Truist Financial Corp Has $429,000 Position in Otter Tail Co. (NASDAQ:OTTR)

Truist Financial Corp lowered its stake in shares of Otter Tail Co. (NASDAQ:OTTRGet Rating) by 45.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,962 shares of the utilities provider’s stock after selling 5,720 shares during the quarter. Truist Financial Corp’s holdings in Otter Tail were worth $429,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in OTTR. Horizon Investment Services LLC lifted its stake in Otter Tail by 1.3% during the second quarter. Horizon Investment Services LLC now owns 10,596 shares of the utilities provider’s stock worth $711,000 after purchasing an additional 133 shares during the last quarter. Corient Capital Partners LLC lifted its stake in shares of Otter Tail by 4.1% in the 2nd quarter. Corient Capital Partners LLC now owns 3,665 shares of the utilities provider’s stock valued at $246,000 after acquiring an additional 143 shares during the last quarter. Bank of Montreal Can lifted its stake in shares of Otter Tail by 2.8% in the 1st quarter. Bank of Montreal Can now owns 6,192 shares of the utilities provider’s stock valued at $395,000 after acquiring an additional 167 shares during the last quarter. First Manhattan Co. lifted its stake in shares of Otter Tail by 0.3% in the 1st quarter. First Manhattan Co. now owns 65,927 shares of the utilities provider’s stock valued at $4,120,000 after acquiring an additional 200 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its stake in shares of Otter Tail by 0.4% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 54,249 shares of the utilities provider’s stock valued at $3,642,000 after acquiring an additional 201 shares during the last quarter. Institutional investors and hedge funds own 49.01% of the company’s stock.

Otter Tail Stock Up 0.5 %

Shares of NASDAQ:OTTR opened at $61.99 on Wednesday. The company has a quick ratio of 1.30, a current ratio of 1.90 and a debt-to-equity ratio of 0.70. The business has a fifty day simple moving average of $59.18 and a 200 day simple moving average of $65.38. Otter Tail Co. has a 12-month low of $52.60 and a 12-month high of $82.46. The firm has a market cap of $2.58 billion, a P/E ratio of 8.84 and a beta of 0.50.

Otter Tail (NASDAQ:OTTRGet Rating) last issued its quarterly earnings results on Monday, October 31st. The utilities provider reported $2.01 earnings per share for the quarter, topping analysts’ consensus estimates of $1.70 by $0.31. Otter Tail had a return on equity of 27.09% and a net margin of 19.69%. The firm had revenue of $383.86 million during the quarter, compared to the consensus estimate of $389.30 million. Analysts predict that Otter Tail Co. will post 6.6 earnings per share for the current year.

Otter Tail Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 9th. Shareholders of record on Tuesday, November 15th were issued a dividend of $0.412 per share. The ex-dividend date was Monday, November 14th. This represents a $1.65 dividend on an annualized basis and a yield of 2.66%. Otter Tail’s payout ratio is currently 23.54%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on OTTR shares. StockNews.com cut Otter Tail from a “buy” rating to a “hold” rating in a research note 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 research report on Monday, November 28th. Finally, Maxim Group lowered their target price on Otter Tail from $95.00 to $75.00 in a research report on Wednesday, November 2nd.

Insiders Place Their Bets

In other Otter Tail news, Director John D. Erickson sold 2,000 shares of the stock in a transaction dated Monday, November 21st. The stock was sold at an average price of $56.31, for a total transaction of $112,620.00. Following the completion of the sale, the director now directly owns 3,633 shares in the company, valued at approximately $204,574.23. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.00% of the company’s stock.

Otter Tail Profile

(Get Rating)

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.

Further Reading

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Institutional Ownership by Quarter for Otter Tail (NASDAQ:OTTR)

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