Bank of New York Mellon Corp Sells 12,778 Shares of Otter Tail Corporation (NASDAQ:OTTR)

Bank of New York Mellon Corp reduced its position in Otter Tail Corporation (NASDAQ:OTTR) by 3.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 392,368 shares of the utilities provider’s stock after selling 12,778 shares during the quarter. Bank of New York Mellon Corp owned 0.94% of Otter Tail worth $31,535,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Byrne Asset Management LLC raised its holdings in Otter Tail by 54.8% in the first quarter. Byrne Asset Management LLC now owns 387 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 137 shares in the last quarter. Vermillion Wealth Management Inc. bought a new position in Otter Tail in the fourth quarter worth about $36,000. AdvisorNet Financial Inc grew its stake 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 acquiring an additional 300 shares during the last quarter. Studio Investment Management LLC purchased a new stake in shares of Otter Tail during the fourth quarter worth about $50,000. Finally, Goodman Advisory Group LLC purchased a new stake in shares of Otter Tail during the first quarter worth about $54,000. 61.32% of the stock is currently owned by institutional investors.

Otter Tail Price Performance

Shares of NASDAQ OTTR opened at $76.11 on Wednesday. The firm has a 50-day simple moving average of $77.88 and a 200-day simple moving average of $78.45. The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of 10.84 and a beta of 0.54. The company has a quick ratio of 2.03, a current ratio of 2.62 and a debt-to-equity ratio of 0.58. Otter Tail Corporation has a 52 week low of $71.66 and a 52 week high of $100.84.

Otter Tail (NASDAQ:OTTR) last released its quarterly earnings data on Monday, May 5th. The utilities provider reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.53 by $0.09. Otter Tail had a net margin of 22.37% and a return on equity of 17.95%. The firm had revenue of $337.35 million during the quarter, compared to analysts’ expectations of $349.70 million. During the same period last year, the business earned $1.77 earnings per share. Otter Tail’s revenue was down 2.8% compared to the same quarter last year. On average, equities analysts predict that Otter Tail Corporation will post 5.88 earnings per share for the current fiscal year.

Otter Tail Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Thursday, May 15th were paid a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a yield of 2.76%. The ex-dividend date was Thursday, May 15th. Otter Tail’s dividend payout ratio (DPR) is presently 29.91%.

Wall Street Analysts Forecast Growth

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

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.