Zacks Investment Research cut shares of Otter Tail (NASDAQ:OTTR) from a buy rating to a hold rating in a research note released on Thursday 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. “
A number of other research analysts have also recently issued reports on the stock. Sidoti cut shares of Otter Tail from a buy rating to a neutral rating and set a $46.00 price target for the company. in a report on Monday, January 8th. BidaskClub cut shares of Otter Tail from a buy rating to a hold rating in a report on Friday, December 22nd. Finally, Williams Capital reissued a hold rating and set a $42.00 target price (up previously from $41.00) on shares of Otter Tail in a report on Thursday, February 15th. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $44.33.
Otter Tail (NASDAQ:OTTR) last posted its quarterly earnings results on Monday, February 12th. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.06. The business had revenue of $206.70 million during the quarter, compared to analysts’ expectations of $207.30 million. Otter Tail had a net margin of 8.53% and a return on equity of 10.73%. The business’s quarterly revenue was up 5.1% on a year-over-year basis. During the same quarter last year, the company posted $0.44 earnings per share. sell-side analysts expect that Otter Tail will post 1.9 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Saturday, March 10th. Investors of record on Thursday, February 15th were issued a dividend of $0.335 per share. This represents a $1.34 annualized dividend and a dividend yield of 3.21%. The ex-dividend date was Wednesday, February 14th. This is a boost from Otter Tail’s previous quarterly dividend of $0.32. Otter Tail’s dividend payout ratio (DPR) is 73.63%.
In related news, CFO Kevin G. Moug sold 1,500 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $40.55, for a total transaction of $60,825.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.70% of the company’s stock.
Several institutional investors have recently modified their holdings of OTTR. Steward Partners Investment Advisory LLC acquired a new stake in Otter Tail during the third quarter valued at $107,000. Amalgamated Bank acquired a new stake in Otter Tail during the third quarter valued at $212,000. Ellington Management Group LLC acquired a new stake in Otter Tail during the fourth quarter valued at $244,000. Raymond James & Associates acquired a new stake in Otter Tail during the fourth quarter valued at $252,000. Finally, Old Mutual Global Investors UK Ltd. grew its position in Otter Tail by 129.2% during the third quarter. Old Mutual Global Investors UK Ltd. now owns 6,240 shares of the utilities provider’s stock valued at $270,000 after buying an additional 3,517 shares during the period. 42.14% of the stock is owned by hedge funds and other institutional investors.
Otter Tail 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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