Zacks Investment Research Downgrades Otter Tail (OTTR) to Hold

Zacks Investment Research cut shares of Otter Tail (NASDAQ:OTTR) from a buy rating to a hold rating in a research note issued to investors on Thursday.

According to Zacks, “OTTER TAIL’s primary business is the production, transmission, distribution and sale of electric energy. The Company, through its subsidiaries, is also engaged in other businesses which are referred to as Health Services Operations and Diversified Operations. “

Separately, BidaskClub cut Otter Tail from a strong-buy rating to a buy rating in a report on Thursday, December 27th.

Shares of NASDAQ:OTTR opened at $49.89 on Thursday. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.48 and a quick ratio of 0.90. The firm has a market capitalization of $1.98 billion, a price-to-earnings ratio of 26.82 and a beta of 0.37. Otter Tail has a 52-week low of $39.65 and a 52-week high of $51.88.

The business also recently announced a quarterly dividend, which will be paid on Saturday, March 9th. Shareholders of record on Friday, February 15th will be issued a $0.35 dividend. This is a boost from Otter Tail’s previous quarterly dividend of $0.34. This represents a $1.40 annualized dividend and a yield of 2.81%. The ex-dividend date is Thursday, February 14th. Otter Tail’s dividend payout ratio is presently 72.04%.

In other Otter Tail news, Director John D. Erickson sold 2,300 shares of the company’s stock in a transaction on Tuesday, November 20th. The stock was sold at an average price of $47.35, for a total value of $108,905.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.70% of the stock is owned by corporate insiders.

Several institutional investors have recently made changes to their positions in the company. Bank of Montreal Can lifted its stake in shares of Otter Tail by 6.7% in the 4th quarter. Bank of Montreal Can now owns 4,589 shares of the utilities provider’s stock valued at $228,000 after purchasing an additional 287 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Otter Tail by 11.2% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 4,286 shares of the utilities provider’s stock valued at $213,000 after purchasing an additional 430 shares during the last quarter. Martingale Asset Management L P lifted its stake in shares of Otter Tail by 0.8% in the 3rd quarter. Martingale Asset Management L P now owns 72,421 shares of the utilities provider’s stock valued at $3,469,000 after purchasing an additional 600 shares during the last quarter. Strs Ohio acquired a new position in shares of Otter Tail in the 4th quarter valued at $29,000. Finally, JNBA Financial Advisors acquired a new position in shares of Otter Tail in the 4th quarter valued at $31,000. 43.00% of the stock is currently owned by institutional investors and hedge funds.

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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