BNP Paribas Arbitrage SA reduced its stake in Otter Tail Co. (NASDAQ:OTTR) by 34.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,299 shares of the utilities provider’s stock after selling 4,319 shares during the quarter. BNP Paribas Arbitrage SA’s holdings in Otter Tail were worth $360,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in OTTR. Schwab Charles Investment Management Inc. raised its position in shares of Otter Tail by 4.9% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 279,001 shares of the utilities provider’s stock valued at $12,402,000 after purchasing an additional 13,101 shares during the last quarter. Teacher Retirement System of Texas purchased a new position in shares of Otter Tail in the 4th quarter valued at approximately $543,000. Wells Fargo & Company MN raised its position in shares of Otter Tail by 26.2% in the 4th quarter. Wells Fargo & Company MN now owns 92,967 shares of the utilities provider’s stock valued at $4,133,000 after purchasing an additional 19,281 shares during the last quarter. BlackRock Inc. raised its position in shares of Otter Tail by 1.8% in the 4th quarter. BlackRock Inc. now owns 2,568,331 shares of the utilities provider’s stock valued at $114,162,000 after purchasing an additional 45,588 shares during the last quarter. Finally, UBS Asset Management Americas Inc. raised its position in shares of Otter Tail by 31.2% in the 4th quarter. UBS Asset Management Americas Inc. now owns 19,253 shares of the utilities provider’s stock valued at $856,000 after purchasing an additional 4,580 shares during the last quarter. 42.82% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have issued reports on OTTR. BidaskClub lowered shares of Otter Tail from a “hold” rating to a “sell” rating in a research report on Thursday, March 1st. Zacks Investment Research lowered shares of Otter Tail from a “buy” rating to a “hold” rating in a research report on Tuesday, March 27th. Williams Capital lowered shares of Otter Tail from a “hold” rating to a “sell” rating and set a $42.00 price target for the company. in a research report on Thursday, May 31st. Finally, ValuEngine raised shares of Otter Tail from a “hold” rating to a “buy” rating in a research report on Wednesday, June 20th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. Otter Tail currently has an average rating of “Hold” and an average target price of $45.67.
In other Otter Tail news, CFO Kevin G. Moug sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 15th. The shares were sold at an average price of $43.48, for a total transaction of $65,220.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.70% of the company’s stock.
Otter Tail opened at $47.80 on Friday, according to Marketbeat Ratings. Otter Tail Co. has a 12-month low of $38.75 and a 12-month high of $48.75. The company has a quick ratio of 0.92, a current ratio of 1.45 and a debt-to-equity ratio of 0.83. The company has a market cap of $1.92 billion, a price-to-earnings ratio of 25.70 and a beta of 0.68.
Otter Tail (NASDAQ:OTTR) last posted its quarterly earnings results on Monday, May 7th. The utilities provider reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.13. Otter Tail had a net margin of 9.02% and a return on equity of 11.57%. The company had revenue of $241.30 million during the quarter, compared to analyst estimates of $224.90 million. During the same period last year, the firm posted $0.49 EPS. Otter Tail’s revenue for the quarter was up 12.7% compared to the same quarter last year. analysts expect that Otter Tail Co. will post 2 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Saturday, June 9th. Shareholders of record on Tuesday, May 15th were given a dividend of $0.335 per share. This represents a $1.34 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date of this dividend was Monday, May 14th. Otter Tail’s dividend payout ratio is presently 72.04%.
Otter Tail 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.
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