Otter Tail Corporation (NASDAQ:OTTR) Holdings Raised by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. raised its holdings in shares of Otter Tail Corporation (NASDAQ:OTTR) by 4.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,441 shares of the utilities provider’s stock after purchasing an additional 277 shares during the period. Assenagon Asset Management S.A.’s holdings in Otter Tail were worth $518,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Otter Tail by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 5,275,068 shares of the utilities provider’s stock worth $389,511,000 after purchasing an additional 43,186 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Otter Tail by 15.1% during the fourth quarter. Northern Trust Corp now owns 545,618 shares of the utilities provider’s stock worth $40,288,000 after purchasing an additional 71,601 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Otter Tail by 5.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 536,545 shares of the utilities provider’s stock valued at $39,618,000 after buying an additional 27,415 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Otter Tail by 13.5% in the 4th quarter. Millennium Management LLC now owns 411,281 shares of the utilities provider’s stock valued at $30,369,000 after purchasing an additional 48,888 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Otter Tail by 2.3% in the fourth quarter. Bank of New York Mellon Corp now owns 405,146 shares of the utilities provider’s stock worth $29,916,000 after buying an additional 8,993 shares during the last quarter. Institutional investors own 61.32% of the company’s stock.

Analyst Ratings Changes

Separately, Siebert Williams Shank raised Otter Tail from a “hold” rating to a “buy” rating and upped their price target for the company from $82.00 to $83.00 in a report on Wednesday, May 7th.

Otter Tail Trading Up 1.1%

OTTR stock opened at $76.32 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.62 and a quick ratio of 2.03. The stock has a market capitalization of $3.20 billion, a price-to-earnings ratio of 10.87 and a beta of 0.55. Otter Tail Corporation has a fifty-two week low of $71.66 and a fifty-two week high of $100.84. The business has a fifty day moving average price of $78.03 and a 200 day moving average price of $78.23.

Otter Tail (NASDAQ:OTTR) last announced its quarterly earnings results on Monday, May 5th. The utilities provider reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.53 by $0.09. The company had revenue of $337.35 million during the quarter, compared to analyst estimates of $349.70 million. Otter Tail had a net margin of 22.37% and a return on equity of 17.95%. The firm’s revenue was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.77 EPS. Analysts expect that Otter Tail Corporation will post 5.88 EPS for the current fiscal year.

Otter Tail Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Thursday, May 15th were issued a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date was Thursday, May 15th. Otter Tail’s payout ratio is currently 29.91%.

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.