Advisors Asset Management Inc. Has $675,000 Position in Open Text Co. (NASDAQ:OTEX)

Advisors Asset Management Inc. lowered its stake in shares of Open Text Co. (NASDAQ:OTEXGet Rating) (TSE:OTC) by 23.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,830 shares of the software maker’s stock after selling 5,534 shares during the period. Advisors Asset Management Inc.’s holdings in Open Text were worth $675,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Open Text during the 2nd quarter valued at $25,000. Prospera Financial Services Inc boosted its stake in shares of Open Text by 148.3% during the 2nd quarter. Prospera Financial Services Inc now owns 745 shares of the software maker’s stock valued at $28,000 after buying an additional 445 shares during the period. Twin Tree Management LP acquired a new stake in shares of Open Text during the 1st quarter valued at $41,000. Power Corp of Canada acquired a new stake in shares of Open Text during the 1st quarter valued at $43,000. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Open Text by 1,015.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,540 shares of the software maker’s stock valued at $58,000 after buying an additional 1,402 shares during the period. Institutional investors and hedge funds own 68.82% of the company’s stock.

Open Text Stock Performance

Shares of OTEX opened at $28.97 on Friday. The company has a market capitalization of $7.83 billion, a PE ratio of 52.67 and a beta of 1.02. Open Text Co. has a one year low of $24.91 and a one year high of $52.65. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.42 and a quick ratio of 1.42. The company’s fifty day moving average price is $28.01 and its 200 day moving average price is $34.53.

Open Text Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 22nd. Investors of record on Friday, December 2nd will be issued a $0.243 dividend. This represents a $0.97 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend is Thursday, December 1st. This is an increase from Open Text’s previous quarterly dividend of $0.24. Open Text’s dividend payout ratio (DPR) is 176.37%.

Analysts Set New Price Targets

Several research firms recently issued reports on OTEX. CIBC lowered shares of Open Text from a “sector outperform” rating to a “neutral” rating and reduced their price objective for the company from $51.00 to $44.00 in a research note on Friday, August 26th. BMO Capital Markets reduced their price objective on shares of Open Text from $43.00 to $34.00 and set an “outperform” rating for the company in a research note on Friday, November 4th. StockNews.com began coverage on shares of Open Text in a research note on Wednesday, October 12th. They issued a “buy” rating for the company. Citigroup reduced their price objective on shares of Open Text from $34.00 to $30.00 in a research note on Friday, November 4th. Finally, TheStreet lowered shares of Open Text from a “b-” rating to a “c+” rating in a research note on Wednesday, August 31st. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $44.75.

Open Text Company 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.

See Also

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

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