Raymond James Financial Services Advisors Inc. Has $1.47 Million Holdings in Otter Tail Co. (NASDAQ:OTTR)

Raymond James Financial Services Advisors Inc. cut its position in Otter Tail Co. (NASDAQ:OTTR – Get Rating) by 3.1% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 23,813 shares of the utilities provider’s stock after selling 754 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Otter Tail were worth $1,465,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Federated Hermes Inc. grew its position in shares of Otter Tail by 453.7% in the 2nd quarter. Federated Hermes Inc. now owns 180,395 shares of the utilities provider’s stock valued at $12,110,000 after acquiring an additional 147,814 shares during the period. Vanguard Group Inc. grew its holdings in Otter Tail by 2.1% during the first quarter. Vanguard Group Inc. now owns 4,441,104 shares of the utilities provider’s stock worth $277,569,000 after purchasing an additional 92,114 shares during the period. Lazard Asset Management LLC acquired a new position in Otter Tail during the first quarter worth approximately $4,741,000. Renaissance Technologies LLC raised its stake in Otter Tail by 31.1% in the first quarter. Renaissance Technologies LLC now owns 252,814 shares of the utilities provider’s stock valued at $15,801,000 after buying an additional 59,910 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Otter Tail by 11.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 460,042 shares of the utilities provider’s stock valued at $28,753,000 after buying an additional 47,064 shares during the last quarter. 49.01% of the stock is currently owned by institutional investors and hedge funds.

Otter Tail Stock Up 0.2 %

NASDAQ OTTR opened at $61.33 on Friday. The company has a current ratio of 1.90, a quick ratio of 1.30 and a debt-to-equity ratio of 0.70. The company has a market cap of $2.55 billion, a price-to-earnings ratio of 8.75 and a beta of 0.50. The company has a 50 day moving average of $58.77 and a 200-day moving average of $65.53. Otter Tail Co. has a 1-year low of $52.60 and a 1-year high of $82.46.

Otter Tail (NASDAQ:OTTR – Get Rating) last announced its quarterly earnings data on Monday, October 31st. The utilities provider reported $2.01 earnings per share for the quarter, beating the consensus estimate of $1.70 by $0.31. The firm had revenue of $383.86 million during the quarter, compared to analysts’ expectations of $389.30 million. Otter Tail had a return on equity of 27.09% and a net margin of 19.69%. On average, equities research analysts expect that Otter Tail Co. will post 6.6 earnings per share for the current fiscal year.

Otter Tail Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 9th. Shareholders of record on Tuesday, November 15th were issued a $0.412 dividend. This represents a $1.65 annualized dividend and a yield of 2.69%. The ex-dividend date was Monday, November 14th. Otter Tail’s dividend payout ratio is currently 23.54%.

Insider Activity

In related news, Director John D. Erickson sold 2,000 shares of Otter Tail stock in a transaction that occurred on Monday, November 21st. The shares were sold at an average price of $56.31, for a total value of $112,620.00. Following the transaction, the director now directly owns 3,633 shares of the company’s stock, valued at $204,574.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. StockNews.com downgraded shares of Otter Tail from a “buy” rating to a “hold” rating in a report on Monday, October 31st. Siebert Williams Shank raised Otter Tail from a “sell” rating to a “hold” rating and set a $63.00 target price for the company in a report on Monday, November 28th. Finally, Maxim Group decreased their price target on shares of Otter Tail from $95.00 to $75.00 in a research note on Wednesday, November 2nd.

Otter Tail Profile

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Otter Tail Corporation, together with its subsidiaries, engages in electric utility, manufacturing, and plastic pipe 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.