Convergence Investment Partners LLC purchased a new position in Otter Tail Co. (NASDAQ:OTTR) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 18,065 shares of the utilities provider’s stock, valued at approximately $803,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Steward Partners Investment Advisory LLC acquired a new position in shares of Otter Tail in the third quarter worth $107,000. Ameritas Investment Partners Inc. increased its stake in shares of Otter Tail 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 last quarter. C M Bidwell & Associates Ltd. acquired a new position in shares of Otter Tail in the second quarter worth $173,000. Amalgamated Bank acquired a new position in shares of Otter Tail in the third quarter worth $212,000. Finally, Murphy Capital Management Inc. acquired a new position in shares of Otter Tail in the third quarter worth $216,000. 41.02% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have recently weighed in on the stock. BidaskClub downgraded shares of Otter Tail from a “sell” rating to a “strong sell” rating in a research note on Thursday, January 11th. Sidoti downgraded 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 note on Monday, January 8th. Zacks Investment Research downgraded shares of Otter Tail from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Finally, KeyCorp reaffirmed a “hold” rating on shares of Otter Tail in a research note on Friday, October 20th. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $44.67.
In related news, 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 value of $109,320.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Kevin G. Moug sold 1,500 shares of the company’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $46.50, for a total transaction of $69,750.00. The disclosure for this sale can be found here. Insiders sold 6,900 shares of company stock valued at $318,570 over the last quarter. 1.40% of the stock is currently owned by corporate insiders.
Shares of Otter Tail Co. (NASDAQ:OTTR) opened at $42.05 on Friday. The stock has a market cap of $1,660.00, a price-to-earnings ratio of 23.36 and a beta of 0.82. Otter Tail Co. has a fifty-two week low of $35.65 and a fifty-two week high of $48.65. The company has a quick ratio of 0.61, a current ratio of 0.93 and a debt-to-equity ratio of 0.71.
Otter Tail (NASDAQ:OTTR) last issued its quarterly earnings data on Wednesday, November 1st. The utilities provider reported $0.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.06. The firm had revenue of $216.50 million during the quarter, compared to analysts’ expectations of $201.70 million. Otter Tail had a net margin of 8.53% and a return on equity of 10.47%. Otter Tail’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.37 earnings per share. analysts anticipate that Otter Tail Co. will post 1.8 EPS for the current fiscal year.
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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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