Connor Clark & Lunn Investment Management Ltd. Sells 7,856 Shares of Otter Tail Corporation $OTTR

Connor Clark & Lunn Investment Management Ltd. reduced its position in shares of Otter Tail Corporation (NASDAQ:OTTR) by 18.1% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 35,614 shares of the utilities provider’s stock after selling 7,856 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Otter Tail were worth $2,745,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of OTTR. HighMark Wealth Management LLC acquired a new position in shares of Otter Tail during the 2nd quarter worth about $26,000. MJT & Associates Financial Advisory Group Inc. acquired a new position in Otter Tail during the first quarter worth approximately $34,000. Costello Asset Management INC bought a new stake in Otter Tail in the first quarter valued at approximately $66,000. Armstrong Advisory Group Inc. lifted its position in shares of Otter Tail by 93.0% in the second quarter. Armstrong Advisory Group Inc. now owns 1,660 shares of the utilities provider’s stock valued at $128,000 after buying an additional 800 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new stake in shares of Otter Tail in the first quarter valued at approximately $145,000. Institutional investors own 61.32% of the company’s stock.

Otter Tail Stock Performance

NASDAQ:OTTR opened at $82.96 on Friday. The stock has a 50 day simple moving average of $80.76 and a 200 day simple moving average of $79.73. The stock has a market cap of $3.48 billion, a P/E ratio of 12.20 and a beta of 0.56. Otter Tail Corporation has a 1-year low of $71.66 and a 1-year high of $86.22. The company has a current ratio of 3.31, a quick ratio of 2.57 and a debt-to-equity ratio of 0.59.

Otter Tail (NASDAQ:OTTR) last posted its quarterly earnings data on Tuesday, November 4th. The utilities provider reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.80 by $0.06. Otter Tail had a return on equity of 16.85% and a net margin of 21.82%.The firm had revenue of $325.56 million for the quarter, compared to analysts’ expectations of $337.40 million. During the same quarter last year, the business earned $2.03 EPS. The company’s quarterly revenue was down 3.7% compared to the same quarter last year. Research analysts anticipate that Otter Tail Corporation will post 5.88 earnings per share for the current year.

Otter Tail Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Friday, November 14th will be given a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Friday, November 14th. Otter Tail’s dividend payout ratio (DPR) is currently 31.67%.

Analyst Ratings Changes

A number of research analysts recently weighed in on OTTR shares. Zacks Research raised Otter Tail to a “hold” rating in a report on Friday, October 17th. Weiss Ratings upgraded shares of Otter Tail from a “hold (c+)” rating to a “buy (b-)” rating in a report on Saturday, October 25th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Otter Tail has an average rating of “Moderate Buy” and an average price target of $83.00.

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.