California State Teachers Retirement System trimmed its stake in shares of Otter Tail Co. (NASDAQ:OTTR) by 9.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 62,964 shares of the utilities provider’s stock after selling 6,708 shares during the period. California State Teachers Retirement System owned about 0.16% of Otter Tail worth $2,729,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Ameritas Investment Partners Inc. grew its stake in shares of Otter Tail by 9.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,453 shares of the utilities provider’s stock valued at $137,000 after buying an additional 309 shares during the period. C M Bidwell & Associates Ltd. acquired a new position in Otter Tail in the 2nd quarter worth $173,000. Amalgamated Bank acquired a new position in Otter Tail in the 3rd quarter worth $212,000. Murphy Capital Management Inc. bought a new stake in shares of Otter Tail in the 3rd quarter worth about $216,000. Finally, Old Mutual Global Investors UK Ltd. increased its position in shares of Otter Tail by 129.2% in the 3rd quarter. Old Mutual Global Investors UK Ltd. now owns 6,240 shares of the utilities provider’s stock worth $270,000 after purchasing an additional 3,517 shares during the last quarter. Institutional investors own 41.02% of the company’s stock.
A number of equities research analysts recently weighed in on OTTR shares. BidaskClub downgraded shares of Otter Tail from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, December 12th. KeyCorp reissued a “hold” rating on shares of Otter Tail in a research note on Friday, October 20th. Zacks Investment Research upgraded shares of Otter Tail from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a research report on Tuesday, November 7th. Finally, Sidoti downgraded shares of Otter Tail from a “buy” rating to a “neutral” rating and set a $46.00 price objective for the company. in a report on Monday, January 8th. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $44.67.
Otter Tail (NASDAQ:OTTR) last posted its quarterly earnings data on Wednesday, November 1st. The utilities provider reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.06. Otter Tail had a net margin of 8.53% and a return on equity of 10.47%. The company had revenue of $216.50 million for the quarter, compared to the consensus estimate of $201.70 million. During the same period last year, the company earned $0.37 earnings per share. The firm’s revenue was up 9.8% compared to the same quarter last year. analysts forecast that Otter Tail Co. will post 1.8 earnings per share for the current fiscal year.
In other Otter Tail news, Director John D. Erickson sold 2,400 shares of the company’s stock in a transaction on Monday, November 20th. The shares were sold at an average price of $45.55, for a total value of $109,320.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP George A. Koeck sold 3,000 shares of the business’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $46.50, for a total transaction of $139,500.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,900 shares of company stock worth $318,570. 1.40% of the stock is owned by corporate insiders.
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Otter Tail 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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