Otter Tail Co. (OTTR) Shares Sold by Commonwealth Equity Services LLC
Commonwealth Equity Services LLC trimmed its stake in Otter Tail Co. (NASDAQ:OTTR) by 65.2% during the third quarter, HoldingsChannel.com reports. The fund owned 12,795 shares of the utilities provider’s stock after selling 23,978 shares during the period. Commonwealth Equity Services LLC’s holdings in Otter Tail were worth $612,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its stake in Otter Tail by 3.1% during the 2nd quarter. Renaissance Technologies LLC now owns 873,500 shares of the utilities provider’s stock worth $41,579,000 after buying an additional 25,990 shares during the period. Citadel Advisors LLC increased its stake in Otter Tail by 350.8% during the 2nd quarter. Citadel Advisors LLC now owns 31,912 shares of the utilities provider’s stock worth $1,519,000 after buying an additional 24,833 shares during the period. State Board of Administration of Florida Retirement System increased its stake in Otter Tail by 36.3% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 29,991 shares of the utilities provider’s stock worth $1,428,000 after buying an additional 7,985 shares during the period. Bruderman Asset Management LLC increased its stake in Otter Tail by 125.1% during the 2nd quarter. Bruderman Asset Management LLC now owns 2,550 shares of the utilities provider’s stock worth $121,000 after buying an additional 1,417 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Otter Tail by 3.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 415,200 shares of the utilities provider’s stock worth $19,763,000 after buying an additional 12,605 shares during the period. 43.01% of the stock is currently owned by institutional investors and hedge funds.
In other Otter Tail news, Director John D. Erickson sold 2,300 shares of the stock in a transaction that occurred on Tuesday, November 20th. The shares were sold at an average price of $47.35, for a total value of $108,905.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Paul L. Knutson sold 3,000 shares of the stock in a transaction that occurred on Monday, November 12th. The shares were sold at an average price of $47.79, for a total transaction of $143,370.00. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.
Otter Tail (NASDAQ:OTTR) last announced its earnings results on Monday, November 5th. The utilities provider reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.16. Otter Tail had a net margin of 9.59% and a return on equity of 12.38%. The firm had revenue of $227.70 million for the quarter. During the same period in the previous year, the company earned $0.45 earnings per share. Otter Tail’s quarterly revenue was up 5.2% on a year-over-year basis. On average, research analysts forecast that Otter Tail Co. will post 2.05 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Thursday, November 15th will be given a $0.335 dividend. This represents a $1.34 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date is Wednesday, November 14th. Otter Tail’s dividend payout ratio is presently 72.04%.
Several brokerages recently weighed in on OTTR. Zacks Investment Research raised shares of Otter Tail from a “hold” rating to a “buy” rating and set a $53.00 target price on the stock in a research note on Tuesday, November 27th. BidaskClub raised shares of Otter Tail from a “hold” rating to a “buy” rating in a research note on Tuesday, November 13th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. Otter Tail currently has a consensus rating of “Hold” and a consensus target price of $47.00.
Otter Tail Company Profile
Otter Tail Corporation, together with its subsidiaries, engages in electric, manufacturing, and plastics businesses in the United States. The company's Electric segment produces, transmits, distributes, and sells electric energy in Minnesota, North Dakota, and South Dakota; and operates as a participant in the Midcontinent Independent System Operator, Inc markets.
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