Tudor Investment Corp ET AL Sells 13,308 Shares of Otter Tail Corporation $OTTR
by Tristan Rich · The Markets DailyTudor Investment Corp ET AL trimmed its position in shares of Otter Tail Corporation (NASDAQ:OTTR – Free Report) by 8.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 141,283 shares of the utilities provider’s stock after selling 13,308 shares during the period. Tudor Investment Corp ET AL owned approximately 0.34% of Otter Tail worth $11,581,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also recently modified their holdings of OTTR. First Trust Advisors LP increased its position in Otter Tail by 17.8% in the third quarter. First Trust Advisors LP now owns 1,464,613 shares of the utilities provider’s stock worth $120,054,000 after purchasing an additional 221,039 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Otter Tail by 77.3% during the third quarter. JPMorgan Chase & Co. now owns 605,504 shares of the utilities provider’s stock valued at $49,633,000 after purchasing an additional 264,009 shares during the last quarter. Bank of America Corp DE lifted its position in Otter Tail by 31.6% during the second quarter. Bank of America Corp DE now owns 409,157 shares of the utilities provider’s stock valued at $31,542,000 after purchasing an additional 98,243 shares during the last quarter. Public Sector Pension Investment Board grew its stake in shares of Otter Tail by 27.5% in the 3rd 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 in the last quarter. Finally, LSV Asset Management increased its holdings in shares of Otter Tail by 183.2% in the 3rd 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. 61.32% of the stock is currently owned by institutional investors.
Otter Tail Stock Performance
NASDAQ OTTR opened at $88.59 on Monday. The business’s 50 day moving average price is $86.99 and its 200-day moving average price is $83.77. Otter Tail Corporation has a fifty-two week low of $71.79 and a fifty-two week high of $90.41. The company has a market cap of $3.72 billion, a P/E ratio of 13.50 and a beta of 0.50. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.83 and a current ratio of 2.28.
Otter Tail (NASDAQ:OTTR – Get Free Report) last issued its quarterly earnings results on Tuesday, February 17th. The utilities provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.07. Otter Tail had a return on equity of 15.36% and a net margin of 21.16%.The company had revenue of $308.10 million during the quarter, compared to the consensus estimate of $311.15 million. During the same period last year, the company earned $1.30 earnings per share. Otter Tail’s revenue was up 1.6% on a year-over-year basis. Sell-side analysts predict that Otter Tail Corporation will post 5.88 earnings per share for the current year.
Otter Tail Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, March 10th. Investors of record on Friday, February 13th were paid a dividend of $0.5775 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $2.31 dividend on an annualized basis and a dividend yield of 2.6%. This is a boost from Otter Tail’s previous quarterly dividend of $0.53. Otter Tail’s dividend payout ratio is presently 35.21%.
Analysts Set New Price Targets
Separately, Weiss Ratings cut shares of Otter Tail from a “buy (b)” rating to a “hold (c+)” rating in a research report on Wednesday, February 25th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Otter Tail presently has a consensus rating of “Hold” and an average target price of $83.00.
Check Out Our Latest Analysis on OTTR
Otter Tail Company 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.