Mackenzie Financial Corp acquired a new stake in Otter Tail Co. (NASDAQ:OTTR) during the 4th quarter, Holdings Channel reports. The institutional investor acquired 9,223 shares of the utilities provider’s stock, valued at approximately $410,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC acquired a new position in shares of Otter Tail in the 3rd quarter valued at about $107,000. Amalgamated Bank acquired a new position in shares of Otter Tail in the 3rd quarter valued at about $212,000. Ameriprise Financial Inc. lifted its stake in shares of Otter Tail by 8.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 6,989 shares of the utilities provider’s stock valued at $277,000 after purchasing an additional 565 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its stake in shares of Otter Tail by 65.3% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 7,253 shares of the utilities provider’s stock valued at $314,000 after purchasing an additional 2,866 shares in the last quarter. Finally, Old Mutual Global Investors UK Ltd. lifted its stake in shares of Otter Tail by 28.4% in the 4th quarter. Old Mutual Global Investors UK Ltd. now owns 8,011 shares of the utilities provider’s stock valued at $356,000 after purchasing an additional 1,771 shares in the last quarter. 42.14% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently commented on OTTR. BidaskClub lowered Otter Tail from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, December 12th. Zacks Investment Research lowered Otter Tail from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Finally, Sidoti lowered Otter Tail from a “buy” rating to a “neutral” rating and set a $46.00 price target on the stock. in a research report on Monday, January 8th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the company. Otter Tail has an average rating of “Hold” and a consensus price target of $44.33.
Otter Tail (NASDAQ:OTTR) last released its quarterly earnings results on Monday, February 12th. The utilities provider reported $0.50 EPS for the quarter, topping the consensus estimate of $0.44 by $0.06. The firm had revenue of $206.70 million for the quarter, compared to analyst estimates of $207.30 million. Otter Tail had a return on equity of 10.73% and a net margin of 8.53%. Otter Tail’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.44 EPS. analysts predict that Otter Tail Co. will post 1.9 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Saturday, March 10th. Investors of record on Thursday, February 15th were given a dividend of $0.335 per share. The ex-dividend date of this dividend was Wednesday, February 14th. This is a positive change from Otter Tail’s previous quarterly dividend of $0.32. This represents a $1.34 annualized dividend and a yield of 3.17%. Otter Tail’s payout ratio is 73.63%.
In related news, CFO Kevin G. Moug sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $40.55, for a total transaction of $60,825.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.70% of the company’s stock.
Otter Tail 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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