Bristol Gate Capital Partners Inc. Grows Position in Open Text Corporation $OTEX

Bristol Gate Capital Partners Inc. boosted its holdings in shares of Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 6.5% during the 2nd quarter, Holdings Channel reports. The fund owned 34,209 shares of the software maker’s stock after buying an additional 2,074 shares during the period. Open Text comprises about 0.1% of Bristol Gate Capital Partners Inc.’s portfolio, making the stock its 28th largest position. Bristol Gate Capital Partners Inc.’s holdings in Open Text were worth $998,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. MAI Capital Management lifted its position in shares of Open Text by 58.7% in the 2nd quarter. MAI Capital Management now owns 1,595 shares of the software maker’s stock worth $47,000 after purchasing an additional 590 shares during the period. Cromwell Holdings LLC lifted its holdings in Open Text by 27.4% during the second quarter. Cromwell Holdings LLC now owns 1,635 shares of the software maker’s stock worth $48,000 after buying an additional 352 shares during the period. Headlands Technologies LLC boosted 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 valued at $73,000 after acquiring an additional 2,261 shares in the last quarter. United Services Automobile Association bought a new stake in Open Text during the 1st quarter valued at $213,000. Finally, Callan Family Office LLC purchased a new position in shares of Open Text in the 2nd quarter valued at $250,000. Institutional investors own 70.37% of the company’s stock.

Open Text Stock Performance

Shares of Open Text stock opened at $33.64 on Friday. The company has a 50 day moving average price of $36.85 and a 200 day moving average price of $32.57. The firm has a market capitalization of $8.48 billion, a P/E ratio of 20.39 and a beta of 1.14. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.61. Open Text Corporation has a 52 week low of $22.79 and a 52 week high of $39.90.

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

Open Text Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Friday, December 5th. Open Text’s dividend payout ratio is presently 57.59%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on OTEX shares. National Bank Financial upgraded Open Text from a “sector perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research note on Monday, September 15th. CIBC increased their price target on shares of Open Text from $34.00 to $40.00 and gave the company a “neutral” rating in a research report on Wednesday, October 29th. Scotiabank raised shares of Open Text from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $35.00 to $50.00 in a research report on Wednesday, September 24th. Barclays boosted their price objective on shares of Open Text from $33.00 to $39.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 21st. Finally, Wall Street Zen upgraded shares of Open Text from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. One 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 data from MarketBeat.com, Open Text has a consensus rating of “Hold” and an average target price of $39.42.

Open Text 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.