Otter Tail Corporation $OTTR Shares Sold by Swiss National Bank

Swiss National Bank reduced its position in shares of Otter Tail Corporation (NASDAQ:OTTR) by 1.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 73,000 shares of the utilities provider’s stock after selling 1,000 shares during the period. Swiss National Bank owned about 0.17% of Otter Tail worth $5,867,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Caisse DE Depot ET Placement DU Quebec boosted its stake in Otter Tail by 168.8% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 223,005 shares of the utilities provider’s stock valued at $16,467,000 after buying an additional 140,044 shares in the last quarter. Voloridge Investment Management LLC purchased a new stake in shares of Otter Tail during the 4th quarter worth about $5,675,000. Northern Trust Corp raised its stake in shares of Otter Tail by 15.1% during the 4th 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 in the last quarter. Denali Advisors LLC raised its stake in shares of Otter Tail by 883.3% during the 1st quarter. Denali Advisors LLC now owns 67,959 shares of the utilities provider’s stock worth $5,462,000 after purchasing an additional 61,048 shares in the last quarter. Finally, Millennium Management LLC raised its stake in shares of Otter Tail by 13.5% during the 4th quarter. Millennium Management LLC now owns 411,281 shares of the utilities provider’s stock worth $30,369,000 after purchasing an additional 48,888 shares in the last quarter. 61.32% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Otter Tail Trading Up 0.7%

OTTR stock opened at $82.81 on Tuesday. The company has a market cap of $3.47 billion, a P/E ratio of 12.18 and a beta of 0.56. Otter Tail Corporation has a twelve month low of $71.66 and a twelve month high of $92.51. The company has a quick ratio of 2.57, a current ratio of 3.31 and a debt-to-equity ratio of 0.59. The business has a fifty day moving average of $78.59 and a 200-day moving average of $78.92.

Otter Tail (NASDAQ:OTTR) last announced its quarterly earnings data on Monday, August 4th. The utilities provider reported $1.85 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.11. Otter Tail had a return on equity of 16.85% and a net margin of 21.82%. The business had revenue of $333.04 million during the quarter, compared to analysts’ expectations of $329.60 million. During the same period in the previous year, the firm earned $2.07 earnings per share. The firm’s quarterly revenue was down 2.7% compared to the same quarter last year. As a group, equities research analysts expect that Otter Tail Corporation will post 5.88 EPS for the current year.

Otter Tail Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 15th will be given a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, August 15th. Otter Tail’s dividend payout ratio is currently 30.88%.

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.