Zacks Investment Research Upgrades Otter Tail Corporation (OTTR) to “Buy”
Zacks Investment Research upgraded shares of Otter Tail Corporation (NASDAQ:OTTR) from a hold rating to a buy rating in a research note published on Friday. They currently have $47.00 price target 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. “
Separately, BidaskClub cut Otter Tail Corporation from a buy rating to a hold rating in a report on Thursday, June 22nd.
Shares of Otter Tail Corporation (NASDAQ:OTTR) opened at 42.90 on Friday. The stock has a market capitalization of $1.70 billion, a P/E ratio of 24.70 and a beta of 0.79. Otter Tail Corporation has a 12-month low of $33.08 and a 12-month high of $43.30. The firm’s 50-day moving average price is $41.75 and its 200 day moving average price is $39.64.
Otter Tail Corporation (NASDAQ:OTTR) last posted its quarterly earnings data on Monday, August 7th. The utilities provider reported $0.42 earnings per share for the quarter, topping the 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 during the quarter, compared to analysts’ expectations of $211.30 million. During the same quarter in the previous year, the firm earned $0.41 EPS. The firm’s revenue was up 4.2% compared to the same quarter last year. Analysts predict that Otter Tail Corporation will post $1.75 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which was paid on Saturday, September 9th. Shareholders of record on Tuesday, August 15th were issued a $0.32 dividend. The ex-dividend date of this dividend was Friday, August 11th. This represents a $1.28 annualized dividend and a yield of 2.98%. Otter Tail Corporation’s dividend payout ratio (DPR) is 74.42%.
In other Otter Tail Corporation news, CFO Kevin G. Moug sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $41.75, for a total value of $62,625.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.40% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the business. Public Employees Retirement System of Ohio raised its holdings in Otter Tail Corporation by 444.3% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 15,212 shares of the utilities provider’s stock valued at $602,000 after acquiring an additional 12,417 shares in the last quarter. Ameritas Investment Partners Inc. raised its holdings in Otter Tail Corporation by 9.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,453 shares of the utilities provider’s stock valued at $137,000 after acquiring an additional 309 shares in the last quarter. Americafirst Capital Management LLC acquired a new position in Otter Tail Corporation in the 2nd quarter valued at approximately $1,320,000. Raymond James Financial Services Advisors Inc. raised its holdings in Otter Tail Corporation by 5.4% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 13,781 shares of the utilities provider’s stock valued at $546,000 after acquiring an additional 703 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in Otter Tail Corporation by 4.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,993 shares of the utilities provider’s stock valued at $1,228,000 after acquiring an additional 1,437 shares in the last quarter. 40.60% of the stock is owned by hedge funds and other institutional investors.
Otter Tail Corporation Company 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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