Westerkirk Capital Inc. Takes $456,000 Position in Open Text Corporation $OTEX

Westerkirk Capital Inc. acquired a new position in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 15,600 shares of the software maker’s stock, valued at approximately $456,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. MAI Capital Management raised its holdings in shares of Open Text by 58.7% in the second quarter. MAI Capital Management now owns 1,595 shares of the software maker’s stock valued at $47,000 after purchasing an additional 590 shares during the last quarter. Cromwell Holdings LLC increased its stake in Open Text by 27.4% in the 2nd quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock valued at $48,000 after buying an additional 352 shares during the last quarter. Headlands Technologies LLC lifted its position in Open Text by 360.6% during the 1st quarter. Headlands Technologies LLC now owns 2,888 shares of the software maker’s stock worth $73,000 after buying an additional 2,261 shares in the last quarter. Virtus Advisers LLC acquired a new position in shares of Open Text during the 2nd quarter worth about $114,000. Finally, United Services Automobile Association bought a new position in shares of Open Text in the 1st quarter valued at about $213,000. Institutional investors and hedge funds own 70.37% of the company’s stock.

Open Text Price Performance

NASDAQ:OTEX opened at $33.59 on Wednesday. Open Text Corporation has a 52 week low of $22.79 and a 52 week high of $39.90. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.80 and a current ratio of 0.80. The firm’s 50-day simple moving average is $36.70 and its 200 day simple moving average is $32.68. The firm has a market cap of $8.47 billion, a price-to-earnings ratio of 20.36 and a beta of 1.08.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Wednesday, November 5th. The software maker reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. Open Text had a return on equity of 22.52% and a net margin of 8.43%.The firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter last year, the company earned $0.93 EPS. The company’s revenue was up 1.5% on a year-over-year basis. As a group, sell-side analysts predict that Open Text Corporation will post 3.45 earnings per share for the current year.

Open Text Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be issued a dividend of $0.275 per share. The ex-dividend date is Friday, December 5th. This represents a $1.10 annualized dividend and a dividend yield of 3.3%. Open Text’s dividend payout ratio is 57.59%.

Analysts Set New Price Targets

Several research firms have weighed in on OTEX. Wall Street Zen raised Open Text from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. UBS Group raised their target price on shares of Open Text from $32.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, November 7th. Citigroup upped their price target on shares of Open Text from $31.00 to $38.00 and gave the stock a “neutral” rating in a research report on Thursday, October 30th. Weiss Ratings reissued a “hold (c+)” rating on shares of Open Text in a research report on Monday. Finally, National Bank Financial upgraded shares of Open Text from a “sector perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research note on Monday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $39.42.

Open Text Company Profile

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.