Deerfield Management Company L.P. Series C Purchases New Shares in Otter Tail Co. (NASDAQ:OTTR)

Deerfield Management Company L.P. Series C acquired a new position in shares of Otter Tail Co. (NASDAQ:OTTR) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 12,607 shares of the utilities provider’s stock, valued at approximately $1,104,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Atticus Wealth Management LLC bought a new stake in shares of Otter Tail during the second quarter valued at approximately $33,000. GAMMA Investing LLC increased its stake in shares of Otter Tail by 46.3% in the 2nd quarter. GAMMA Investing LLC now owns 657 shares of the utilities provider’s stock valued at $58,000 after buying an additional 208 shares during the period. Mather Group LLC. bought a new stake in shares of Otter Tail during the second quarter worth $77,000. Abound Wealth Management lifted its stake in shares of Otter Tail by 28,725.0% during the second quarter. Abound Wealth Management now owns 1,153 shares of the utilities provider’s stock valued at $101,000 after acquiring an additional 1,149 shares during the period. Finally, Blue Trust Inc. lifted its stake in shares of Otter Tail by 46.4% during the second quarter. Blue Trust Inc. now owns 1,580 shares of the utilities provider’s stock valued at $137,000 after acquiring an additional 501 shares during the period. Institutional investors and hedge funds own 61.32% of the company’s stock.

Otter Tail Stock Performance

Shares of NASDAQ:OTTR opened at $78.35 on Thursday. The company has a current ratio of 2.27, a quick ratio of 1.67 and a debt-to-equity ratio of 0.60. Otter Tail Co. has a 1-year low of $68.96 and a 1-year high of $100.84. The stock has a market capitalization of $3.28 billion, a P/E ratio of 10.76 and a beta of 0.53. The business has a 50-day moving average price of $86.73 and a two-hundred day moving average price of $86.76.

Otter Tail (NASDAQ:OTTR) last announced its quarterly earnings data on Monday, August 5th. The utilities provider reported $2.07 earnings per share for the quarter, beating the consensus estimate of $1.69 by $0.38. Otter Tail had a net margin of 22.84% and a return on equity of 21.06%. The business had revenue of $342.34 million for the quarter, compared to analyst estimates of $367.71 million. During the same period in the prior year, the business posted $1.95 earnings per share. Otter Tail’s revenue was up 1.4% compared to the same quarter last year. Equities analysts predict that Otter Tail Co. will post 6.92 earnings per share for the current year.

Otter Tail Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Thursday, August 15th were issued a dividend of $0.468 per share. This represents a $1.87 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date of this dividend was Thursday, August 15th. Otter Tail’s dividend payout ratio (DPR) is currently 25.69%.

Insider Transactions at Otter Tail

In related news, VP Jennifer O. Smestad sold 4,000 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $88.74, for a total value of $354,960.00. Following the sale, the vice president now directly owns 12,300 shares in the company, valued at approximately $1,091,502. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

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.