Stifel Financial Corp increased its stake in shares of Otter Tail Co. (NASDAQ:OTTR) by 6.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 235,649 shares of the utilities provider’s stock after purchasing an additional 14,903 shares during the quarter. Stifel Financial Corp owned approximately 0.60% of Otter Tail worth $10,231,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in OTTR. Russell Investments Group Ltd. increased its position in Otter Tail by 15.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 30,373 shares of the utilities provider’s stock valued at $1,203,000 after acquiring an additional 4,085 shares during the period. Sei Investments Co. increased its position in Otter Tail by 100.6% in the 2nd quarter. Sei Investments Co. now owns 7,170 shares of the utilities provider’s stock valued at $284,000 after acquiring an additional 3,596 shares during the period. Schwab Charles Investment Management Inc. increased its position in Otter Tail by 6.9% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 257,462 shares of the utilities provider’s stock valued at $10,196,000 after acquiring an additional 16,561 shares during the period. First Trust Advisors LP increased its position in Otter Tail by 5.4% in the 2nd quarter. First Trust Advisors LP now owns 531,701 shares of the utilities provider’s stock valued at $21,055,000 after acquiring an additional 27,186 shares during the period. Finally, Rhumbline Advisers increased its position in Otter Tail by 1.3% in the 2nd quarter. Rhumbline Advisers now owns 48,650 shares of the utilities provider’s stock valued at $1,927,000 after acquiring an additional 605 shares during the period. Institutional investors and hedge funds own 41.10% of the company’s stock.
Otter Tail Co. (NASDAQ:OTTR) opened at $46.40 on Tuesday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.93 and a quick ratio of 0.61. Otter Tail Co. has a 12-month low of $35.65 and a 12-month high of $48.65. The stock has a market cap of $1,849.31, a P/E ratio of 25.97 and a beta of 0.82.
Otter Tail (NASDAQ:OTTR) last announced its quarterly earnings results on Wednesday, November 1st. The utilities provider reported $0.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.06. Otter Tail had a net margin of 8.53% and a return on equity of 10.47%. The firm had revenue of $216.50 million during the quarter, compared to analysts’ expectations of $201.70 million. During the same period in the prior year, the company posted $0.37 EPS. The company’s revenue was up 9.8% on a year-over-year basis. equities research analysts predict that Otter Tail Co. will post 1.78 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Saturday, December 9th. Stockholders of record on Wednesday, November 15th were paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date was Tuesday, November 14th. Otter Tail’s dividend payout ratio is currently 71.11%.
In other news, VP George A. Koeck sold 3,000 shares of the company’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $46.50, for a total value of $139,500.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director John D. Erickson sold 2,400 shares of the company’s stock in a transaction on Monday, November 20th. The shares were sold at an average price of $45.55, for a total transaction of $109,320.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,900 shares of company stock worth $318,570. Insiders own 1.40% of the company’s stock.
Several equities analysts have issued reports on the stock. Zacks Investment Research upgraded shares of Otter Tail from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a research report on Tuesday, November 7th. KeyCorp restated a “hold” rating on shares of Otter Tail in a research report on Friday, October 20th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Otter Tail presently has an average rating of “Hold” and an average target price of $44.67.
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About Otter Tail
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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