Lorne Steinberg Wealth Management Inc. Buys 15,775 Shares of Open Text Co. (NASDAQ:OTEX)

Lorne Steinberg Wealth Management Inc. increased its position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 15.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 117,715 shares of the software maker’s stock after acquiring an additional 15,775 shares during the quarter. Lorne Steinberg Wealth Management Inc.’s holdings in Open Text were worth $4,949,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Cooke & Bieler LP raised its position in shares of Open Text by 4.2% during the fourth 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 valued at $1,408,000 after buying an additional 1,271 shares in the last quarter. Vontobel Holding Ltd. increased its position 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 worth $1,563,000 after acquiring an additional 24,000 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Open Text by 0.3% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 557,623 shares of the software maker’s stock worth $23,513,000 after acquiring an additional 1,775 shares in the last quarter. Finally, Mosaic Family Wealth Partners LLC acquired a new stake in shares of Open Text in the 4th quarter valued at about $213,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on OTEX. TD Securities upped their price target on Open Text from $53.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Jefferies Financial Group began coverage on shares of Open Text in a report on Tuesday, February 27th. They set a “buy” rating and a $45.00 price target on the stock. CIBC boosted their target price on Open Text from $42.00 to $44.00 and gave the stock a “neutral” rating in a research note on Thursday, January 11th. StockNews.com raised shares of Open Text from a “hold” rating to a “buy” rating in a research report on Tuesday, February 6th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $53.00 target price on shares of Open Text in a research note on Friday, February 2nd. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $46.25.

Open Text Price Performance

NASDAQ OTEX traded down $0.27 during trading hours on Wednesday, hitting $35.82. The company had a trading volume of 323,774 shares, compared to its average volume of 571,438. The firm has a 50 day simple moving average of $38.04 and a 200 day simple moving average of $38.77. Open Text Co. has a 52 week low of $32.04 and a 52 week high of $45.47. The firm has a market capitalization of $9.76 billion, a price-to-earnings ratio of 76.36 and a beta of 1.09. The company has a debt-to-equity ratio of 2.10, a quick ratio of 1.38 and a current ratio of 1.38.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, February 1st. The software maker reported $1.11 EPS for the quarter, beating the consensus estimate of $1.10 by $0.01. Open Text had a net margin of 2.24% and a return on equity of 22.99%. The company had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Equities research analysts expect that Open Text Co. will post 4.14 earnings per share for the current year.

Open Text Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Friday, March 1st were given a $0.25 dividend. The ex-dividend date was Thursday, February 29th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.79%. Open Text’s dividend payout ratio (DPR) is presently 212.77%.

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.