Zacks Investment Research upgraded shares of Otter Tail Corporation (NASDAQ:OTTR) from a hold rating to a buy rating in a report published on Tuesday, November 7th. They currently have $52.00 price objective on the utilities provider’s stock.
According to Zacks, “OTTER TAIL’s primary business is the production, transmission, distribution and sale of electric energy. The Company, through its subsidiaries, is also engaged in other businesses which are referred to as Health Services Operations and Diversified Operations. “
OTTR has been the subject of several other research reports. BidaskClub upgraded shares of Otter Tail from a sell rating to a hold rating in a research note on Monday, July 31st. KeyCorp reiterated a hold rating on shares of Otter Tail in a research note on Friday, October 20th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Otter Tail currently has a consensus rating of Hold and a consensus target price of $44.67.
Otter Tail (NASDAQ:OTTR) last posted its quarterly earnings data on Wednesday, November 1st. The utilities provider reported $0.45 EPS for the quarter, topping the consensus estimate of $0.39 by $0.06. The firm had revenue of $216.50 million during the quarter, compared to analyst estimates of $201.70 million. Otter Tail had a net margin of 8.53% and a return on equity of 10.47%. Otter Tail’s revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.37 EPS. sell-side analysts expect that Otter Tail will post 1.78 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Saturday, December 9th. Shareholders of record on Wednesday, November 15th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.74%. The ex-dividend date is Tuesday, November 14th. Otter Tail’s dividend payout ratio is presently 71.11%.
In other Otter Tail news, Director John D. Erickson sold 2,400 shares of the business’s stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $45.55, for a total transaction of $109,320.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Kevin G. Moug sold 1,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $46.50, for a total transaction of $69,750.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,900 shares of company stock worth $318,570. 1.40% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in OTTR. BlackRock Inc. boosted its holdings in shares of Otter Tail by 20,638.1% in the 1st quarter. BlackRock Inc. now owns 2,477,375 shares of the utilities provider’s stock valued at $93,893,000 after acquiring an additional 2,465,429 shares during the last quarter. Stifel Financial Corp purchased a new stake in shares of Otter Tail in the 2nd quarter valued at $8,762,000. Vanguard Group Inc. boosted its holdings in shares of Otter Tail by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 3,433,149 shares of the utilities provider’s stock valued at $130,116,000 after acquiring an additional 151,826 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Otter Tail by 29.7% in the 2nd quarter. Renaissance Technologies LLC now owns 555,510 shares of the utilities provider’s stock valued at $21,998,000 after acquiring an additional 127,110 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Otter Tail by 8.3% in the 2nd quarter. Northern Trust Corp now owns 956,660 shares of the utilities provider’s stock valued at $37,885,000 after acquiring an additional 72,974 shares during the last quarter. 40.60% of the stock is currently owned by institutional investors.
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About Otter Tail
Otter Tail Corporation is a holding company. The Company operates through three segments: Electric, Manufacturing and Plastics. The Electric segment includes the production, transmission, distribution and sale of electric energy in Minnesota, North Dakota and South Dakota by Otter Tail Power Company (OTP).
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