Federated Hermes Inc. Has $13.21 Million Stock Holdings in Otter Tail Corporation $OTTR

Federated Hermes Inc. decreased its stake in Otter Tail Corporation (NASDAQ:OTTR) by 6.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 161,196 shares of the utilities provider’s stock after selling 10,330 shares during the period. Federated Hermes Inc. owned about 0.38% of Otter Tail worth $13,213,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OTTR. Bank of America Corp DE lifted its stake in shares of Otter Tail by 31.6% in the 2nd quarter. Bank of America Corp DE now owns 409,157 shares of the utilities provider’s stock valued at $31,542,000 after acquiring an additional 98,243 shares during the last quarter. JPMorgan Chase & Co. grew its position in Otter Tail by 20.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 341,495 shares of the utilities provider’s stock worth $26,326,000 after acquiring an additional 57,751 shares during the last quarter. Public Sector Pension Investment Board increased its holdings in Otter Tail by 7.7% in the 2nd quarter. Public Sector Pension Investment Board now owns 142,860 shares of the utilities provider’s stock worth $11,013,000 after purchasing an additional 10,191 shares in the last quarter. Royal Bank of Canada raised its position in Otter Tail by 2.5% in the first quarter. Royal Bank of Canada now owns 116,479 shares of the utilities provider’s stock valued at $9,361,000 after purchasing an additional 2,807 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of Otter Tail by 5.4% during the second quarter. Legal & General Group Plc now owns 112,041 shares of the utilities provider’s stock valued at $8,637,000 after purchasing an additional 5,714 shares in the last quarter. Institutional investors own 61.32% of the company’s stock.

Wall Street Analyst Weigh In

OTTR has been the subject of several recent research reports. Zacks Research raised Otter Tail to a “hold” rating in a research note on Friday, October 17th. Weiss Ratings restated a “buy (b-)” rating on shares of Otter Tail in a research report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Otter Tail has an average rating of “Moderate Buy” and a consensus price target of $83.00.

Otter Tail Stock Up 1.1%

Otter Tail stock opened at $89.16 on Friday. The firm has a market cap of $3.74 billion, a price-to-earnings ratio of 13.45 and a beta of 0.56. Otter Tail Corporation has a 52-week low of $71.79 and a 52-week high of $90.11. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.82 and a current ratio of 3.57. The firm has a 50 day moving average price of $84.05 and a two-hundred day moving average price of $81.97.

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

Otter Tail Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Friday, February 13th will be given a $0.5775 dividend. This is a boost from Otter Tail’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Friday, February 13th. This represents a $2.31 annualized dividend and a dividend yield of 2.6%. Otter Tail’s dividend payout ratio is 31.67%.

Otter Tail Company Profile

Otter Tail Corporation, through its primary subsidiary Otter Tail Power Company, is a regulated electric utility engaged in the generation, transmission and distribution of electricity. The company operates a diversified portfolio of owned and contracted power generation facilities, including coal, natural gas, wind and hydroelectric units, supplemented by long-term power purchase agreements. In addition to utility operations, Otter Tail provides related engineering, construction and maintenance services to support grid reliability and efficiency.

The company’s service territory covers a predominantly rural footprint in the Upper Midwest, including communities in west-central Minnesota, eastern North Dakota, northwest Wisconsin and small portions of South Dakota.