Zacks: Otter Tail Corporation (OTTR) Receives Consensus Recommendation of “Buy” from Brokerages

Otter Tail Corporation (NASDAQ:OTTR) has been assigned a consensus broker rating score of 2.33 (Buy) from the three brokers that provide coverage for the company, Zacks Investment Research reports. Two research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company.

Brokerages have set a 1-year consensus target price of $43.50 for the company and are predicting that the company will post $0.39 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Otter Tail Corporation an industry rank of 199 out of 265 based on the ratings given to related companies.

OTTR has been the subject of a number of research analyst reports. KeyCorp reaffirmed a “hold” rating on shares of Otter Tail Corporation in a research note on Friday. Zacks Investment Research lowered shares of Otter Tail Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, October 11th. Finally, BidaskClub raised shares of Otter Tail Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 31st.

Shares of Otter Tail Corporation (OTTR) traded up 0.87% during mid-day trading on Friday, hitting $46.35. The company’s stock had a trading volume of 69,266 shares. The stock has a 50-day moving average of $43.72 and a 200-day moving average of $40.81. The company has a market cap of $1.83 billion, a PE ratio of 26.68 and a beta of 0.78. Otter Tail Corporation has a 12-month low of $33.45 and a 12-month high of $46.95.

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

In other news, CFO Kevin G. Moug sold 1,500 shares of the stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $41.75, for a total transaction of $62,625.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.40% of the stock is currently owned by corporate insiders.

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Otter Tail Corporation by 2.2% during the 2nd quarter. Vanguard Group Inc. now owns 3,507,682 shares of the utilities provider’s stock worth $138,904,000 after buying an additional 74,533 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Otter Tail Corporation by 0.9% during 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 during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Otter Tail Corporation by 0.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,125,136 shares of the utilities provider’s stock worth $44,556,000 after buying an additional 5,334 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Otter Tail Corporation 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 buying an additional 72,974 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of Otter Tail Corporation by 5.1% during the 2nd quarter. State Street Corp now owns 809,030 shares of the utilities provider’s stock worth $32,041,000 after buying an additional 38,942 shares during the last quarter. Institutional investors own 40.60% of the company’s stock.

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About Otter Tail Corporation

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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