Siebert Williams Shank Downgrades Otter Tail (NASDAQ:OTTR) to Sell

Siebert Williams Shank cut shares of Otter Tail (NASDAQ:OTTRGet 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, 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 (NASDAQ:OTTRGet Rating) last issued its quarterly earnings results on Monday, August 1st. The utilities provider reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.55 by $0.50. The company had revenue of $400.04 million during the quarter, compared to the consensus estimate of $336.87 million. Otter Tail had a net margin of 18.42% and a return on equity of 26.32%. The firm’s quarterly revenue was up 40.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.01 EPS. As a group, equities research analysts forecast that Otter Tail will post 6.98 earnings per share for the current fiscal year.

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

(Get Rating)

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.

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