FMR LLC lowered its position in shares of Otter Tail Co. (NASDAQ:OTTR - Free Report) by 32.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 92,905 shares of the utilities provider's stock after selling 45,159 shares during the quarter. FMR LLC owned 0.22% of Otter Tail worth $7,261,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in OTTR. International Assets Investment Management LLC raised its stake in shares of Otter Tail by 3,339.9% during the 3rd quarter. International Assets Investment Management LLC now owns 76,434 shares of the utilities provider's stock worth $5,974,000 after purchasing an additional 74,212 shares in the last quarter. Edgestream Partners L.P. increased its holdings in Otter Tail by 2,055.2% during the second quarter. Edgestream Partners L.P. now owns 67,695 shares of the utilities provider's stock worth $5,929,000 after buying an additional 64,554 shares during the last quarter. Segall Bryant & Hamill LLC bought a new stake in Otter Tail during the third quarter worth $2,947,000. Victory Capital Management Inc. lifted its stake in Otter Tail by 100.1% in the third quarter. Victory Capital Management Inc. now owns 71,518 shares of the utilities provider's stock valued at $5,590,000 after acquiring an additional 35,783 shares during the last quarter. Finally, OneAscent Financial Services LLC bought a new position in shares of Otter Tail in the 3rd quarter valued at about $1,935,000. Institutional investors own 61.32% of the company's stock.
Analyst Upgrades and Downgrades
Several brokerages recently issued reports on OTTR. StockNews.com upgraded shares of Otter Tail from a "sell" rating to a "hold" rating in a research note on Thursday, November 14th. Siebert Williams Shank raised Otter Tail from a "strong sell" rating to a "hold" rating in a research report on Wednesday, November 6th.
Check Out Our Latest Research Report on Otter Tail
Otter Tail Stock Performance
OTTR stock traded down $0.72 during midday trading on Friday, reaching $75.88. 202,099 shares of the company were exchanged, compared to its average volume of 231,727. The firm has a market capitalization of $3.17 billion, a price-to-earnings ratio of 10.48 and a beta of 0.54. The business has a 50-day moving average price of $79.19 and a two-hundred day moving average price of $84.02. Otter Tail Co. has a one year low of $73.43 and a one year high of $100.84. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.17 and a quick ratio of 1.66.
Otter Tail (NASDAQ:OTTR - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The utilities provider reported $2.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.97 by $0.06. Otter Tail had a return on equity of 19.84% and a net margin of 22.70%. The business had revenue of $338.03 million during the quarter, compared to the consensus estimate of $362.20 million. During the same period in the previous year, the company posted $2.19 EPS. Equities research analysts forecast that Otter Tail Co. will post 7.13 EPS for the current year.
Otter Tail Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th were issued a $0.468 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.87 annualized dividend and a yield of 2.47%. Otter Tail's dividend payout ratio is presently 25.83%.
About Otter Tail
(
Free Report)
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.
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