Bank of New York Mellon Corp Raises Stock Holdings in Open Text Co. (NASDAQ:OTEX)

Bank of New York Mellon Corp boosted its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 2.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 352,405 shares of the software maker’s stock after buying an additional 7,728 shares during the period. Bank of New York Mellon Corp owned approximately 0.13% of Open Text worth $9,980,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of OTEX. Oppenheimer Asset Management Inc. acquired a new position in Open Text in the 3rd quarter valued at about $332,000. Natixis Advisors LLC acquired a new position in Open Text in the 3rd quarter valued at about $1,467,000. Ontario Teachers Pension Plan Board grew its position in Open Text by 105.8% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 39,885 shares of the software maker’s stock valued at $1,328,000 after acquiring an additional 20,503 shares in the last quarter. Scheer Rowlett & Associates Investment Management Ltd. grew its position in Open Text by 1.2% in the 3rd quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 196,899 shares of the software maker’s stock valued at $6,554,000 after acquiring an additional 2,240 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Open Text by 1.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 672,532 shares of the software maker’s stock worth $22,411,000 after buying an additional 11,965 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Open Text Price Performance

Shares of NASDAQ OTEX opened at $26.06 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50. Open Text Co. has a twelve month low of $24.86 and a twelve month high of $40.55. The stock has a 50 day moving average of $27.69 and a two-hundred day moving average of $29.91. The stock has a market cap of $6.88 billion, a P/E ratio of 10.59 and a beta of 1.17.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. On average, research analysts forecast that Open Text Co. will post 3.45 earnings per share for the current year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Stockholders 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 dividend yield of 4.03%. The ex-dividend date of this dividend is Friday, March 7th. This is a boost from Open Text’s previous quarterly dividend of $0.26. Open Text’s dividend payout ratio is 42.68%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on OTEX shares. StockNews.com downgraded Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. UBS Group assumed coverage on Open Text in a report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price target for the company. Citigroup upped their price target on Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Royal Bank of Canada lowered their price target on Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a report on Friday, February 7th. Finally, TD Securities lowered their price target on Open Text from $38.00 to $35.00 and set a “buy” rating for the company in a report on Sunday, February 9th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $35.18.

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.