Lorne Steinberg Wealth Management Inc. Buys 19,000 Shares of Open Text Corporation $OTEX

Lorne Steinberg Wealth Management Inc. increased its stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 12.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 168,298 shares of the software maker’s stock after purchasing an additional 19,000 shares during the period. Lorne Steinberg Wealth Management Inc.’s holdings in Open Text were worth $4,921,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Plato Investment Management Ltd grew its position in Open Text by 926.0% in the first quarter. Plato Investment Management Ltd now owns 49,999 shares of the software maker’s stock valued at $1,276,000 after acquiring an additional 45,126 shares during the last quarter. Korea Investment CORP grew its position in Open Text by 107.7% in the first quarter. Korea Investment CORP now owns 188,444 shares of the software maker’s stock valued at $4,755,000 after acquiring an additional 97,700 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Open Text by 12.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 187,565 shares of the software maker’s stock valued at $4,735,000 after acquiring an additional 21,089 shares during the last quarter. Value Partners Investments Inc. grew its position in Open Text by 9.8% in the second quarter. Value Partners Investments Inc. now owns 2,561,601 shares of the software maker’s stock valued at $74,709,000 after acquiring an additional 228,062 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. bought a new position in Open Text in the first quarter valued at about $323,000. Institutional investors own 70.37% of the company’s stock.

Open Text Price Performance

Open Text stock opened at $39.03 on Monday. The stock’s 50 day moving average is $35.31 and its 200 day moving average is $30.45. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market cap of $9.87 billion, a P/E ratio of 23.65 and a beta of 1.17. Open Text Corporation has a one year low of $22.79 and a one year high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, August 7th. The software maker reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.11. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. Open Text had a return on equity of 22.52% and a net margin of 8.43%.The firm’s quarterly revenue was down 3.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.98 earnings per share. As a group, research analysts expect that Open Text Corporation will post 3.45 EPS for the current year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were paid a $0.275 dividend. This is an increase from Open Text’s previous quarterly dividend of $0.26. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Friday, September 5th. Open Text’s payout ratio is presently 66.67%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Scotiabank upgraded Open Text from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $35.00 to $50.00 in a research report on Wednesday, September 24th. Wall Street Zen raised Open Text from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Jefferies Financial Group lowered Open Text from a “buy” rating to a “hold” rating and set a $33.00 price target on the stock. in a research note on Tuesday, August 12th. National Bank Financial raised Open Text from a “sector perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research note on Monday, September 15th. Finally, National Bankshares raised Open Text from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $34.00 to $45.00 in a research note on Monday, September 15th. Four equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Open Text currently has an average rating of “Hold” and an average target price of $37.25.

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.