Victory Capital Management Inc. Has $15.01 Million Stock Position in Otter Tail Co. (NASDAQ:OTTR)

Posted by MarketBeat News on Aug 6th, 2022

Victory Capital Management Inc. grew its stake in shares of Otter Tail Co. (NASDAQ:OTTR – Get Rating) by 18.5% during the 1st quarter, Holdings Channel reports. The firm owned 258,964 shares of the utilities provider’s stock after buying an additional 40,420 shares during the period. Victory Capital Management Inc.’s holdings in Otter Tail were worth $15,010,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Barclays PLC boosted its stake in shares of Otter Tail by 197.0% during the 4th quarter. Barclays PLC now owns 49,952 shares of the utilities provider’s stock worth $3,568,000 after acquiring an additional 33,134 shares during the period. Assenagon Asset Management S.A. bought a new position in shares of Otter Tail during the 4th quarter worth approximately $2,314,000. Principal Financial Group Inc. bought a new position in shares of Otter Tail during the 4th quarter worth approximately $2,197,000. Allspring Global Investments Holdings LLC bought a new position in shares of Otter Tail during the 4th quarter worth approximately $1,894,000. Finally, Virginia Retirement Systems ET AL boosted its stake in shares of Otter Tail by 311.1% during the 1st quarter. Virginia Retirement Systems ET AL now owns 33,300 shares of the utilities provider’s stock worth $2,081,000 after acquiring an additional 25,200 shares during the period. Institutional investors and hedge funds own 46.58% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Siebert Williams Shank downgraded Otter Tail from a “hold” rating to a “sell” rating and lifted their target price for the stock from $62.00 to $64.00 in a research note on Wednesday. StockNews.com downgraded Otter Tail from a “buy” rating to a “hold” rating in a research note on Wednesday.

Otter Tail Stock Performance

OTTR opened at $75.74 on Friday. The business has a fifty day simple moving average of $67.08 and a 200 day simple moving average of $63.92. The company has a market capitalization of $3.15 billion, a PE ratio of 12.10 and a beta of 0.46. Otter Tail Co. has a 1 year low of $52.49 and a 1 year high of $78.83. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.08 and a quick ratio of 0.69.

Otter Tail (NASDAQ:OTTR – Get Rating) last released its quarterly earnings results on Monday, August 1st. The utilities provider reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.50. The business had revenue of $400.04 million during the quarter, compared to the consensus estimate of $336.87 million. Otter Tail had a return on equity of 26.32% and a net margin of 18.42%. The firm’s quarterly revenue was up 40.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.01 EPS. Research analysts expect that Otter Tail Co. will post 6.98 EPS for the current year.

Otter Tail Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 9th. Stockholders of record on Monday, August 15th will be given a dividend of $0.412 per share. The ex-dividend date of this dividend is Friday, August 12th. This represents a $1.65 dividend on an annualized basis and a dividend yield of 2.18%. Otter Tail’s payout ratio is 26.36%.

Otter Tail Company Profile

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Otter Tail Corporation, together with its subsidiaries, engages in electric utility, manufacturing, and plastic pipe businesses in the United States. The company's 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, Inc markets.