Stanley Laman Group Ltd. raised its position in Otter Tail Corporation (NASDAQ:OTTR) by 3.5% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 49,052 shares of the utilities provider’s stock after buying an additional 1,651 shares during the period. Stanley Laman Group Ltd. owned 0.12% of Otter Tail Corporation worth $1,942,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Virginia Retirement Systems ET AL acquired a new stake in shares of Otter Tail Corporation during the first quarter worth $906,000. Sei Investments Co. boosted its stake in shares of Otter Tail Corporation by 8.3% in the first quarter. Sei Investments Co. now owns 3,574 shares of the utilities provider’s stock worth $136,000 after buying an additional 274 shares during the last quarter. Karp Capital Management Corp acquired a new stake in shares of Otter Tail Corporation during the first quarter worth $366,000. UBS Asset Management Americas Inc. boosted its stake in shares of Otter Tail Corporation by 21.9% in the first quarter. UBS Asset Management Americas Inc. now owns 13,018 shares of the utilities provider’s stock worth $493,000 after buying an additional 2,343 shares during the last quarter. Finally, Swiss National Bank boosted its stake in shares of Otter Tail Corporation by 3.2% in the first quarter. Swiss National Bank now owns 57,500 shares of the utilities provider’s stock worth $2,179,000 after buying an additional 1,800 shares during the last quarter. Hedge funds and other institutional investors own 39.37% of the company’s stock.
Shares of Otter Tail Corporation (OTTR) opened at 41.70 on Friday. The company has a market capitalization of $1.65 billion, a PE ratio of 24.01 and a beta of 0.78. The company’s 50-day moving average is $40.58 and its 200-day moving average is $39.14. Otter Tail Corporation has a one year low of $33.08 and a one year high of $42.55.
Otter Tail Corporation (NASDAQ:OTTR) last released its quarterly earnings results on Monday, August 7th. The utilities provider reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.01. Otter Tail Corporation had a net margin of 8.35% and a return on equity of 10.14%. The firm had revenue of $212.10 million during the quarter, compared to analyst estimates of $211.30 million. During the same quarter last year, the business earned $0.41 EPS. The company’s revenue was up 4.2% compared to the same quarter last year. Equities analysts predict that Otter Tail Corporation will post $1.75 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, September 9th. Shareholders of record on Tuesday, August 15th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, August 11th. This represents a $1.28 annualized dividend and a yield of 3.07%. Otter Tail Corporation’s payout ratio is 74.42%.
A number of analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Otter Tail Corporation from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a report on Tuesday, August 15th. BidaskClub cut shares of Otter Tail Corporation from a “buy” rating to a “hold” rating in a report on Thursday, June 22nd.
In other Otter Tail Corporation news, CFO Kevin G. Moug sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $41.75, for a total transaction of $62,625.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.40% of the stock is currently owned by company insiders.
Otter Tail Corporation Company Profile
Otter Tail Corporation is a holding company. The Company operates through three segments: Electric, Manufacturing and Plastics. The Electric segment includes the production, transmission, distribution and sale of electric energy in Minnesota, North Dakota and South Dakota by Otter Tail Power Company (OTP).
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