Alliancebernstein L.P. raised its position in Otter Tail Corporation (NASDAQ:OTTR) by 31.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 90,313 shares of the utilities provider’s stock after acquiring an additional 21,830 shares during the quarter. Alliancebernstein L.P. owned approximately 0.23% of Otter Tail Corporation worth $3,576,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Old Mutual Global Investors UK Ltd. purchased a new position in shares of Otter Tail Corporation in the 2nd quarter valued at about $107,000. North Star Investment Management Corp. lifted its stake in Otter Tail Corporation by 91.9% during the second quarter. North Star Investment Management Corp. now owns 2,905 shares of the utilities provider’s stock worth $115,000 after purchasing an additional 1,391 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new stake in Otter Tail Corporation during the first quarter worth approximately $119,000. Sei Investments Co. lifted its stake in Otter Tail Corporation by 8.3% during the first quarter. Sei Investments Co. now owns 3,574 shares of the utilities provider’s stock worth $136,000 after purchasing an additional 274 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in Otter Tail Corporation during the first quarter worth approximately $213,000. 40.60% of the stock is owned by institutional investors.
Shares of Otter Tail Corporation (NASDAQ OTTR) opened at 45.10 on Tuesday. The stock has a market capitalization of $1.78 billion, a P/E ratio of 25.96 and a beta of 0.78. The firm’s 50-day moving average price is $43.32 and its 200-day moving average price is $40.63. Otter Tail Corporation has a 52-week low of $33.45 and a 52-week high of $45.80.
Otter Tail Corporation (NASDAQ:OTTR) last announced its earnings results on Monday, August 7th. The utilities provider reported $0.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.01. Otter Tail Corporation had a net margin of 8.35% and a return on equity of 10.14%. The company had revenue of $212.10 million for the quarter, compared to analysts’ expectations of $211.30 million. During the same period last year, the firm earned $0.41 earnings per share. The business’s revenue for the quarter was up 4.2% on a year-over-year basis. Equities analysts forecast that Otter Tail Corporation will post $1.75 earnings per share for the current fiscal year.
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In other news, CFO Kevin G. Moug sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $41.75, for a total transaction of $62,625.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.40% of the stock is currently owned by company insiders.
Several equities research analysts recently weighed in on OTTR shares. BidaskClub cut Otter Tail Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, June 22nd. Zacks Investment Research raised Otter Tail Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, July 5th.
Otter Tail Corporation Profile
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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