Siebert Williams Shank cut shares of Otter Tail (NASDAQ:OTTR – Get Rating) from a hold rating to a sell rating in a report issued on Wednesday, Marketbeat Ratings reports. The brokerage currently has $64.00 price target on the utilities provider’s stock, up from their previous price target of $62.00.
Separately, StockNews.com upgraded shares of Otter Tail from a hold rating to a buy rating in a research report on Wednesday, May 11th.
Otter Tail Stock Performance
Shares of Otter Tail stock opened at $75.74 on Wednesday. The company has a 50 day moving average of $67.08 and a 200-day moving average of $63.92. Otter Tail has a 1-year low of $52.49 and a 1-year high of $78.83. The company has a current ratio of 1.08, a quick ratio of 0.69 and a debt-to-equity ratio of 0.70. The company has a market cap of $3.15 billion, a PE ratio of 12.10 and a beta of 0.46.
Otter Tail Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 9th. Shareholders of record on Monday, August 15th will be given a $0.412 dividend. This represents a $1.65 annualized dividend and a yield of 2.18%. The ex-dividend date is Friday, August 12th. Otter Tail’s dividend payout ratio (DPR) is currently 26.36%.
Hedge Funds Weigh In On Otter Tail
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Chilton Capital Management LLC acquired a new position in Otter Tail in the 4th quarter valued at approximately $30,000. Meeder Asset Management Inc. acquired a new position in Otter Tail in the 1st quarter valued at approximately $41,000. Goodman Advisory Group LLC acquired a new position in Otter Tail in the 2nd quarter valued at approximately $45,000. Signaturefd LLC increased its position in Otter Tail by 65.8% in the 1st quarter. Signaturefd LLC now owns 731 shares of the utilities provider’s stock valued at $46,000 after acquiring an additional 290 shares during the period. Finally, Dixon Hughes Goodman Wealth Advisors LLC acquired a new position in Otter Tail in the 4th quarter valued at approximately $74,000. 46.58% of the stock is currently owned by institutional investors and hedge funds.
About Otter Tail
Otter Tail Corporation, together with its subsidiaries, engages in electric utility, manufacturing, and plastic pipe 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.
- Get a free copy of the StockNews.com research report on Otter Tail (OTTR)
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