First Manhattan Co. lessened its holdings in Otter Tail Co. (NASDAQ:OTTR) by 6.9% during the first quarter, Holdings Channel reports. The institutional investor owned 79,158 shares of the utilities provider’s stock after selling 5,850 shares during the quarter. First Manhattan Co.’s holdings in Otter Tail were worth $3,943,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc raised its holdings in shares of Otter Tail by 1.2% in the 3rd quarter. Vanguard Group Inc now owns 4,004,057 shares of the utilities provider’s stock worth $191,794,000 after purchasing an additional 45,637 shares during the period. Vanguard Group Inc. raised its holdings in shares of Otter Tail by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 4,004,057 shares of the utilities provider’s stock worth $191,794,000 after purchasing an additional 45,637 shares during the period. BlackRock Inc. raised its holdings in shares of Otter Tail by 2.3% in the 4th quarter. BlackRock Inc. now owns 2,826,591 shares of the utilities provider’s stock worth $140,311,000 after purchasing an additional 64,553 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Otter Tail by 1.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,204,544 shares of the utilities provider’s stock worth $59,794,000 after purchasing an additional 14,909 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in shares of Otter Tail by 5.4% in the 3rd quarter. Renaissance Technologies LLC now owns 921,000 shares of the utilities provider’s stock worth $44,116,000 after purchasing an additional 47,500 shares during the period. Hedge funds and other institutional investors own 43.62% of the company’s stock.
A number of research firms recently commented on OTTR. BidaskClub raised shares of Otter Tail from a “hold” rating to a “buy” rating in a report on Tuesday, March 12th. Maxim Group began coverage on shares of Otter Tail in a report on Thursday. They issued a “buy” rating and a $60.00 price target on the stock. Finally, Zacks Investment Research raised shares of Otter Tail from a “hold” rating to a “strong-buy” rating and set a $56.00 price target on the stock in a report on Friday, March 22nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $52.67.
In other Otter Tail news, VP Paul L. Knutson sold 3,000 shares of the business’s stock in a transaction on Friday, February 22nd. The shares were sold at an average price of $49.77, for a total transaction of $149,310.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.70% of the company’s stock.
Shares of OTTR stock opened at $50.57 on Monday. The company has a current ratio of 1.42, a quick ratio of 0.79 and a debt-to-equity ratio of 0.81. Otter Tail Co. has a 1 year low of $42.55 and a 1 year high of $51.88. The firm has a market cap of $1.97 billion, a price-to-earnings ratio of 24.55, a price-to-earnings-growth ratio of 3.21 and a beta of 0.33.
Otter Tail (NASDAQ:OTTR) last issued its earnings results on Monday, February 18th. The utilities provider reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.04). Otter Tail had a net margin of 8.99% and a return on equity of 11.45%. The business had revenue of $221.17 million for the quarter. As a group, sell-side analysts expect that Otter Tail Co. will post 2.2 EPS for the current fiscal year.
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Otter Tail 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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