VIRGINIA RETIREMENT SYSTEMS ET Al reduced its holdings in Otter Tail Corporation (NASDAQ:OTTR – Free Report) by 36.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 20,454 shares of the utilities provider’s stock after selling 11,600 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Otter Tail were worth $1,653,000 as of its most recent filing with the SEC.
A number of other large investors also recently modified their holdings of OTTR. Royal Bank of Canada lifted its position in shares of Otter Tail by 2.5% in the 1st quarter. Royal Bank of Canada now owns 116,479 shares of the utilities provider’s stock worth $9,361,000 after buying an additional 2,807 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Otter Tail by 26.9% in the 1st quarter. AQR Capital Management LLC now owns 22,709 shares of the utilities provider’s stock worth $1,825,000 after acquiring an additional 4,815 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Otter Tail by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,611 shares of the utilities provider’s stock worth $1,978,000 after acquiring an additional 1,067 shares during the period. United Services Automobile Association acquired a new stake in shares of Otter Tail in the 1st quarter worth about $223,000. Finally, Jane Street Group LLC increased its holdings 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 acquiring an additional 35,505 shares during the period. 61.32% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
OTTR has been the topic of a number of analyst reports. Siebert Williams Shank cut shares of Otter Tail from a “buy” rating to a “hold” rating and set a $86.00 price objective on the stock. in a report on Wednesday, May 6th. Zacks Research raised shares of Otter Tail from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 28th. Finally, Weiss Ratings raised shares of Otter Tail from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $86.00.
Otter Tail Stock Down 2.6%
Otter Tail stock opened at $87.80 on Friday. The stock has a market cap of $3.69 billion, a price-to-earnings ratio of 13.16 and a beta of 0.47. The company has a current ratio of 2.04, a quick ratio of 1.64 and a debt-to-equity ratio of 0.56. The company’s 50-day moving average price is $87.99 and its two-hundred day moving average price is $85.52. Otter Tail Corporation has a 52 week low of $74.15 and a 52 week high of $92.24.
Otter Tail (NASDAQ:OTTR – Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The utilities provider reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.31. The company had revenue of $347.03 million for the quarter, compared to analysts’ expectations of $339.10 million. Otter Tail had a net margin of 21.34% and a return on equity of 15.21%. The business’s revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.62 EPS. On average, analysts expect that Otter Tail Corporation will post 5.48 EPS for the current fiscal year.
Otter Tail Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Friday, May 15th will be paid a $0.5775 dividend. The ex-dividend date of this dividend is Friday, May 15th. This represents a $2.31 annualized dividend and a dividend yield of 2.6%. Otter Tail’s payout ratio is currently 34.63%.
Otter Tail Company Profile
Otter Tail Corporation, through its primary subsidiary Otter Tail Power Company, is a regulated electric utility engaged in the generation, transmission and distribution of electricity. The company operates a diversified portfolio of owned and contracted power generation facilities, including coal, natural gas, wind and hydroelectric units, supplemented by long-term power purchase agreements. In addition to utility operations, Otter Tail provides related engineering, construction and maintenance services to support grid reliability and efficiency.
The company’s service territory covers a predominantly rural footprint in the Upper Midwest, including communities in west-central Minnesota, eastern North Dakota, northwest Wisconsin and small portions of South Dakota.
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