Trading Report: Today, Quantbot Technologies LP Raises it position for Open Text Corp. (OTEX)

Today, Quantbot Technologies LP Raises it position for Open Text Corp. (OTEX)

Quantbot Technologies LP increased its stake in shares of Open Text Corp. (NASDAQ:OTEX) (TSE:OTC) by 121.1% during the third quarter, Holdings Channel reports. The firm owned 2,047 shares of the company’s stock after buying an additional 1,121 shares during the period. Quantbot Technologies LP’s holdings in Open Text Corp. were worth $132,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Royal Bank of Canada boosted its stake in shares of Open Text Corp. by 27.1% in the second quarter. Royal Bank of Canada now owns 3,050,665 shares of the company’s stock valued at $180,478,000 after buying an additional 650,955 shares during the period. Guardian Capital LP boosted its stake in shares of Open Text Corp. by 10.0% in the second quarter. Guardian Capital LP now owns 2,616,672 shares of the company’s stock valued at $153,653,000 after buying an additional 237,037 shares during the period. TD Asset Management Inc. boosted its stake in shares of Open Text Corp. by 19.4% in the second quarter. TD Asset Management Inc. now owns 2,325,625 shares of the company’s stock valued at $136,794,000 after buying an additional 378,148 shares during the period. Vanguard Group Inc. boosted its stake in shares of Open Text Corp. by 11.6% in the second quarter. Vanguard Group Inc. now owns 2,291,882 shares of the company’s stock valued at $135,589,000 after buying an additional 237,597 shares during the period. Finally, CIBC Asset Management Inc boosted its stake in shares of Open Text Corp. by 22.2% in the third quarter. CIBC Asset Management Inc now owns 1,276,961 shares of the company’s stock valued at $82,729,000 after buying an additional 231,795 shares during the period. Hedge funds and other institutional investors own 70.15% of the company’s stock.

Shares of Open Text Corp. (NASDAQ:OTEX) traded down 0.94% during midday trading on Friday, hitting $62.33. 93,260 shares of the stock were exchanged. The stock has a market cap of $7.53 billion, a P/E ratio of 6.58 and a beta of 0.82. The stock’s 50-day moving average price is $62.45 and its 200 day moving average price is $61.46. Open Text Corp. has a one year low of $41.93 and a one year high of $66.84.

Open Text Corp. (NASDAQ:OTEX) last released its quarterly earnings results on Thursday, November 3rd. The company reported $0.86 EPS for the quarter, missing the consensus estimate of $0.87 by $0.01. The firm had revenue of $491.70 million for the quarter, compared to the consensus estimate of $495.82 million. Open Text Corp. had a return on equity of 19.43% and a net margin of 61.45%. The firm’s revenue was up 13.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.84 EPS. On average, analysts anticipate that Open Text Corp. will post $4.02 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 22nd. Investors of record on Friday, December 2nd will be given a $0.23 dividend. The ex-dividend date of this dividend is Wednesday, November 30th. This represents a $0.92 dividend on an annualized basis and a yield of 1.48%. Open Text Corp.’s dividend payout ratio is presently 9.73%.

Several analysts recently commented on OTEX shares. National Bank Financial reiterated an “outperform overweight” rating on shares of Open Text Corp. in a research note on Monday, September 26th. Zacks Investment Research cut shares of Open Text Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, November 8th. BMO Capital Markets restated a “buy” rating and set a $73.00 target price on shares of Open Text Corp. in a research report on Friday, November 4th. Scotiabank restated an “outperform” rating and set a $72.00 target price (down previously from $73.00) on shares of Open Text Corp. in a research report on Sunday, November 6th. Finally, Mitsubishi UFJ Financial Group assumed coverage on shares of Open Text Corp. in a research report on Friday, October 21st. They set an “overweight” rating and a $74.00 target price for the company. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Open Text Corp. currently has a consensus rating of “Buy” and a consensus price target of $69.00.

Open Text Corp. Company Profile

Open Text Corp is a Canada-based independent company. The Company provides various software products and services that assist organizations in finding, utilizing, and sharing business information from any device. Its enterprise information management (EIM) offerings include Enterprise Content Management (ECM), Business Process Management (BPM), Customer Experience Management (CEM), Information Exchange (iX), Discovery and Analytics.

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