Russell Investments Group Ltd. trimmed its stake in Otter Tail Co. (NASDAQ:OTTR) by 17.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,029 shares of the utilities provider’s stock after selling 6,186 shares during the period. Russell Investments Group Ltd. owned approximately 0.07% of Otter Tail worth $1,391,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of OTTR. Cubic Asset Management LLC bought a new position in Otter Tail in the third quarter worth $201,000. First Trust Advisors LP raised its holdings in Otter Tail by 10.4% in the third quarter. First Trust Advisors LP now owns 516,029 shares of the utilities provider’s stock worth $24,718,000 after purchasing an additional 48,716 shares in the last quarter. Bank of Montreal Can raised its holdings in Otter Tail by 38.3% in the third quarter. Bank of Montreal Can now owns 4,302 shares of the utilities provider’s stock worth $206,000 after purchasing an additional 1,192 shares in the last quarter. Northern Trust Corp raised its holdings in Otter Tail by 0.6% in the second quarter. Northern Trust Corp now owns 957,061 shares of the utilities provider’s stock worth $45,556,000 after purchasing an additional 6,048 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Otter Tail by 3.1% in the second quarter. Bank of New York Mellon Corp now owns 415,200 shares of the utilities provider’s stock worth $19,763,000 after purchasing an additional 12,605 shares in the last quarter. Institutional investors own 43.01% of the company’s stock.
Shares of NASDAQ:OTTR opened at $48.90 on Friday. Otter Tail Co. has a 1-year low of $39.00 and a 1-year high of $49.75. The company has a quick ratio of 0.90, a current ratio of 1.48 and a debt-to-equity ratio of 0.81. The firm has a market cap of $1.92 billion, a PE ratio of 21.92 and a beta of 0.57.
Otter Tail (NASDAQ:OTTR) last issued its quarterly earnings results on Monday, November 5th. The utilities provider reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.16. Otter Tail had a return on equity of 12.38% and a net margin of 9.59%. The firm had revenue of $227.70 million during the quarter. During the same quarter in the previous year, the business earned $0.45 earnings per share. Otter Tail’s revenue was up 5.2% compared to the same quarter last year. On average, sell-side analysts predict that Otter Tail Co. will post 2.05 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Thursday, November 15th will be issued a dividend of $0.335 per share. The ex-dividend date is Wednesday, November 14th. This represents a $1.34 annualized dividend and a dividend yield of 2.74%. Otter Tail’s payout ratio is presently 72.04%.
In other news, VP Paul L. Knutson sold 3,000 shares of the firm’s stock in a transaction on Monday, November 12th. The stock was sold at an average price of $47.79, for a total transaction of $143,370.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John D. Erickson sold 2,300 shares of the firm’s stock in a transaction on Tuesday, November 20th. The shares were sold at an average price of $47.35, for a total value of $108,905.00. The disclosure for this sale can be found here. 1.70% of the stock is owned by company insiders.
A number of research firms have issued reports on OTTR. BidaskClub upgraded Otter Tail from a “hold” rating to a “buy” rating in a report on Saturday, August 18th. Zacks Investment Research upgraded Otter Tail from a “hold” rating to a “buy” rating and set a $53.00 price objective for the company in a report on Tuesday, November 27th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. Otter Tail currently has a consensus rating of “Hold” and a consensus price target of $47.00.
Otter Tail Company 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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