Zacks Investment Research upgraded shares of Otter Tail (NASDAQ:OTTR) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning. Zacks Investment Research currently has $46.00 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. “
Several other analysts have also issued reports on OTTR. KeyCorp restated a hold rating on shares of Otter Tail in a research report on Friday, October 20th. BidaskClub lowered shares of Otter Tail from a strong-buy rating to a buy rating in a research report on Tuesday, December 12th. Finally, Sidoti lowered shares of 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 analyst has rated the stock with a sell rating and four have given a hold rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $44.67.
Otter Tail (NASDAQ:OTTR) last announced its 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 the consensus estimate of $207.30 million. Otter Tail had a net margin of 8.53% and a return on equity of 10.77%. The business’s quarterly revenue was up 5.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.44 EPS. equities research analysts forecast that Otter Tail will post 1.9 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Saturday, March 10th. Shareholders of record on Thursday, February 15th will be given a $0.335 dividend. This represents a $1.34 annualized dividend and a yield of 3.30%. This is a positive change from Otter Tail’s previous quarterly dividend of $0.32. The ex-dividend date is Wednesday, February 14th. Otter Tail’s dividend payout ratio (DPR) is currently 70.33%.
In other Otter Tail news, Director John D. Erickson sold 2,400 shares of the firm’s stock in a transaction on Monday, November 20th. The shares were sold at an average price of $45.55, for a total value of $109,320.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 1.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Otter Tail by 2.2% in the 2nd quarter. Vanguard Group Inc. now owns 3,507,682 shares of the utilities provider’s stock worth $138,904,000 after purchasing an additional 74,533 shares during the last quarter. BlackRock Inc. boosted its position in shares of Otter Tail by 1.8% during the 4th quarter. BlackRock Inc. now owns 2,568,331 shares of the utilities provider’s stock valued at $114,162,000 after acquiring an additional 45,588 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Otter Tail by 3.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,158,720 shares of the utilities provider’s stock valued at $50,232,000 after acquiring an additional 33,584 shares in the last quarter. State Street Corp boosted its position in shares of Otter Tail by 5.1% during the 2nd quarter. State Street Corp now owns 809,030 shares of the utilities provider’s stock valued at $32,041,000 after acquiring an additional 38,942 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of Otter Tail by 9.5% during the 4th quarter. Renaissance Technologies LLC now owns 692,800 shares of the utilities provider’s stock valued at $30,795,000 after acquiring an additional 60,390 shares in the last quarter. Institutional investors own 41.13% of the company’s stock.
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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