BidaskClub upgraded shares of Otter Tail (NASDAQ:OTTR) from a hold rating to a buy rating in a research report report published on Tuesday morning.
Separately, Zacks Investment Research raised Otter Tail from a hold rating to a buy rating and set a $54.00 price objective on the stock in a report on Friday, January 25th.
OTTR stock opened at $50.41 on Tuesday. The company has a quick ratio of 0.79, a current ratio of 1.42 and a debt-to-equity ratio of 0.81. The company has a market capitalization of $2.00 billion, a PE ratio of 24.47 and a beta of 0.34. Otter Tail has a 1 year low of $42.10 and a 1 year high of $51.88.
The business also recently declared a quarterly dividend, which was paid on Saturday, March 9th. Stockholders of record on Friday, February 15th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.78%. This is an increase from Otter Tail’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Thursday, February 14th. Otter Tail’s dividend payout ratio (DPR) is presently 67.96%.
In related news, VP Paul L. Knutson sold 3,000 shares of Otter Tail stock in a transaction that occurred on Friday, February 22nd. The stock was sold at an average price of $49.77, for a total transaction of $149,310.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.70% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. lifted its holdings in Otter Tail by 3.0% in the 3rd quarter. BlackRock Inc. now owns 2,762,038 shares of the utilities provider’s stock worth $132,301,000 after buying an additional 81,057 shares in the last quarter. Stifel Financial Corp grew its position in Otter Tail by 39.1% in the 4th quarter. Stifel Financial Corp now owns 255,591 shares of the utilities provider’s stock worth $12,716,000 after purchasing an additional 71,791 shares during the last quarter. Morgan Stanley boosted its holdings in shares of Otter Tail by 25.0% in the third quarter. Morgan Stanley now owns 320,997 shares of the utilities provider’s stock valued at $15,376,000 after acquiring an additional 64,097 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Otter Tail by 5.4% in the third quarter. Renaissance Technologies LLC now owns 921,000 shares of the utilities provider’s stock valued at $44,116,000 after acquiring an additional 47,500 shares in the last quarter. Finally, Vanguard Group Inc boosted its holdings in shares of Otter Tail by 1.2% in the third quarter. Vanguard Group Inc now owns 4,004,057 shares of the utilities provider’s stock valued at $191,794,000 after acquiring an additional 45,637 shares in the last quarter. 43.71% of the stock is owned by hedge funds and other institutional investors.
Otter Tail Company 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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