Otter Tail (NASDAQ:OTTR) Upgraded to “Hold” at Siebert Williams Shank

Siebert Williams Shank upgraded shares of Otter Tail (NASDAQ:OTTR) from a strong sell rating to a hold rating in a research note issued to investors on Wednesday,Zacks.com reports.

Separately, StockNews.com downgraded shares of Otter Tail from a “hold” rating to a “sell” rating in a report on Wednesday.

Otter Tail Stock Performance

NASDAQ:OTTR opened at $79.06 on Wednesday. Otter Tail has a 1 year low of $73.43 and a 1 year high of $100.84. The firm’s fifty day simple moving average is $78.62 and its 200 day simple moving average is $85.64. The company has a current ratio of 2.17, a quick ratio of 1.67 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $3.31 billion, a PE ratio of 10.92 and a beta of 0.52.

Otter Tail (NASDAQ:OTTR) last issued its quarterly earnings results on Monday, November 4th. The utilities provider reported $2.03 earnings per share for the quarter, beating analysts’ consensus estimates of $1.97 by $0.06. Otter Tail had a net margin of 22.70% and a return on equity of 19.84%. The firm had revenue of $338.03 million during the quarter, compared to the consensus estimate of $362.20 million. During the same period in the prior year, the firm earned $2.19 EPS. On average, sell-side analysts anticipate that Otter Tail will post 7.01 EPS for the current year.

Otter Tail Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.468 per share. This represents a $1.87 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date is Friday, November 15th. Otter Tail’s payout ratio is 25.83%.

Insider Transactions at Otter Tail

In other news, VP Jennifer O. Smestad sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $88.74, for a total transaction of $354,960.00. Following the completion of the transaction, the vice president now directly owns 12,300 shares of the company’s stock, valued at approximately $1,091,502. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Otter Tail

Hedge funds have recently made changes to their positions in the company. Atticus Wealth Management LLC acquired a new stake in shares of Otter Tail during the 2nd quarter worth about $33,000. Hoese & Co LLP acquired a new stake in shares of Otter Tail during the 3rd quarter worth about $39,000. Allworth Financial LP increased its position in Otter Tail by 132.8% in the 3rd quarter. Allworth Financial LP now owns 547 shares of the utilities provider’s stock valued at $43,000 after acquiring an additional 312 shares in the last quarter. GAMMA Investing LLC increased its position in Otter Tail by 46.3% in the 2nd quarter. GAMMA Investing LLC now owns 657 shares of the utilities provider’s stock valued at $58,000 after acquiring an additional 208 shares in the last quarter. Finally, Quarry LP increased its position in Otter Tail by 1,811.4% in the 2nd quarter. Quarry LP now owns 669 shares of the utilities provider’s stock valued at $59,000 after acquiring an additional 634 shares in the last quarter. Institutional investors and hedge funds own 61.32% of the company’s stock.

About Otter Tail

Otter Tail Corporation, together with its subsidiaries, engages in electric utility, manufacturing, and plastic pipe businesses in the United States. It operates through three segments: Electric, Manufacturing, and Plastics. The 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 markets.