GAMMA Investing LLC Has $2.60 Million Stock Position in Otter Tail Co. (NASDAQ:OTTR)

GAMMA Investing LLC raised its stake in Otter Tail Co. (NASDAQ:OTTR) by 9,902.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,309 shares of the utilities provider’s stock after buying an additional 31,986 shares during the period. GAMMA Investing LLC owned 0.08% of Otter Tail worth $2,597,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vermillion Wealth Management Inc. acquired a new position in shares of Otter Tail during the fourth quarter worth $36,000. Asset Planning Inc acquired a new position in shares of Otter Tail during the fourth quarter worth $37,000. AdvisorNet Financial Inc lifted its holdings in shares of Otter Tail by 120.0% during the first quarter. AdvisorNet Financial Inc now owns 550 shares of the utilities provider’s stock worth $44,000 after purchasing an additional 300 shares during the period. Studio Investment Management LLC acquired a new position in shares of Otter Tail during the fourth quarter worth $50,000. Finally, New Age Alpha Advisors LLC acquired a new position in shares of Otter Tail during the fourth quarter worth $94,000. Institutional investors and hedge funds own 61.32% of the company’s stock.

Analyst Ratings Changes

Separately, Siebert Williams Shank raised shares of Otter Tail from a “hold” rating to a “buy” rating and lifted their target price for the stock from $82.00 to $83.00 in a research note on Wednesday, May 7th.

Otter Tail Price Performance

Shares of NASDAQ OTTR opened at $79.33 on Friday. Otter Tail Co. has a twelve month low of $71.66 and a twelve month high of $100.84. The firm has a fifty day simple moving average of $77.94 and a 200 day simple moving average of $78.37. The company has a market capitalization of $3.32 billion, a PE ratio of 11.06 and a beta of 0.55. The company has a quick ratio of 1.66, a current ratio of 2.03 and a debt-to-equity ratio of 0.57.

Otter Tail (NASDAQ:OTTR) last announced its earnings results on Monday, May 5th. The utilities provider reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.53 by $0.09. Otter Tail had a net margin of 22.67% and a return on equity of 18.96%. The business had revenue of $337.35 million during the quarter, compared to the consensus estimate of $349.70 million. During the same quarter last year, the firm earned $1.77 earnings per share. Otter Tail’s quarterly revenue was down 2.8% on a year-over-year basis. On average, sell-side analysts forecast that Otter Tail Co. 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 Tuesday, June 10th. Stockholders of record on Thursday, May 15th were issued a dividend of $0.525 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $2.10 annualized dividend and a dividend yield of 2.65%. Otter Tail’s dividend payout ratio is currently 29.91%.

Otter Tail Company 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.