Otter Tail (OTTR) Downgraded by BidaskClub to Buy

BidaskClub downgraded shares of Otter Tail (NASDAQ:OTTR) from a strong-buy rating to a buy rating in a research report released on Tuesday morning.

OTTR has been the subject of a number of other research reports. KeyCorp reiterated a hold rating on shares of Otter Tail in a research report on Friday, October 20th. Zacks Investment Research downgraded shares of Otter Tail from a buy rating to a hold rating in a research report on Tuesday, September 12th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $44.67.

Shares of Otter Tail (NASDAQ OTTR) traded down $0.95 during trading on Tuesday, hitting $45.45. 80,500 shares of the company’s stock were exchanged, compared to its average volume of 93,185. The firm has a market capitalization of $1,835.47, a P/E ratio of 25.78 and a beta of 0.82. Otter Tail has a 1-year low of $35.65 and a 1-year high of $48.65. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.61 and a current ratio of 0.93.

Otter Tail (NASDAQ:OTTR) last issued its quarterly earnings data on Wednesday, November 1st. The utilities provider reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.06. The business had revenue of $216.50 million during the quarter, compared to the consensus estimate of $201.70 million. Otter Tail had a net margin of 8.53% and a return on equity of 10.47%. The company’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.37 earnings per share. sell-side analysts expect that Otter Tail will post 1.8 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Saturday, December 9th. Stockholders of record on Wednesday, November 15th were paid a dividend of $0.32 per share. The ex-dividend date of this dividend was Tuesday, November 14th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.82%. Otter Tail’s dividend payout ratio is currently 71.11%.

In other news, CFO Kevin G. Moug sold 1,500 shares of the business’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $46.50, for a total transaction of $69,750.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John D. Erickson sold 2,400 shares of the business’s stock in a transaction dated Monday, November 20th. The stock was 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. Insiders have sold 6,900 shares of company stock valued at $318,570 in the last three months. Corporate insiders own 1.40% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Murphy Capital Management Inc. purchased a new stake in shares of Otter Tail during the third quarter worth about $216,000. Russell Investments Group Ltd. increased its stake in shares of Otter Tail by 15.5% during the second quarter. Russell Investments Group Ltd. now owns 30,373 shares of the utilities provider’s stock worth $1,203,000 after purchasing an additional 4,085 shares in the last quarter. Northern Trust Corp increased its stake in shares of Otter Tail by 8.3% during the second quarter. Northern Trust Corp now owns 956,660 shares of the utilities provider’s stock worth $37,885,000 after purchasing an additional 72,974 shares in the last quarter. BlackRock Inc. increased its stake in shares of Otter Tail by 0.9% during the second quarter. BlackRock Inc. now owns 2,498,815 shares of the utilities provider’s stock worth $98,953,000 after purchasing an additional 21,440 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Otter Tail by 29.7% during the second quarter. Renaissance Technologies LLC now owns 555,510 shares of the utilities provider’s stock worth $21,998,000 after purchasing an additional 127,110 shares in the last quarter. 41.10% of the stock is owned by institutional investors and hedge funds.

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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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