Easterly Investment Partners LLC Reduces Stock Holdings in Open Text Co. (NASDAQ:OTEX)

Easterly Investment Partners LLC lessened its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 6.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 476,588 shares of the software maker’s stock after selling 33,212 shares during the quarter. Open Text comprises about 1.1% of Easterly Investment Partners LLC’s holdings, making the stock its 23rd largest holding. Easterly Investment Partners LLC owned approximately 0.18% of Open Text worth $13,497,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. 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. Citigroup Inc. grew its holdings in Open Text by 49.1% during the 3rd quarter. Citigroup Inc. now owns 147,185 shares of the software maker’s stock worth $4,905,000 after acquiring an additional 48,496 shares in the last quarter. Cerity Partners LLC increased its position in shares of Open Text by 12.6% in the 3rd quarter. Cerity Partners LLC now owns 34,307 shares of the software maker’s stock worth $1,142,000 after purchasing an additional 3,844 shares during the last quarter. DRW Securities LLC acquired a new stake in shares of Open Text in the 3rd quarter valued at about $313,000. Finally, The Manufacturers Life Insurance Company increased its holdings in Open Text by 1.1% in the third quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker’s stock valued at $187,952,000 after buying an additional 63,620 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Open Text Stock Performance

OTEX opened at $26.82 on Thursday. Open Text Co. has a 1-year low of $24.86 and a 1-year high of $39.87. The company has a market capitalization of $7.08 billion, a price-to-earnings ratio of 10.90 and a beta of 1.17. The business has a 50 day moving average price of $27.47 and a two-hundred day moving average price of $29.59. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.87 and a quick ratio of 0.87.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, topping the consensus estimate of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. Research analysts predict that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were given a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date of this dividend was Friday, March 7th. This is an increase from Open Text’s previous quarterly dividend of $0.26. Open Text’s dividend payout ratio is 42.68%.

Analysts Set New Price Targets

OTEX has been the topic of a number of recent research reports. TD Securities cut their target price on shares of Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Sunday, February 9th. Citigroup boosted their price objective on Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. UBS Group started coverage on Open Text in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 target price on the stock. Barclays boosted their price target on shares of Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a report on Friday, February 7th. Finally, Royal Bank of Canada dropped their price objective on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating on the stock in a report on Friday, February 7th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price 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.