Cambridge Investment Research Advisors Inc. cut its position in shares of Otter Tail Co. (NASDAQ:OTTR – Get Rating) by 6.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,027 shares of the utilities provider’s stock after selling 470 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Otter Tail were worth $413,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in the company. Bank of Montreal Can boosted its holdings in Otter Tail by 2.8% during the first quarter. Bank of Montreal Can now owns 6,192 shares of the utilities provider’s stock valued at $395,000 after purchasing an additional 167 shares in the last quarter. Ronald Blue Trust Inc. raised its stake in shares of Otter Tail by 47.4% in the fourth quarter. Ronald Blue Trust Inc. now owns 538 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 173 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Otter Tail by 1.4% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 13,156 shares of the utilities provider’s stock valued at $809,000 after acquiring an additional 181 shares during the last quarter. First Manhattan Co. raised its stake in shares of Otter Tail by 0.3% in the first 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, Commonwealth Equity Services LLC raised its stake in shares of Otter Tail by 1.9% in the third quarter. Commonwealth Equity Services LLC now owns 12,860 shares of the utilities provider’s stock valued at $791,000 after acquiring an additional 234 shares during the last quarter. 49.01% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research analysts have recently issued reports on OTTR shares. Siebert Williams Shank cut shares of Otter Tail from a “hold” rating to a “sell” rating and set a $68.00 target price for the company. in a research note on Wednesday, May 3rd. StockNews.com started coverage on shares of Otter Tail in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Finally, Maxim Group cut shares of Otter Tail from a “buy” rating to a “hold” rating in a research report on Wednesday, May 3rd.
Otter Tail Stock Performance
Otter Tail Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 9th. Shareholders of record on Monday, May 15th will be given a dividend of $0.438 per share. This represents a $1.75 annualized dividend and a dividend yield of 2.34%. The ex-dividend date is Friday, May 12th. Otter Tail’s payout ratio is 26.72%.
About Otter Tail
Otter Tail Corp. is a holding company engaged in the energy, infrastructure, and production businesses. It operates through the following segments: Electric, Manufacturing, and Plastics. The Electric segment is involved in the generation, purchase, transmission, distribution, and sale of electric energy in western Minnesota, eastern North Dakota, and northeastern South Dakota.
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