Allspring Global Investments Holdings LLC Cuts Stock Holdings in Otter Tail Co. (NASDAQ:OTTR)

Allspring Global Investments Holdings LLC trimmed its position in shares of Otter Tail Co. (NASDAQ:OTTRFree Report) by 46.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,607 shares of the utilities provider’s stock after selling 6,582 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Otter Tail were worth $657,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in OTTR. International Assets Investment Management LLC grew its stake in Otter Tail by 8,231.5% in the 4th quarter. International Assets Investment Management LLC now owns 187,958 shares of the utilities provider’s stock valued at $15,971,000 after acquiring an additional 185,702 shares during the period. Federated Hermes Inc. boosted its stake in Otter Tail by 82.8% during the 4th quarter. Federated Hermes Inc. now owns 143,231 shares of the utilities provider’s stock worth $12,170,000 after purchasing an additional 64,876 shares during the last quarter. OneAscent Financial Services LLC acquired a new stake in Otter Tail during the 4th quarter worth $3,127,000. Louisiana State Employees Retirement System acquired a new stake in Otter Tail during the 4th quarter worth $1,776,000. Finally, Focus Financial Network Inc. ADV acquired a new stake in Otter Tail during the 4th quarter worth $1,634,000. 61.32% of the stock is owned by hedge funds and other institutional investors.

Otter Tail Trading Down 2.1 %

Shares of OTTR opened at $84.07 on Wednesday. Otter Tail Co. has a 52-week low of $68.96 and a 52-week high of $99.49. The company has a quick ratio of 2.21, a current ratio of 2.92 and a debt-to-equity ratio of 0.63. The firm’s fifty day moving average is $88.73 and its two-hundred day moving average is $87.16. The stock has a market cap of $3.51 billion, a PE ratio of 11.55 and a beta of 0.55.

Otter Tail (NASDAQ:OTTRGet Free Report) last announced its earnings results on Monday, May 6th. The utilities provider reported $1.77 earnings per share (EPS) for the quarter. Otter Tail had a net margin of 22.55% and a return on equity of 21.58%. The company had revenue of $347.07 million for the quarter. Research analysts forecast that Otter Tail Co. will post 6.38 earnings per share for the current fiscal year.

Otter Tail Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Wednesday, May 15th were given a dividend of $0.468 per share. The ex-dividend date was Tuesday, May 14th. This represents a $1.87 annualized dividend and a dividend yield of 2.23%. Otter Tail’s payout ratio is 25.69%.

Insider Activity

In other news, VP Paul L. Knutson sold 4,000 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $90.66, for a total transaction of $362,640.00. Following the transaction, the vice president now owns 20,359 shares of the company’s stock, valued at approximately $1,845,746.94. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Otter Tail Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Otter Tail (NASDAQ:OTTR)

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