Gabelli Funds LLC Sells 13,400 Shares of Otter Tail Co. (NASDAQ:OTTR)

Posted by Defense World Staff on Feb 25th, 2023

Gabelli Funds LLC cut its holdings in Otter Tail Co. (NASDAQ:OTTR – Get Rating) by 1.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 725,500 shares of the utilities provider’s stock after selling 13,400 shares during the quarter. Gabelli Funds LLC owned about 1.74% of Otter Tail worth $44,633,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of OTTR. Vanguard Group Inc. boosted its position in Otter Tail by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 4,441,104 shares of the utilities provider’s stock worth $277,569,000 after acquiring an additional 92,114 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Otter Tail by 0.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,035,864 shares of the utilities provider’s stock worth $63,727,000 after acquiring an additional 2,875 shares during the last quarter. First Trust Advisors LP boosted its position in Otter Tail by 4.7% during the 1st quarter. First Trust Advisors LP now owns 996,956 shares of the utilities provider’s stock worth $62,310,000 after acquiring an additional 44,571 shares during the last quarter. State Street Corp boosted its position in Otter Tail by 1.7% during the 2nd quarter. State Street Corp now owns 880,451 shares of the utilities provider’s stock worth $59,105,000 after acquiring an additional 14,694 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Otter Tail by 11.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 460,042 shares of the utilities provider’s stock worth $28,753,000 after acquiring an additional 47,064 shares during the last quarter. 49.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

OTTR has been the subject of a number of recent research reports. Maxim Group reduced their price target on Otter Tail from $95.00 to $75.00 in a research report on Wednesday, November 2nd. StockNews.com downgraded Otter Tail from a “buy” rating to a “hold” rating in a report on Monday, October 31st. Finally, Siebert Williams Shank raised Otter Tail from a “sell” rating to a “hold” rating and set a $63.00 price objective for the company in a report on Monday, November 28th.

Otter Tail Stock Up 0.5 %

OTTR stock opened at $70.93 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.91 and a quick ratio of 1.29. Otter Tail Co. has a fifty-two week low of $52.60 and a fifty-two week high of $82.46. The stock has a market capitalization of $2.95 billion, a price-to-earnings ratio of 10.46 and a beta of 0.53. The business’s fifty day moving average price is $62.57 and its two-hundred day moving average price is $64.80.

Otter Tail Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 10th. Investors of record on Tuesday, February 14th will be paid a $0.438 dividend. The ex-dividend date is Monday, February 13th. This is a positive change from Otter Tail’s previous quarterly dividend of $0.41. This represents a $1.75 annualized dividend and a yield of 2.47%. Otter Tail’s dividend payout ratio (DPR) is 25.81%.

Otter Tail Company Profile

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Otter Tail Corp. is a holding company engaged in the energy, infrastructure, and production businesses. It operates through the following segments: Electric, Manufacturing, and Plastics. The Electric segment is involved in the generation, purchase, transmission, distribution, and sale of electric energy in western Minnesota, eastern North Dakota, and northeastern South Dakota.