Amalgamated Bank Trims Stake in Otter Tail Co. (NASDAQ:OTTR)

Amalgamated Bank lessened its position in shares of Otter Tail Co. (NASDAQ:OTTR) by 2.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 12,757 shares of the utilities provider’s stock after selling 355 shares during the quarter. Amalgamated Bank’s holdings in Otter Tail were worth $1,117,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Atticus Wealth Management LLC acquired a new position in Otter Tail during the second quarter worth $33,000. GAMMA Investing LLC raised its position in shares of Otter Tail by 46.3% during the 2nd quarter. GAMMA Investing LLC now owns 657 shares of the utilities provider’s stock worth $58,000 after purchasing an additional 208 shares during the last quarter. Mather Group LLC. purchased a new position in Otter Tail in the 2nd quarter valued at about $77,000. Abound Wealth Management boosted its holdings in Otter Tail by 28,725.0% in the 2nd quarter. Abound Wealth Management now owns 1,153 shares of the utilities provider’s stock worth $101,000 after buying an additional 1,149 shares during the last quarter. Finally, Blue Trust Inc. increased its stake in Otter Tail by 46.4% during the 2nd quarter. Blue Trust Inc. now owns 1,580 shares of the utilities provider’s stock worth $137,000 after buying an additional 501 shares in the last quarter. Institutional investors and hedge funds own 61.32% of the company’s stock.

Otter Tail Price Performance

Shares of Otter Tail stock opened at $77.50 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.27 and a quick ratio of 1.67. The business has a 50 day simple moving average of $86.43 and a two-hundred day simple moving average of $86.69. The stock has a market capitalization of $3.24 billion, a P/E ratio of 10.65 and a beta of 0.53. Otter Tail Co. has a 12 month low of $68.96 and a 12 month high of $100.84.

Otter Tail (NASDAQ:OTTR) last announced its earnings results on Monday, August 5th. The utilities provider reported $2.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.69 by $0.38. The company had revenue of $342.34 million for the quarter, compared to analysts’ expectations of $367.71 million. Otter Tail had a net margin of 22.84% and a return on equity of 21.06%. The firm’s quarterly revenue was up 1.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.95 EPS. As a group, analysts predict that Otter Tail Co. will post 6.92 EPS for the current fiscal year.

Otter Tail Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Thursday, August 15th were issued a $0.468 dividend. The ex-dividend date was Thursday, August 15th. This represents a $1.87 dividend on an annualized basis and a yield of 2.42%. Otter Tail’s payout ratio is 25.69%.

Insiders Place Their Bets

In related news, VP Jennifer O. Smestad sold 4,000 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $88.74, for a total value of $354,960.00. Following the completion of the sale, the vice president now owns 12,300 shares of the company’s stock, valued at $1,091,502. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 2.30% of the company’s stock.

About Otter Tail

Otter Tail Corporation, together with its subsidiaries, engages in electric utility, manufacturing, and plastic pipe businesses in the United States. It operates through three segments: Electric, Manufacturing, and Plastics. The 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 markets.