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

Siebert Williams Shank upgraded shares of Otter Tail (NASDAQ:OTTR) from a hold rating to a buy rating in a research note issued to investors on Wednesday, Marketbeat.com reports. Siebert Williams Shank currently has $83.00 price target on the utilities provider’s stock, up from their prior price target of $82.00.

Otter Tail Stock Up 0.1 %

Shares of OTTR stock opened at $76.74 on Wednesday. The stock has a market cap of $3.21 billion, a P/E ratio of 10.70 and a beta of 0.56. The company’s fifty day simple moving average is $79.51 and its two-hundred day simple moving average is $78.72. The company has a quick ratio of 1.66, a current ratio of 2.03 and a debt-to-equity ratio of 0.57. Otter Tail has a 52 week low of $71.66 and a 52 week high of $100.84.

Otter Tail (NASDAQ:OTTR) last released its quarterly earnings results on Monday, May 5th. The utilities provider reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.53 by $0.09. The business had revenue of $337.35 million during the quarter, compared to analysts’ expectations of $349.70 million. Otter Tail had a return on equity of 18.96% and a net margin of 22.67%. The firm’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.77 EPS. Analysts predict that Otter Tail will post 5.88 EPS for the current fiscal year.

Otter Tail Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Thursday, May 15th will be issued a $0.525 dividend. The ex-dividend date is Thursday, May 15th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 2.74%. Otter Tail’s dividend payout ratio (DPR) is presently 29.29%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Otter Tail by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 5,275,068 shares of the utilities provider’s stock valued at $389,511,000 after purchasing an additional 43,186 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Otter Tail by 2.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 551,338 shares of the utilities provider’s stock worth $44,311,000 after buying an additional 14,793 shares during the period. Northern Trust Corp increased its position in Otter Tail by 15.1% during the fourth quarter. Northern Trust Corp now owns 545,618 shares of the utilities provider’s stock valued at $40,288,000 after acquiring an additional 71,601 shares during the last quarter. Millennium Management LLC raised its stake in shares of Otter Tail by 13.5% in the fourth quarter. Millennium Management LLC now owns 411,281 shares of the utilities provider’s stock valued at $30,369,000 after acquiring an additional 48,888 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Otter Tail by 2.3% in the 4th quarter. Bank of New York Mellon Corp now owns 405,146 shares of the utilities provider’s stock worth $29,916,000 after acquiring an additional 8,993 shares during the last quarter. Hedge funds and other institutional investors own 61.32% of the company’s stock.

Otter Tail Company Profile

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.