Fifth Third Bancorp Grows Position in Otter Tail Corporation $OTTR

Fifth Third Bancorp raised its stake in shares of Otter Tail Corporation (NASDAQ:OTTR) by 1,803.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 17,815 shares of the utilities provider’s stock after purchasing an additional 16,879 shares during the period. Fifth Third Bancorp’s holdings in Otter Tail were worth $1,564,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of OTTR. Sound Income Strategies LLC boosted its holdings in Otter Tail by 248.8% in the first quarter. Sound Income Strategies LLC now owns 286 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 204 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in Otter Tail by 129.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 376 shares of the utilities provider’s stock worth $30,000 after acquiring an additional 212 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Otter Tail in the 4th quarter worth about $31,000. Motiv8 Investments LLC purchased a new position in shares of Otter Tail in the 4th quarter worth about $34,000. Finally, Birchwood Financial Partners Inc. acquired a new position in shares of Otter Tail in the 4th quarter valued at about $40,000. Hedge funds and other institutional investors own 61.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on OTTR shares. KeyCorp reiterated a “sector weight” rating on shares of Otter Tail in a report on Monday, June 1st. Zacks Research lowered shares of Otter Tail from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 27th. UBS Group reaffirmed a “reduce” rating on shares of Otter Tail in a research report on Friday, May 29th. Weiss Ratings upgraded shares of Otter Tail from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, May 11th. Finally, Siebert Williams Shank lowered shares of Otter Tail from a “buy” rating to a “hold” rating and set a $86.00 price objective for the company. in a research report on Wednesday, May 6th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $86.00.

Otter Tail Price Performance

Shares of OTTR stock opened at $92.21 on Friday. The company has a market capitalization of $3.87 billion, a PE ratio of 13.82 and a beta of 0.45. The firm has a fifty day simple moving average of $88.81 and a 200-day simple moving average of $87.84. The company has a current ratio of 2.04, a quick ratio of 1.64 and a debt-to-equity ratio of 0.56. Otter Tail Corporation has a twelve month low of $74.15 and a twelve month high of $95.00.

Otter Tail (NASDAQ:OTTR) last released its quarterly earnings results on Tuesday, May 5th. The utilities provider reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.31. Otter Tail had a net margin of 21.34% and a return on equity of 15.21%. The firm had revenue of $347.03 million for the quarter, compared to the consensus estimate of $339.10 million. During the same quarter in the previous year, the firm posted $1.62 EPS. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. Equities research analysts anticipate that Otter Tail Corporation will post 5.48 earnings per share for the current fiscal year.

Otter Tail Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Friday, May 15th were paid a dividend of $0.5775 per share. This represents a $2.31 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Friday, May 15th. Otter Tail’s dividend payout ratio (DPR) is 34.63%.

Otter Tail 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.