Engineers Gate Manager LP cut its holdings in Open Text Co. (NASDAQ:OTEX – Get Rating) (TSE:OTC) by 9.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 13,864 shares of the software maker’s stock after selling 1,496 shares during the period. Engineers Gate Manager LP’s holdings in Open Text were worth $367,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the business. FMR LLC lifted its holdings in Open Text by 6.6% in the second quarter. FMR LLC now owns 14,538,858 shares of the software maker’s stock valued at $549,985,000 after acquiring an additional 899,891 shares during the last quarter. Mackenzie Financial Corp lifted its stake in Open Text by 3.2% during the second quarter. Mackenzie Financial Corp now owns 10,938,179 shares of the software maker’s stock worth $413,751,000 after purchasing an additional 340,117 shares in the last quarter. Vanguard Group Inc. lifted its stake in Open Text by 3.0% during the first quarter. Vanguard Group Inc. now owns 9,079,999 shares of the software maker’s stock worth $384,993,000 after purchasing an additional 262,200 shares in the last quarter. Fiera Capital Corp lifted its stake in 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 in the last quarter. Finally, Bank of Montreal Can lifted its stake in Open Text by 5.1% during the third quarter. Bank of Montreal Can now owns 4,491,584 shares of the software maker’s stock worth $120,557,000 after purchasing an additional 217,559 shares in the last quarter. 63.93% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research firms have commented on OTEX. Citigroup upped their price target on Open Text from $33.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, February 6th. StockNews.com upgraded Open Text from a “buy” rating to a “strong-buy” rating in a research note on Monday, February 6th. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Open Text has an average rating of “Moderate Buy” and an average target price of $44.71.
Open Text Stock Up 3.5 %
Open Text Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 23rd. Investors of record on Friday, March 3rd will be issued a $0.243 dividend. This represents a $0.97 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend is Thursday, March 2nd. Open Text’s dividend payout ratio (DPR) is presently 81.51%.
Open Text Profile
Open Text Corp. engages in the design, development, marketing and sales of enterprise information management software and solutions. It includes customer experience management (CEM), digital process automation, business network, and enterprise content management, discovery, security, and artificial intelligence (AI) and analytics solutions.
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