Otter Tail Corporation (OTTR) Rating Increased to Buy at Zacks Investment Research
Otter Tail Corporation (NASDAQ:OTTR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The firm presently has a $47.00 target price on the utilities provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 9.30% from the stock’s previous close.
According to Zacks, “OTTER TAIL’s primary business is the production, transmission, distribution and sale of electric energy. The Company, through its subsidiaries, is also engaged in other businesses which are referred to as Health Services Operations and Diversified Operations. “
Separately, BidaskClub upgraded shares of Otter Tail Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 31st.
Otter Tail Corporation (NASDAQ:OTTR) traded up 0.94% during mid-day trading on Friday, hitting $43.00. 213,674 shares of the company were exchanged. Otter Tail Corporation has a 12-month low of $33.08 and a 12-month high of $43.30. The company has a market cap of $1.70 billion, a price-to-earnings ratio of 24.76 and a beta of 0.79. The stock’s 50 day moving average is $41.68 and its 200-day moving average is $39.58.
Otter Tail Corporation (NASDAQ:OTTR) last posted its quarterly earnings results on Monday, August 7th. The utilities provider reported $0.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.01. Otter Tail Corporation had a net margin of 8.35% and a return on equity of 10.14%. The firm had revenue of $212.10 million for the quarter, compared to the consensus estimate of $211.30 million. During the same quarter in the previous year, the company earned $0.41 earnings per share. The business’s revenue was up 4.2% compared to the same quarter last year. Equities research analysts predict that Otter Tail Corporation will post $1.75 EPS for the current year.
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In other news, CFO Kevin G. Moug sold 1,500 shares of the business’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $41.75, for a total value of $62,625.00. The sale was disclosed in a filing with the SEC, which is available at this link. 1.40% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of OTTR. Eqis Capital Management Inc. raised its holdings in shares of Otter Tail Corporation by 1.8% in the second quarter. Eqis Capital Management Inc. now owns 7,425 shares of the utilities provider’s stock valued at $294,000 after buying an additional 129 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Otter Tail Corporation by 1.3% in the second quarter. Legal & General Group Plc now owns 12,318 shares of the utilities provider’s stock valued at $490,000 after buying an additional 160 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Otter Tail Corporation by 1.8% in the first quarter. Nisa Investment Advisors LLC now owns 12,220 shares of the utilities provider’s stock valued at $463,000 after buying an additional 220 shares during the last quarter. Clinton Group Inc. raised its holdings in shares of Otter Tail Corporation by 2.5% in the first quarter. Clinton Group Inc. now owns 10,174 shares of the utilities provider’s stock valued at $386,000 after buying an additional 250 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Otter Tail Corporation by 3.2% in the second quarter. Principal Financial Group Inc. now owns 8,477 shares of the utilities provider’s stock valued at $336,000 after buying an additional 260 shares during the last quarter. Institutional investors own 40.60% of the company’s stock.
About Otter Tail Corporation
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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