Chicago Equity Partners LLC cut its holdings in Otter Tail Co. (NASDAQ:OTTR) by 54.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,500 shares of the utilities provider’s stock after selling 5,340 shares during the quarter. Chicago Equity Partners LLC’s holdings in Otter Tail were worth $242,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in the company. Northern Trust Corp increased its stake in shares of Otter Tail by 0.7% in the second quarter. Northern Trust Corp now owns 935,954 shares of the utilities provider’s stock valued at $49,427,000 after buying an additional 6,629 shares in the last quarter. First Trust Advisors LP increased its position in Otter Tail by 10.7% in the second quarter. First Trust Advisors LP now owns 679,194 shares of the utilities provider’s stock worth $35,868,000 after purchasing an additional 65,524 shares during the period. Bank of New York Mellon Corp increased its position in Otter Tail by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 401,141 shares of the utilities provider’s stock worth $21,184,000 after purchasing an additional 2,061 shares during the period. Nuveen Asset Management LLC acquired a new stake in Otter Tail in the second quarter worth about $13,942,000. Finally, Swiss National Bank increased its position in Otter Tail by 2.2% in the second quarter. Swiss National Bank now owns 66,500 shares of the utilities provider’s stock worth $3,512,000 after purchasing an additional 1,400 shares during the period. Institutional investors own 44.12% of the company’s stock.
Shares of OTTR stock opened at $49.53 on Friday. The stock has a 50-day moving average price of $54.24 and a 200 day moving average price of $52.33. The company has a quick ratio of 0.77, a current ratio of 1.28 and a debt-to-equity ratio of 0.81. The firm has a market cap of $2.04 billion, a price-to-earnings ratio of 24.04, a PEG ratio of 3.41 and a beta of 0.32. Otter Tail Co. has a 12 month low of $45.94 and a 12 month high of $57.74.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date is Thursday, November 14th. Otter Tail’s dividend payout ratio (DPR) is currently 67.96%.
OTTR has been the subject of a number of research reports. Williams Capital upgraded Otter Tail from a “sell” rating to a “hold” rating in a research report on Wednesday. Maxim Group set a $60.00 price objective on Otter Tail and gave the stock a “buy” rating in a research report on Wednesday, August 7th. BidaskClub lowered Otter Tail from a “buy” rating to a “hold” rating in a research report on Tuesday, October 29th. ValuEngine lowered Otter Tail from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Siebert Williams Shank upgraded Otter Tail from a “sell” rating to a “hold” rating and lifted their price objective for the stock from $45.00 to $48.00 in a research report on Wednesday. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $54.67.
About Otter Tail
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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