Russell Investments Group Ltd. Decreases Position in Open Text Co. (NASDAQ:OTEX)

Russell Investments Group Ltd. decreased its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 47.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 215,847 shares of the software maker’s stock after selling 196,547 shares during the quarter. Russell Investments Group Ltd.’s holdings in Open Text were worth $9,116,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Syon Capital LLC bought a new position in Open Text during the fourth quarter valued at $243,000. Lorne Steinberg Wealth Management Inc. grew its holdings in Open Text by 15.5% during the 4th quarter. Lorne Steinberg Wealth Management Inc. now owns 117,715 shares of the software maker’s stock valued at $4,949,000 after purchasing an additional 15,775 shares during the last quarter. Cooke & Bieler LP raised its position in Open Text by 4.2% in the 4th quarter. Cooke & Bieler LP now owns 4,767,848 shares of the software maker’s stock worth $200,345,000 after purchasing an additional 191,292 shares during the period. DGS Capital Management LLC lifted its stake in Open Text by 3.9% in the fourth quarter. DGS Capital Management LLC now owns 33,511 shares of the software maker’s stock worth $1,408,000 after purchasing an additional 1,271 shares during the last quarter. Finally, Vontobel Holding Ltd. grew its stake in shares of Open Text by 182.1% during the fourth quarter. Vontobel Holding Ltd. now owns 37,176 shares of the software maker’s stock valued at $1,563,000 after buying an additional 24,000 shares during the last quarter. Institutional investors own 70.37% of the company’s stock.

Analyst Ratings Changes

OTEX has been the topic of a number of recent analyst reports. StockNews.com lowered Open Text from a “buy” rating to a “hold” rating in a research note on Friday. Citigroup decreased their price target on shares of Open Text from $42.00 to $37.00 and set a “neutral” rating for the company in a research note on Friday. CIBC reduced their price objective on Open Text from $44.00 to $38.50 and set a “neutral” rating on the stock in a report on Friday. BMO Capital Markets cut Open Text from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $50.00 to $38.00 in a report on Friday. Finally, Barclays decreased their price objective on Open Text from $44.00 to $38.00 and set an “equal weight” rating for the company in a report on Friday. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Open Text has a consensus rating of “Hold” and an average target price of $42.25.

Open Text Stock Down 0.1 %

Open Text stock opened at $30.22 on Tuesday. The business has a fifty day moving average price of $37.15 and a 200-day moving average price of $38.74. Open Text Co. has a 1-year low of $28.19 and a 1-year high of $45.47. The stock has a market capitalization of $8.25 billion, a price-to-earnings ratio of 48.74 and a beta of 1.11. The company has a debt-to-equity ratio of 2.01, a current ratio of 1.40 and a quick ratio of 1.40.

Open Text Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Friday, May 31st will be paid a dividend of $0.435 per share. This is a positive change from Open Text’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.74 dividend on an annualized basis and a dividend yield of 5.76%. Open Text’s payout ratio is presently 161.29%.

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.