Otter Tail Corporation (OTTR) Lowered to Hold at Zacks Investment Research
Zacks Investment Research cut shares of Otter Tail Corporation (NASDAQ:OTTR) from a buy rating to a hold rating in a report released on Tuesday morning.
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. “
Separately, BidaskClub raised Otter Tail Corporation from a sell rating to a hold rating in a research note on Monday, July 31st.
Otter Tail Corporation (OTTR) opened at 42.10 on Tuesday. Otter Tail Corporation has a 52 week low of $33.08 and a 52 week high of $43.30. The stock has a 50 day moving average price of $41.41 and a 200 day moving average price of $39.48. The company has a market cap of $1.67 billion, a price-to-earnings ratio of 24.24 and a beta of 0.79.
Otter Tail Corporation (NASDAQ:OTTR) last released its quarterly earnings results on Monday, August 7th. The utilities provider reported $0.42 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.01. Otter Tail Corporation had a return on equity of 10.14% and a net margin of 8.35%. The business had revenue of $212.10 million for the quarter, compared to the consensus estimate of $211.30 million. During the same quarter last year, the business posted $0.41 earnings per share. The company’s revenue for the quarter was up 4.2% on a year-over-year basis. On average, equities analysts forecast that Otter Tail Corporation will post $1.75 earnings per share for the current year.
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The business also recently announced a quarterly dividend, which was paid on Saturday, September 9th. Shareholders of record on Tuesday, August 15th were given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date was Friday, August 11th. Otter Tail Corporation’s dividend payout ratio (DPR) is presently 74.42%.
In other news, CFO Kevin G. Moug sold 1,500 shares of the business’s stock in a transaction 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.40% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Old Mutual Global Investors UK Ltd. bought a new position in Otter Tail Corporation in the 2nd quarter worth $107,000. North Star Investment Management Corp. lifted its stake in Otter Tail Corporation by 91.9% in the 2nd 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 in the last quarter. Ameritas Investment Partners Inc. purchased a new stake in Otter Tail Corporation in the 1st quarter worth $119,000. Sei Investments Co. lifted its stake in Otter Tail Corporation by 8.3% in the 1st quarter. Sei Investments Co. now owns 3,574 shares of the utilities provider’s stock worth $136,000 after purchasing an additional 274 shares in the last quarter. Finally, C M Bidwell & Associates Ltd. purchased a new stake in Otter Tail Corporation in the 2nd quarter worth $173,000. 40.60% of the stock is owned by hedge funds and other institutional investors.
About Otter Tail Corporation
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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