Investment Centers of America Inc. Sells 8,695 Shares of Otter Tail Corporation (OTTR)
Investment Centers of America Inc. decreased its position in shares of Otter Tail Corporation (NASDAQ:OTTR) by 35.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,066 shares of the utilities provider’s stock after selling 8,695 shares during the quarter. Investment Centers of America Inc.’s holdings in Otter Tail were worth $697,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in OTTR. Vanguard Group Inc. grew its stake in Otter Tail by 2.2% during the second quarter. Vanguard Group Inc. now owns 3,507,682 shares of the utilities provider’s stock valued at $138,904,000 after acquiring an additional 74,533 shares in the last quarter. BlackRock Inc. grew its stake in shares of Otter Tail by 0.9% in the 2nd quarter. BlackRock Inc. now owns 2,498,815 shares of the utilities provider’s stock worth $98,953,000 after buying an additional 21,440 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Otter Tail by 0.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,125,136 shares of the utilities provider’s stock worth $44,556,000 after acquiring an additional 5,334 shares during the last quarter. Northern Trust Corp grew its position in Otter Tail by 8.3% during the 2nd quarter. Northern Trust Corp now owns 956,660 shares of the utilities provider’s stock worth $37,885,000 after purchasing an additional 72,974 shares during the last quarter. Finally, State Street Corp lifted its stake in shares of Otter Tail by 5.1% in the 2nd quarter. State Street Corp now owns 809,030 shares of the utilities provider’s stock valued at $32,041,000 after purchasing an additional 38,942 shares during the period. Institutional investors and hedge funds own 41.16% of the company’s stock.
Shares of Otter Tail Corporation (NASDAQ:OTTR) opened at $48.30 on Friday. Otter Tail Corporation has a fifty-two week low of $35.65 and a fifty-two week high of $48.65. The company has a market capitalization of $1,888.87, a price-to-earnings ratio of 26.53 and a beta of 0.81. The company has a current ratio of 0.93, a quick ratio of 0.61 and a debt-to-equity ratio of 0.71.
Otter Tail (NASDAQ:OTTR) last announced its earnings results on Wednesday, November 1st. The utilities provider reported $0.45 EPS for the quarter, beating the consensus estimate of $0.39 by $0.06. Otter Tail had a return on equity of 10.47% and a net margin of 8.53%. The business had revenue of $216.50 million during the quarter, compared to the consensus estimate of $201.70 million. During the same period in the prior year, the business posted $0.37 earnings per share. Otter Tail’s revenue was up 9.8% compared to the same quarter last year. sell-side analysts anticipate that Otter Tail Corporation will post 1.78 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, December 9th. Investors of record on Wednesday, November 15th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.65%. The ex-dividend date is Tuesday, November 14th. Otter Tail’s dividend payout ratio is currently 71.11%.
In other Otter Tail news, VP George A. Koeck sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $46.50, for a total value of $139,500.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Kevin G. Moug sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $46.50, for a total value of $69,750.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,900 shares of company stock valued at $318,570. Company insiders own 1.40% of the company’s stock.
OTTR has been the subject of several research analyst reports. Zacks Investment Research lowered shares of Otter Tail from a “buy” rating to a “hold” rating in a research note on Thursday, August 31st. KeyCorp reissued a “hold” rating on shares of Otter Tail in a report on Friday, October 20th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $44.67.
About Otter Tail
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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