Dynamic Technology Lab Private Ltd Acquires Shares of 13,601 Otter Tail Corporation $OTTR

Dynamic Technology Lab Private Ltd bought a new position in shares of Otter Tail Corporation (NASDAQ:OTTR) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 13,601 shares of the utilities provider’s stock, valued at approximately $1,115,000.

A number of other large investors have also modified their holdings of the business. First Trust Advisors LP raised its position in shares of Otter Tail by 17.8% in the third quarter. First Trust Advisors LP now owns 1,464,613 shares of the utilities provider’s stock valued at $120,054,000 after buying an additional 221,039 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Otter Tail by 77.3% during the third quarter. JPMorgan Chase & Co. now owns 605,504 shares of the utilities provider’s stock worth $49,633,000 after acquiring an additional 264,009 shares during the last quarter. Bank of America Corp DE boosted its position in Otter Tail by 31.6% during the second quarter. Bank of America Corp DE now owns 409,157 shares of the utilities provider’s stock worth $31,542,000 after acquiring an additional 98,243 shares during the last quarter. Public Sector Pension Investment Board grew its stake in Otter Tail by 27.5% during the 3rd quarter. Public Sector Pension Investment Board now owns 182,086 shares of the utilities provider’s stock valued at $14,926,000 after acquiring an additional 39,226 shares in the last quarter. Finally, LSV Asset Management raised its holdings in Otter Tail by 183.2% in the 3rd quarter. LSV Asset Management now owns 169,072 shares of the utilities provider’s stock valued at $13,859,000 after acquiring an additional 109,372 shares during the last quarter. Hedge funds and other institutional investors own 61.32% of the company’s stock.

Otter Tail Stock Up 0.9%

Shares of OTTR opened at $90.04 on Monday. Otter Tail Corporation has a 52-week low of $71.79 and a 52-week high of $90.41. The company has a quick ratio of 1.83, a current ratio of 2.28 and a debt-to-equity ratio of 0.52. The stock has a fifty day simple moving average of $86.18 and a two-hundred day simple moving average of $83.35. The company has a market capitalization of $3.78 billion, a PE ratio of 13.73 and a beta of 0.56.

Otter Tail (NASDAQ:OTTR) last announced its quarterly earnings results on Tuesday, February 17th. The utilities provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.07. The firm had revenue of $308.10 million for the quarter, compared to analysts’ expectations of $311.15 million. Otter Tail had a net margin of 21.16% and a return on equity of 15.36%. The company’s revenue was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.30 EPS. As a group, equities analysts forecast that Otter Tail Corporation will post 5.88 EPS for the current year.

Otter Tail Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 10th. Shareholders of record on Friday, February 13th will be paid a dividend of $0.5775 per share. This represents a $2.31 dividend on an annualized basis and a yield of 2.6%. 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. Otter Tail’s payout ratio is presently 35.21%.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered shares of Otter Tail from a “buy (b)” rating to a “hold (c+)” rating in a research note on Wednesday, February 25th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $83.00.

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.