Legal & General Group Plc cut its position in shares of Otter Tail Co. (NASDAQ:OTTR) by 5.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 22,239 shares of the utilities provider’s stock after selling 1,329 shares during the quarter. Legal & General Group Plc owned approximately 0.06% of Otter Tail worth $989,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in Otter Tail by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 579,274 shares of the utilities provider’s stock valued at $29,710,000 after acquiring an additional 10,046 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Otter Tail by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 343,011 shares of the utilities provider’s stock worth $17,594,000 after buying an additional 10,287 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in shares of Otter Tail by 0.6% in the 1st quarter. Nuveen Asset Management LLC now owns 197,190 shares of the utilities provider’s stock worth $8,767,000 after buying an additional 1,191 shares during the last quarter. Hotchkis & Wiley Capital Management LLC bought a new position in shares of Otter Tail in the 4th quarter worth $7,031,000. Finally, Alliancebernstein L.P. increased its holdings in shares of Otter Tail by 27.1% in the 1st quarter. Alliancebernstein L.P. now owns 136,953 shares of the utilities provider’s stock worth $6,089,000 after buying an additional 29,180 shares during the last quarter. Institutional investors and hedge funds own 45.11% of the company’s stock.
OTTR has been the topic of a number of research analyst reports. Zacks Investment Research lowered shares of Otter Tail from a “hold” rating to a “sell” rating in a report on Friday, May 29th. Maxim Group reaffirmed a “buy” rating and issued a $50.00 price objective on shares of Otter Tail in a research note on Friday, May 8th. Finally, BidaskClub cut shares of Otter Tail from a “hold” rating to a “sell” rating in a research note on Tuesday, June 16th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $52.25.
Shares of OTTR opened at $38.79 on Wednesday. The stock has a market capitalization of $1.49 billion, a P/E ratio of 18.30 and a beta of 0.34. The company has a quick ratio of 0.90, a current ratio of 1.46 and a debt-to-equity ratio of 0.93. The firm has a fifty day simple moving average of $40.90 and a two-hundred day simple moving average of $46.86. Otter Tail Co. has a twelve month low of $30.95 and a twelve month high of $57.74.
Otter Tail (NASDAQ:OTTR) last announced its quarterly earnings results on Tuesday, May 5th. The utilities provider reported $0.60 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.67 by ($0.07). The firm had revenue of $234.75 million for the quarter, compared to analysts’ expectations of $250.70 million. Otter Tail had a net margin of 9.34% and a return on equity of 11.00%. Sell-side analysts expect that Otter Tail Co. will post 2.12 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Friday, May 15th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $1.48 annualized dividend and a yield of 3.82%. Otter Tail’s payout ratio is currently 68.20%.
About Otter Tail
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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