Wells Fargo & Company MN lowered its stake in shares of Otter Tail Co. (NASDAQ:OTTR) by 11.0% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 320,685 shares of the utilities provider’s stock after selling 39,474 shares during the period. Wells Fargo & Company MN’s holdings in Otter Tail were worth $15,360,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of OTTR. BlackRock Inc. lifted its holdings in Otter Tail by 5.3% during the second quarter. BlackRock Inc. now owns 2,680,981 shares of the utilities provider’s stock worth $127,615,000 after buying an additional 135,824 shares during the period. Assenagon Asset Management S.A. purchased a new stake in shares of Otter Tail during the 3rd quarter valued at $2,711,000. First Trust Advisors LP lifted its holdings in shares of Otter Tail by 10.4% during the 3rd quarter. First Trust Advisors LP now owns 516,029 shares of the utilities provider’s stock valued at $24,718,000 after purchasing an additional 48,716 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Otter Tail by 3.1% during the 2nd quarter. Renaissance Technologies LLC now owns 873,500 shares of the utilities provider’s stock valued at $41,579,000 after purchasing an additional 25,990 shares during the last quarter. Finally, Citadel Advisors LLC lifted its holdings in shares of Otter Tail by 350.8% during the 2nd quarter. Citadel Advisors LLC now owns 31,912 shares of the utilities provider’s stock valued at $1,519,000 after purchasing an additional 24,833 shares during the last quarter. Institutional investors own 43.01% of the company’s stock.

OTTR has been the subject of several analyst reports. BidaskClub upgraded Otter Tail from a “hold” rating to a “buy” rating in a report on Tuesday, October 23rd. Zacks Investment Research upgraded Otter Tail from a “hold” rating to a “buy” rating and set a $53.00 price objective for the company in a report on Tuesday, November 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $47.00.

Shares of OTTR opened at $47.88 on Thursday. Otter Tail Co. has a 12 month low of $39.00 and a 12 month high of $49.75. The company has a quick ratio of 0.90, a current ratio of 1.48 and a debt-to-equity ratio of 0.81. The firm has a market cap of $1.90 billion, a PE ratio of 25.74 and a beta of 0.57.

Otter Tail (NASDAQ:OTTR) last issued its quarterly earnings data on Monday, November 5th. The utilities provider reported $0.58 EPS for the quarter, beating the consensus estimate of $0.42 by $0.16. The firm had revenue of $227.70 million during the quarter. Otter Tail had a return on equity of 12.38% and a net margin of 9.59%. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.45 EPS. Analysts forecast that Otter Tail Co. will post 2.05 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Thursday, November 15th will be paid a $0.335 dividend. The ex-dividend date of this dividend is Wednesday, November 14th. This represents a $1.34 dividend on an annualized basis and a yield of 2.80%. Otter Tail’s dividend payout ratio (DPR) is 72.04%.

In related news, VP Paul L. Knutson sold 3,000 shares of the firm’s stock in a transaction on Monday, November 12th. The stock was sold at an average price of $47.79, for a total value of $143,370.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John D. Erickson sold 2,300 shares of the firm’s stock in a transaction on Tuesday, November 20th. The stock was sold at an average price of $47.35, for a total value of $108,905.00. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.

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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.

Read More: Hedge Funds – Risk or Reward?

Want to see what other hedge funds are holding OTTR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Otter Tail Co. (NASDAQ:OTTR).

Institutional Ownership by Quarter for Otter Tail (NASDAQ:OTTR)

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