JPMorgan Chase & Co. Sells 10,677 Shares of Otter Tail Co. (NASDAQ:OTTR)

JPMorgan Chase & Co. trimmed its position in Otter Tail Co. (NASDAQ:OTTR) by 9.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 97,829 shares of the utilities provider’s stock after selling 10,677 shares during the period. JPMorgan Chase & Co. owned approximately 0.23% of Otter Tail worth $7,646,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of OTTR. Hoese & Co LLP acquired a new position in Otter Tail during the 3rd quarter worth approximately $39,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Otter Tail in the third quarter valued at approximately $39,000. Allworth Financial LP lifted its position in shares of Otter Tail by 132.8% in the third quarter. Allworth Financial LP now owns 547 shares of the utilities provider’s stock worth $43,000 after purchasing an additional 312 shares in the last quarter. Quarry LP boosted its holdings in Otter Tail by 1,811.4% during the second quarter. Quarry LP now owns 669 shares of the utilities provider’s stock worth $59,000 after purchasing an additional 634 shares during the last quarter. Finally, KBC Group NV grew its position in Otter Tail by 27.9% in the third quarter. KBC Group NV now owns 1,248 shares of the utilities provider’s stock valued at $98,000 after purchasing an additional 272 shares in the last quarter. 61.32% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

OTTR has been the subject of a number of recent research reports. Siebert Williams Shank upgraded shares of Otter Tail from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 6th. StockNews.com upgraded Otter Tail from a “sell” rating to a “hold” rating in a report on Thursday, November 14th.

Otter Tail Price Performance

Shares of OTTR opened at $77.37 on Wednesday. The company has a market cap of $3.24 billion, a price-to-earnings ratio of 10.69 and a beta of 0.56. The company has a current ratio of 2.17, a quick ratio of 1.66 and a debt-to-equity ratio of 0.58. The company’s fifty day simple moving average is $77.63 and its 200 day simple moving average is $81.83. Otter Tail Co. has a 1-year low of $71.66 and a 1-year high of $100.84.

Otter Tail (NASDAQ:OTTR) last issued its earnings results on Monday, November 4th. The utilities provider reported $2.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.97 by $0.06. The business had revenue of $338.03 million during the quarter, compared to the consensus estimate of $362.20 million. Otter Tail had a net margin of 22.70% and a return on equity of 19.84%. During the same period last year, the business posted $2.19 EPS. On average, research analysts forecast that Otter Tail Co. will post 7.13 earnings per share for the current fiscal year.

Otter Tail Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th were given a dividend of $0.468 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.87 dividend on an annualized basis and a yield of 2.42%. Otter Tail’s dividend payout ratio (DPR) is 25.83%.

Otter Tail Company Profile

Otter Tail Corporation, together with its subsidiaries, engages in electric utility, manufacturing, and plastic pipe businesses in the United States. It operates through three segments: Electric, Manufacturing, and Plastics. The 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 markets.