Otter Tail Co. (NASDAQ:OTTR) saw a large drop in short interest in November. As of November 15th, there was short interest totalling 217,700 shares, a drop of 9.6% from the October 31st total of 240,800 shares. Approximately 0.6% of the company’s shares are sold short. Based on an average daily trading volume, of 76,300 shares, the days-to-cover ratio is currently 2.9 days.
Shares of Otter Tail stock traded down $0.95 during midday trading on Monday, hitting $51.25. The company had a trading volume of 121,169 shares, compared to its average volume of 83,630. Otter Tail has a 12-month low of $45.94 and a 12-month high of $57.74. The stock has a market cap of $2.08 billion, a price-to-earnings ratio of 24.88, a PEG ratio of 3.42 and a beta of 0.29. The company has a quick ratio of 0.56, a current ratio of 0.94 and a debt-to-equity ratio of 0.80. The company has a fifty day simple moving average of $50.60 and a 200 day simple moving average of $52.12.
Otter Tail (NASDAQ:OTTR) last issued its quarterly earnings results on Monday, November 4th. The utilities provider reported $0.62 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.64 by ($0.02). The business had revenue of $228.70 million during the quarter, compared to analyst estimates of $240.30 million. Otter Tail had a return on equity of 10.86% and a net margin of 8.72%. Otter Tail’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter last year, the company posted $0.58 EPS. As a group, analysts expect that Otter Tail will post 2.18 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Friday, November 15th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend was Thursday, November 14th. Otter Tail’s dividend payout ratio is currently 67.96%.
OTTR has been the subject of a number of research analyst reports. Sidoti started coverage on Otter Tail in a research report on Thursday, November 21st. They set a “neutral” rating and a $54.00 target price for the company. Williams Capital raised shares of Otter Tail from a “sell” rating to a “hold” rating in a research note on Wednesday, November 6th. Siebert Williams Shank upgraded shares of Otter Tail from a “sell” rating to a “hold” rating and increased their price objective for the company from $45.00 to $48.00 in a research note on Wednesday, November 6th. BidaskClub raised shares of Otter Tail from a “sell” rating to a “hold” rating in a research note on Wednesday, December 18th. Finally, ValuEngine upgraded Otter Tail from a “hold” rating to a “buy” rating in a report on Wednesday, December 11th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $54.40.
In other Otter Tail news, Director John D. Erickson sold 2,100 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $48.81, for a total value of $102,501.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.70% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Nuveen Asset Management LLC acquired a new position in shares of Otter Tail in the 2nd quarter valued at $13,942,000. First Trust Advisors LP boosted its stake in shares of Otter Tail by 15.8% during the 3rd quarter. First Trust Advisors LP now owns 786,566 shares of the utilities provider’s stock worth $42,278,000 after acquiring an additional 107,372 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. grew its position in shares of Otter Tail by 413.6% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 56,625 shares of the utilities provider’s stock valued at $2,990,000 after acquiring an additional 45,600 shares during the period. Foundry Partners LLC increased its stake in shares of Otter Tail by 378.2% in the 3rd quarter. Foundry Partners LLC now owns 45,234 shares of the utilities provider’s stock valued at $2,431,000 after purchasing an additional 35,774 shares in the last quarter. Finally, California Public Employees Retirement System raised its holdings in Otter Tail by 54.5% in the 3rd quarter. California Public Employees Retirement System now owns 97,669 shares of the utilities provider’s stock worth $5,250,000 after purchasing an additional 34,459 shares during the period. Institutional investors and hedge funds own 44.72% of the company’s stock.
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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