Otter Tail Corporation $OTTR Shares Purchased by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System lifted its holdings in Otter Tail Corporation (NASDAQ:OTTR) by 1.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,315 shares of the utilities provider’s stock after purchasing an additional 149 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Otter Tail were worth $949,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in OTTR. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Otter Tail in the 1st quarter worth $17,681,000. Caisse DE Depot ET Placement DU Quebec boosted its position in shares of Otter Tail by 82.2% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 406,321 shares of the utilities provider’s stock worth $32,656,000 after purchasing an additional 183,316 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Otter Tail in the 1st quarter worth $13,217,000. Denali Advisors LLC boosted its position in shares of Otter Tail by 883.3% in the 1st quarter. Denali Advisors LLC now owns 67,959 shares of the utilities provider’s stock worth $5,462,000 after purchasing an additional 61,048 shares in the last quarter. Finally, Jane Street Group LLC boosted its position in shares of Otter Tail by 190.8% in the 1st quarter. Jane Street Group LLC now owns 54,112 shares of the utilities provider’s stock worth $4,349,000 after purchasing an additional 35,505 shares in the last quarter. Institutional investors and hedge funds own 61.32% of the company’s stock.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Otter Tail in a research report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $83.00.

Otter Tail Stock Performance

Shares of OTTR opened at $75.05 on Monday. The stock has a 50-day moving average of $82.07 and a two-hundred day moving average of $79.47. Otter Tail Corporation has a one year low of $71.66 and a one year high of $88.36. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.57 and a current ratio of 3.31. The stock has a market cap of $3.15 billion, a P/E ratio of 11.04 and a beta of 0.54.

Otter Tail (NASDAQ:OTTR) last issued its quarterly earnings results on Monday, August 4th. The utilities provider reported $1.85 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.11. The company had revenue of $333.04 million during the quarter, compared to analysts’ expectations of $329.60 million. Otter Tail had a return on equity of 16.85% and a net margin of 21.82%.The firm’s revenue was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.07 EPS. Otter Tail has set its FY 2025 guidance at 6.060-6.46 EPS. As a group, research analysts predict that Otter Tail Corporation will post 5.88 EPS for the current year.

Otter Tail Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Friday, August 15th were paid a dividend of $0.525 per share. The ex-dividend date was Friday, August 15th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 2.8%. Otter Tail’s dividend payout ratio (DPR) is presently 30.88%.

About Otter Tail

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.