Zacks Investment Research Downgrades Otter Tail (OTTR) to Hold

Otter Tail (NASDAQ:OTTR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday.

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. “

OTTR has been the topic of a number of other research reports. BidaskClub cut shares of Otter Tail from a “hold” rating to a “sell” rating in a report on Friday, January 5th. KeyCorp restated a “hold” rating on shares of Otter Tail in a report on Friday, October 20th. Finally, Sidoti cut shares of Otter Tail from a “buy” rating to a “neutral” rating and set a $46.00 price objective on the stock. in a report on Monday, January 8th.

Shares of Otter Tail (NASDAQ:OTTR) opened at $40.60 on Thursday. The firm has a market cap of $1,647.57, a PE ratio of 22.31 and a beta of 0.71. 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 has a fifty-two week low of $35.65 and a fifty-two week high of $48.65.

Otter Tail (NASDAQ:OTTR) last announced its quarterly earnings data on Monday, February 12th. The utilities provider reported $0.50 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.06. The business had revenue of $206.70 million for the quarter, compared to analysts’ expectations of $207.30 million. Otter Tail had a net margin of 8.53% and a return on equity of 10.77%. The business’s revenue was up 5.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.44 earnings per share. equities analysts expect that Otter Tail will post 1.9 EPS for the current year.

In other news, Director John D. Erickson sold 2,400 shares of the company’s stock in a transaction that occurred 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 filing with the SEC, which is accessible through this link. Corporate insiders own 1.40% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Murphy Capital Management Inc. bought a new position in shares of Otter Tail in the third quarter worth approximately $216,000. Stifel Financial Corp lifted its stake in shares of Otter Tail by 6.8% in the third quarter. Stifel Financial Corp now owns 235,649 shares of the utilities provider’s stock worth $10,231,000 after buying an additional 14,903 shares in the last quarter. Wells Fargo & Company MN lifted its stake in shares of Otter Tail by 63.7% in the third quarter. Wells Fargo & Company MN now owns 73,686 shares of the utilities provider’s stock worth $3,194,000 after buying an additional 28,678 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Otter Tail by 0.9% in the second quarter. BlackRock Inc. now owns 2,498,815 shares of the utilities provider’s stock worth $98,953,000 after buying an additional 21,440 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of Otter Tail by 20.9% in the third quarter. Victory Capital Management Inc. now owns 23,982 shares of the utilities provider’s stock worth $1,040,000 after buying an additional 4,141 shares in the last quarter. Hedge funds and other institutional investors own 41.13% of the company’s stock.

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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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