Otter Tail Corporation (NASDAQ:OTTR) Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. increased its stake in Otter Tail Corporation (NASDAQ:OTTR) by 20.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,011 shares of the utilities provider’s stock after purchasing an additional 862 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Otter Tail were worth $403,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Byrne Asset Management LLC increased its holdings in shares of Otter Tail by 54.8% in the 1st quarter. Byrne Asset Management LLC now owns 387 shares of the utilities provider’s stock valued at $31,000 after purchasing an additional 137 shares in the last quarter. Quantinno Capital Management LP increased its holdings in shares of Otter Tail by 5.6% in the 4th quarter. Quantinno Capital Management LP now owns 2,760 shares of the utilities provider’s stock valued at $204,000 after purchasing an additional 146 shares in the last quarter. Xponance Inc. increased its holdings in shares of Otter Tail by 5.1% in the 1st quarter. Xponance Inc. now owns 3,097 shares of the utilities provider’s stock valued at $249,000 after purchasing an additional 151 shares in the last quarter. Summit Investment Advisors Inc. increased its holdings in shares of Otter Tail by 5.0% in the 4th quarter. Summit Investment Advisors Inc. now owns 4,328 shares of the utilities provider’s stock valued at $320,000 after purchasing an additional 207 shares in the last quarter. Finally, Avantax Advisory Services Inc. increased its holdings in shares of Otter Tail by 3.4% in the 1st quarter. Avantax Advisory Services Inc. now owns 6,964 shares of the utilities provider’s stock valued at $560,000 after purchasing an additional 228 shares in the last quarter. Hedge funds and other institutional investors own 61.32% of the company’s stock.

Otter Tail Stock Performance

NASDAQ:OTTR opened at $82.10 on Friday. The company has a current ratio of 3.31, a quick ratio of 2.57 and a debt-to-equity ratio of 0.59. The firm has a 50-day moving average price of $78.40 and a two-hundred day moving average price of $78.82. Otter Tail Corporation has a twelve month low of $71.66 and a twelve month high of $92.51. The company has a market capitalization of $3.44 billion, a P/E ratio of 12.07 and a beta of 0.56.

Otter Tail (NASDAQ:OTTR) last posted its earnings results on Monday, August 4th. The utilities provider reported $1.85 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.11. Otter Tail had a net margin of 21.82% and a return on equity of 16.85%. The firm had revenue of $333.04 million during the quarter, compared to the consensus estimate of $329.60 million. During the same period last year, the firm posted $2.07 EPS. The firm’s revenue for the quarter was down 2.7% on a year-over-year basis. As a group, research analysts expect that Otter Tail Corporation will post 5.88 earnings per share for the current fiscal year.

Otter Tail Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 15th will be issued a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a yield of 2.6%. The ex-dividend date is Friday, August 15th. Otter Tail’s dividend payout ratio (DPR) is 30.88%.

Analyst Ratings Changes

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

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.