Otter Tail Corporation (OTTR) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Otter Tail Corporation (NASDAQ:OTTR) from a hold rating to a buy rating in a report published on Tuesday morning. They currently have $52.00 target price 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. “
Other research analysts have also recently issued research reports about the company. KeyCorp restated a hold rating on shares of Otter Tail Corporation in a research note on Friday, October 20th. BidaskClub raised Otter Tail Corporation from a sell rating to a hold rating in a report on Monday, July 31st. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $44.67.
Otter Tail Corporation (NASDAQ OTTR) traded down $0.20 during mid-day trading on Tuesday, hitting $45.60. The stock had a trading volume of 51,205 shares, compared to its average volume of 92,476. Otter Tail Corporation has a 52-week low of $34.05 and a 52-week high of $47.45. The company has a quick ratio of 0.56, a current ratio of 0.93 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $1,800.00, a PE ratio of 25.50 and a beta of 0.81.
Otter Tail Corporation (NASDAQ:OTTR) last posted its quarterly earnings results on Wednesday, November 1st. The utilities provider reported $0.45 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.06. Otter Tail Corporation had a return on equity of 10.52% and a net margin of 8.53%. The firm had revenue of $216.50 million during the quarter, compared to analysts’ expectations of $201.70 million. During the same quarter in the previous year, the business earned $0.37 earnings per share. The company’s revenue was up 9.8% on a year-over-year basis. analysts expect that Otter Tail Corporation will post 1.78 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Saturday, December 9th. Investors of record on Wednesday, November 15th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend is Tuesday, November 14th. Otter Tail Corporation’s payout ratio is currently 71.11%.
In related news, CFO Kevin G. Moug sold 1,500 shares of Otter Tail Corporation stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $41.75, for a total value of $62,625.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.40% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Old Mutual Global Investors UK Ltd. bought a new stake in shares of Otter Tail Corporation in the second quarter worth $107,000. North Star Investment Management Corp. grew its holdings in shares of Otter Tail Corporation by 91.9% in the second quarter. North Star Investment Management Corp. now owns 2,905 shares of the utilities provider’s stock worth $115,000 after acquiring an additional 1,391 shares during the period. Ameritas Investment Partners Inc. grew its holdings in shares of Otter Tail Corporation by 9.8% in the second quarter. Ameritas Investment Partners Inc. now owns 3,453 shares of the utilities provider’s stock worth $137,000 after acquiring an additional 309 shares during the period. C M Bidwell & Associates Ltd. bought a new stake in Otter Tail Corporation during the second quarter valued at about $173,000. Finally, Amalgamated Bank bought a new stake in Otter Tail Corporation during the third quarter valued at about $212,000. 40.48% of the stock is owned by 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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