open Text during the 4th quarter worth approximately $267,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Open Text Trading Down 1.6 %

NASDAQ OTEX opened at $25.58 on Wednesday. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market cap of $6.75 billion, a price-to-earnings ratio of 10.40 and a beta of 1.17. The firm has a 50 day simple moving average of $27.86 and a 200-day simple moving average of $30.02. Open Text Co. has a one year low of $25.07 and a one year high of $40.55.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, beating 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%. Equities research analysts anticipate that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be paid a dividend of $0.2625 per share. This represents a $1.05 annualized dividend and a yield of 4.10%. This is a boost from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, March 7th. Open Text’s payout ratio is presently 42.68%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on OTEX shares. UBS Group assumed coverage on Open Text in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price objective on the stock. Royal Bank of Canada decreased their price target on Open Text from $33.00 to $31.00 and set a “sector perform” rating on the stock in a research note on Friday, February 7th. Barclays raised their price objective on Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. StockNews.com cut shares of Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. Finally, TD Securities lowered their target price on shares of Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Sunday, February 9th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $35.18.

Open Text 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.