Federated Hermes Inc. Sells 9,914 Shares of Otter Tail Corporation $OTTR

Federated Hermes Inc. cut its holdings in Otter Tail Corporation (NASDAQ:OTTR) by 5.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 171,526 shares of the utilities provider’s stock after selling 9,914 shares during the quarter. Federated Hermes Inc. owned 0.41% of Otter Tail worth $13,223,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of OTTR. Adage Capital Partners GP L.L.C. purchased a new position in shares of Otter Tail in the 1st quarter worth $17,681,000. Caisse DE Depot ET Placement DU Quebec grew its position in Otter Tail by 82.2% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 406,321 shares of the utilities provider’s stock worth $32,656,000 after acquiring an additional 183,316 shares in the last quarter. Nuveen LLC bought a new stake in Otter Tail during the first quarter worth approximately $13,217,000. LSV Asset Management purchased a new stake in Otter Tail during the second quarter valued at approximately $4,602,000. Finally, Intech Investment Management LLC lifted its stake in shares of Otter Tail by 309.5% in the 2nd quarter. Intech Investment Management LLC now owns 77,416 shares of the utilities provider’s stock valued at $5,968,000 after purchasing an additional 58,511 shares during the last quarter. Hedge funds and other institutional investors own 61.32% of the company’s stock.

Otter Tail Stock Performance

OTTR stock opened at $83.32 on Thursday. Otter Tail Corporation has a twelve month low of $71.66 and a twelve month high of $86.22. The firm has a market cap of $3.49 billion, a price-to-earnings ratio of 12.57 and a beta of 0.57. The business’s fifty day simple moving average is $80.42 and its two-hundred day simple moving average is $80.20. The company has a quick ratio of 2.82, a current ratio of 3.57 and a debt-to-equity ratio of 0.57.

Otter Tail (NASDAQ:OTTR) last posted its quarterly earnings results on Tuesday, November 4th. The utilities provider reported $1.86 EPS for the quarter, topping analysts’ consensus estimates of $1.80 by $0.06. The firm had revenue of $325.56 million for the quarter, compared to analysts’ expectations of $337.40 million. Otter Tail had a net margin of 21.48% and a return on equity of 15.96%. The business’s revenue for the quarter was down 3.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.03 earnings per share. Analysts predict that Otter Tail Corporation will post 5.88 earnings per share for the current year.

Otter Tail Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Stockholders of record on Friday, November 14th were given a dividend of $0.525 per share. The ex-dividend date of this dividend was Friday, November 14th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 2.5%. Otter Tail’s dividend payout ratio (DPR) is 31.67%.

Analyst Ratings Changes

OTTR has been the topic of several recent research reports. Weiss Ratings upgraded Otter Tail from a “hold (c+)” rating to a “buy (b-)” rating in a report on Saturday, October 25th. Zacks Research upgraded shares of Otter Tail to a “hold” rating in a report on Friday, October 17th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Otter Tail has an average rating of “Moderate Buy” and a consensus target price of $83.00.

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.