Otter Tail Corporation (OTTR) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Otter Tail Corporation (NASDAQ:OTTR) from a buy rating to a hold rating in a research note published on Wednesday.

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 raised Otter Tail Corporation from a sell rating to a hold rating in a research report on Monday, July 31st.

Otter Tail Corporation (NASDAQ:OTTR) traded up 0.44% during mid-day trading on Wednesday, reaching $45.45. The company had a trading volume of 39,653 shares. Otter Tail Corporation has a 52 week low of $33.42 and a 52 week high of $45.60. The stock’s 50-day moving average price is $43.08 and its 200 day moving average price is $40.51. The firm has a market capitalization of $1.80 billion, a PE ratio of 26.17 and a beta of 0.78.

Otter Tail Corporation (NASDAQ:OTTR) last issued its quarterly earnings results on Monday, August 7th. The utilities provider reported $0.42 EPS for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.01. Otter Tail Corporation had a return on equity of 10.14% and a net margin of 8.35%. The company had revenue of $212.10 million during the quarter, compared to analysts’ expectations of $211.30 million. During the same quarter in the previous year, the firm posted $0.41 EPS. The firm’s revenue was up 4.2% compared to the same quarter last year. On average, equities research analysts predict that Otter Tail Corporation will post $1.75 EPS for the current year.

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In other Otter Tail Corporation news, CFO Kevin G. Moug sold 1,500 shares of Otter Tail Corporation stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $41.75, for a total transaction of $62,625.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.40% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OTTR. Old Mutual Global Investors UK Ltd. purchased a new position in shares of Otter Tail Corporation during the 2nd quarter valued at about $107,000. North Star Investment Management Corp. raised its stake in shares of Otter Tail Corporation by 91.9% during the 2nd quarter. North Star Investment Management Corp. now owns 2,905 shares of the utilities provider’s stock valued at $115,000 after buying an additional 1,391 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new position in shares of Otter Tail Corporation during the 1st quarter valued at about $119,000. Sei Investments Co. raised its stake in shares of Otter Tail Corporation by 8.3% during the 1st quarter. Sei Investments Co. now owns 3,574 shares of the utilities provider’s stock valued at $136,000 after buying an additional 274 shares during the last quarter. Finally, C M Bidwell & Associates Ltd. purchased a new position in shares of Otter Tail Corporation during the 2nd quarter valued at about $173,000. Institutional investors and hedge funds own 40.60% of the company’s stock.

Otter Tail Corporation Company Profile

Otter Tail Corporation is a holding company. The Company operates through three segments: Electric, Manufacturing and Plastics. The Electric segment includes the production, transmission, distribution and sale of electric energy in Minnesota, North Dakota and South Dakota by Otter Tail Power Company (OTP).

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