Tudor Investment Corp ET AL Sells 13,308 Shares of Otter Tail Corporation $OTTR

Tudor Investment Corp ET AL lessened its position in shares of Otter Tail Corporation (NASDAQ:OTTR) by 8.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 141,283 shares of the utilities provider’s stock after selling 13,308 shares during the quarter. Tudor Investment Corp ET AL’s holdings in Otter Tail were worth $11,581,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of OTTR. First Trust Advisors LP grew its stake in shares of Otter Tail by 17.8% during the 3rd quarter. First Trust Advisors LP now owns 1,464,613 shares of the utilities provider’s stock valued at $120,054,000 after purchasing an additional 221,039 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Otter Tail by 77.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 605,504 shares of the utilities provider’s stock worth $49,633,000 after purchasing an additional 264,009 shares during the period. 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 worth $31,542,000 after purchasing an additional 98,243 shares during the period. Public Sector Pension Investment Board boosted its holdings in shares of Otter Tail by 27.5% in the third quarter. Public Sector Pension Investment Board now owns 182,086 shares of the utilities provider’s stock worth $14,926,000 after buying an additional 39,226 shares during the last quarter. Finally, LSV Asset Management boosted its holdings in shares of Otter Tail by 183.2% in the third quarter. LSV Asset Management now owns 169,072 shares of the utilities provider’s stock worth $13,859,000 after buying an additional 109,372 shares during the last quarter. Institutional investors own 61.32% of the company’s stock.

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 report on Wednesday, February 25th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $83.00.

Otter Tail Trading Down 3.8%

OTTR stock opened at $84.20 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.28 and a quick ratio of 1.83. Otter Tail Corporation has a 1-year low of $71.79 and a 1-year high of $90.41. The business has a 50 day simple moving average of $87.06 and a two-hundred day simple moving average of $83.51. The company has a market capitalization of $3.53 billion, a price-to-earnings ratio of 12.84 and a beta of 0.56.

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

Otter Tail Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 10th. Shareholders of record on Friday, February 13th were issued a $0.5775 dividend. The ex-dividend date was Friday, February 13th. This represents a $2.31 dividend on an annualized basis and a yield of 2.7%. This is an increase from Otter Tail’s previous quarterly dividend of $0.53. Otter Tail’s payout ratio is presently 35.21%.

About Otter Tail

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.