Otter Tail (NASDAQ:OTTR) Upgraded 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 report released on Wednesday morning, Marketbeat reports. They currently have $91.00 price objective on the utilities provider’s stock.

Separately, Weiss Ratings lowered Otter Tail from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Otter Tail presently has an average rating of “Hold” and an average target price of $91.00.

Otter Tail Stock Down 2.0%

Shares of NASDAQ:OTTR traded down $1.56 during trading on Wednesday, hitting $78.44. The stock had a trading volume of 305,641 shares, compared to its average volume of 178,093. Otter Tail has a 12 month low of $77.79 and a 12 month high of $95.09. The company has a market capitalization of $3.29 billion, a PE ratio of 18.72 and a beta of 0.42. The firm’s fifty day moving average is $88.59 and its 200 day moving average is $88.69. The company has a quick ratio of 1.36, a current ratio of 1.71 and a debt-to-equity ratio of 0.60.

Otter Tail (NASDAQ:OTTR) last released its earnings results on Monday, November 2nd. The utilities provider reported $1.41 EPS for the quarter, missing analysts’ consensus estimates of $1.55 by ($0.14). Otter Tail had a net margin of 13.45% and a return on equity of 13.47%. The firm had revenue of $320.51 million during the quarter, compared to analysts’ expectations of $327.87 million. During the same quarter in the previous year, the business earned $1.86 EPS. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. Analysts anticipate that Otter Tail will post 5.96 EPS for the current fiscal year.

Otter Tail Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Friday, November 13th will be paid a dividend of $0.5775 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $2.31 dividend on an annualized basis and a dividend yield of 2.9%. Otter Tail’s dividend payout ratio (DPR) is currently 55.13%.

Hedge Funds Weigh In On Otter Tail

Large investors have recently made changes to their positions in the business. Sound Income Strategies LLC raised its stake in Otter Tail by 248.8% during the first quarter. Sound Income Strategies LLC now owns 286 shares of the utilities provider’s stock valued at $25,000 after buying an additional 204 shares during the last quarter. Next Level Wealth Planning LLC bought a new stake in Otter Tail in the third quarter worth $25,000. Security National Bank of Sioux City Iowa IA purchased a new stake in shares of Otter Tail in the second quarter worth $27,000. Jones Financial Companies Lllp purchased a new stake in shares of Otter Tail in the second quarter worth $39,000. Finally, C M Bidwell & Associates Ltd. purchased a new stake in shares of Otter Tail in the second quarter worth $50,000. 61.32% of the stock is currently owned by hedge funds and other institutional investors.

Otter Tail Company Profile

Otter Tail Corporation is a diversified company headquartered in Fergus Falls, Minnesota. Through its electric utility subsidiary, Otter Tail Power Company, it generates, transmits and distributes electricity to residential, commercial, industrial and agricultural customers.

Otter Tail Power Company serves customers across portions of western Minnesota, eastern North Dakota and northeastern South Dakota. Its generation portfolio includes coal, natural gas, wind and other energy resources, supporting the company’s role as a regional provider of electric power and related utility services.

Beyond its utility operations, Otter Tail Corporation owns manufacturing businesses that produce fabricated metal components, plastic products and other specialized goods.