Amalgamated Bank Reduces Position in Otter Tail Co. (NASDAQ:OTTR)

Amalgamated Bank decreased its holdings in shares of Otter Tail Co. (NASDAQ:OTTR) by 3.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 12,317 shares of the utilities provider’s stock after selling 440 shares during the quarter. Amalgamated Bank’s holdings in Otter Tail were worth $963,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Atticus Wealth Management LLC purchased a new stake in Otter Tail in the second quarter worth $33,000. Hoese & Co LLP purchased a new position in Otter Tail in the 3rd quarter worth about $39,000. Allworth Financial LP lifted its holdings in Otter Tail by 132.8% during the 3rd quarter. Allworth Financial LP now owns 547 shares of the utilities provider’s stock valued at $43,000 after buying an additional 312 shares in the last quarter. GAMMA Investing LLC boosted its position in Otter Tail by 46.3% in the 2nd quarter. GAMMA Investing LLC now owns 657 shares of the utilities provider’s stock valued at $58,000 after buying an additional 208 shares during the period. Finally, Quarry LP grew its stake in Otter Tail by 1,811.4% in the 2nd quarter. Quarry LP now owns 669 shares of the utilities provider’s stock worth $59,000 after acquiring an additional 634 shares in the last quarter. 61.32% of the stock is currently owned by hedge funds and other institutional investors.

Otter Tail Stock Down 0.8 %

Shares of Otter Tail stock opened at $79.64 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.17 and a quick ratio of 1.66. The stock has a market cap of $3.33 billion, a price-to-earnings ratio of 11.01 and a beta of 0.52. The firm’s 50-day moving average is $78.52 and its two-hundred day moving average is $85.54. Otter Tail Co. has a 1 year low of $73.43 and a 1 year high of $100.84.

Otter Tail (NASDAQ:OTTR) last released its quarterly earnings data on Monday, November 4th. The utilities provider reported $2.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.97 by $0.06. The firm had revenue of $338.03 million for 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 firm earned $2.19 earnings per share. As a group, research analysts expect that Otter Tail Co. will post 7.01 earnings per share for the current fiscal year.

Otter Tail Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th will be issued a $0.468 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.87 dividend on an annualized basis and a yield of 2.35%. Otter Tail’s dividend payout ratio is presently 25.83%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on OTTR. Siebert Williams Shank raised shares of Otter Tail from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 6th. StockNews.com raised Otter Tail from a “sell” rating to a “hold” rating in a research report on Thursday.

Otter Tail 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.