Otter Tail Co. (NASDAQ:OTTR) Stake Lifted by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC increased its stake in Otter Tail Co. (NASDAQ:OTTRGet Rating) by 97.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,093 shares of the utilities provider’s stock after acquiring an additional 10,413 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Otter Tail were worth $1,297,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Chilton Capital Management LLC purchased a new stake in shares of Otter Tail in the 2nd quarter valued at approximately $29,000. Goodman Advisory Group LLC purchased a new stake in Otter Tail in the 2nd quarter worth approximately $45,000. C M Bidwell & Associates Ltd. purchased a new stake in Otter Tail in the 2nd quarter worth approximately $47,000. EverSource Wealth Advisors LLC purchased a new stake in Otter Tail in the 2nd quarter worth approximately $88,000. Finally, Meeder Asset Management Inc. raised its holdings in shares of Otter Tail by 100.0% during the 2nd quarter. Meeder Asset Management Inc. now owns 1,320 shares of the utilities provider’s stock valued at $89,000 after purchasing an additional 660 shares in the last quarter. 49.01% of the stock is currently owned by institutional investors.

Insider Activity at Otter Tail

In other Otter Tail news, Director John D. Erickson sold 2,000 shares of the business’s stock in a transaction dated Monday, November 21st. The shares were sold at an average price of $56.31, for a total value of $112,620.00. Following the completion of the transaction, the director now directly owns 3,633 shares of the company’s stock, valued at $204,574.23. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.00% of the stock is currently owned by insiders.

Otter Tail Stock Performance

NASDAQ OTTR opened at $61.72 on Friday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.90 and a quick ratio of 1.30. The firm has a market capitalization of $2.57 billion, a price-to-earnings ratio of 8.80 and a beta of 0.50. The company’s fifty day moving average is $58.91 and its two-hundred day moving average is $65.47. Otter Tail Co. has a 52-week low of $52.60 and a 52-week high of $82.46.

Otter Tail (NASDAQ:OTTRGet Rating) last issued its earnings results on Monday, October 31st. The utilities provider reported $2.01 earnings per share for the quarter, beating the consensus estimate of $1.70 by $0.31. Otter Tail had a net margin of 19.69% and a return on equity of 27.09%. The business had revenue of $383.86 million for the quarter, compared to analyst estimates of $389.30 million. Equities research analysts forecast that Otter Tail Co. will post 6.6 EPS for the current year.

Otter Tail Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 9th. Investors of record on Tuesday, November 15th were issued a dividend of $0.412 per share. This represents a $1.65 annualized dividend and a yield of 2.67%. The ex-dividend date of this dividend was Monday, November 14th. Otter Tail’s dividend payout ratio is currently 23.54%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on OTTR. Maxim Group cut their price target on shares of Otter Tail from $95.00 to $75.00 in a report on Wednesday, November 2nd. Siebert Williams Shank upgraded shares of Otter Tail from a “sell” rating to a “hold” rating and set a $63.00 price target on the stock in a report on Monday, November 28th. Finally, lowered shares of Otter Tail from a “buy” rating to a “hold” rating in a research note on Monday, October 31st.

Otter Tail 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.

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Institutional Ownership by Quarter for Otter Tail (NASDAQ:OTTR)

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