Advisors Asset Management Inc. cut its position in Otter Tail Corporation (NASDAQ:OTTR) by 79.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,051 shares of the utilities provider’s stock after selling 122,732 shares during the period. Advisors Asset Management Inc. owned 0.08% of Otter Tail Corporation worth $1,269,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. purchased a new position in Otter Tail Corporation during the first quarter worth about $119,000. Morgan Stanley increased its position in Otter Tail Corporation by 13.8% in the first quarter. Morgan Stanley now owns 247,408 shares of the utilities provider’s stock valued at $9,377,000 after buying an additional 30,059 shares during the period. Geode Capital Management LLC increased its position in Otter Tail Corporation by 6.0% in the first quarter. Geode Capital Management LLC now owns 340,021 shares of the utilities provider’s stock valued at $12,886,000 after buying an additional 19,380 shares during the period. Sei Investments Co. increased its position in Otter Tail Corporation by 8.3% in the first quarter. Sei Investments Co. now owns 3,574 shares of the utilities provider’s stock valued at $136,000 after buying an additional 274 shares during the period. Finally, Trexquant Investment LP bought a new position in Otter Tail Corporation during the first quarter valued at $506,000. Hedge funds and other institutional investors own 40.60% of the company’s stock.
Otter Tail Corporation (NASDAQ OTTR) opened at 41.90 on Monday. Otter Tail Corporation has a 52-week low of $33.08 and a 52-week high of $42.55. The stock has a market capitalization of $1.66 billion, a P/E ratio of 24.12 and a beta of 0.78. The company’s 50-day moving average price is $40.66 and its 200 day moving average price is $39.17.
Otter Tail Corporation (NASDAQ:OTTR) last posted its quarterly earnings data on Monday, August 7th. The utilities provider reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.01. The company had revenue of $212.10 million for the quarter, compared to analyst estimates of $211.30 million. Otter Tail Corporation had a net margin of 8.35% and a return on equity of 10.14%. Otter Tail Corporation’s quarterly revenue was up 4.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.41 earnings per share. On average, equities research analysts predict that Otter Tail Corporation will post $1.75 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, September 9th. Shareholders of record on Tuesday, August 15th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Friday, August 11th. This represents a $1.28 dividend on an annualized basis and a yield of 3.05%. Otter Tail Corporation’s dividend payout ratio is presently 74.42%.
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OTTR has been the topic of several analyst reports. BidaskClub upgraded Otter Tail Corporation from a “sell” rating to a “hold” rating in a research report on Monday, July 31st. Zacks Investment Research upgraded Otter Tail Corporation from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a research report on Tuesday, August 15th.
In other Otter Tail Corporation news, CFO Kevin G. Moug sold 1,500 shares of Otter Tail Corporation stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $41.75, for a total value of $62,625.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.40% of the company’s stock.
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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