Rhumbline Advisers Raises Holdings in Otter Tail Co. (NASDAQ:OTTR)

Posted by Defense World Staff on Sep 6th, 2023

Rhumbline Advisers boosted its holdings in shares of Otter Tail Co. (NASDAQ:OTTR – Free Report) by 68.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 107,176 shares of the utilities provider’s stock after buying an additional 43,650 shares during the quarter. Rhumbline Advisers owned approximately 0.26% of Otter Tail worth $7,746,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of OTTR. JPMorgan Chase & Co. increased its holdings in Otter Tail by 16.9% during the first quarter. JPMorgan Chase & Co. now owns 122,535 shares of the utilities provider’s stock valued at $7,659,000 after buying an additional 17,716 shares during the period. Raymond James & Associates grew its holdings in Otter Tail by 4.7% in the first quarter. Raymond James & Associates now owns 17,234 shares of the utilities provider’s stock worth $1,077,000 after purchasing an additional 779 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Otter Tail by 3.7% in the first quarter. Bank of New York Mellon Corp now owns 400,321 shares of the utilities provider’s stock worth $25,021,000 after purchasing an additional 14,462 shares during the last quarter. American Century Companies Inc. grew its holdings in Otter Tail by 24.2% in the first quarter. American Century Companies Inc. now owns 5,832 shares of the utilities provider’s stock worth $364,000 after purchasing an additional 1,136 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its holdings in Otter Tail by 5.1% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 6,438 shares of the utilities provider’s stock worth $402,000 after purchasing an additional 310 shares during the last quarter. 60.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, StockNews.com initiated coverage on shares of Otter Tail in a report on Thursday, August 17th. They issued a “hold” rating on the stock.

View Our Latest Report on OTTR

Otter Tail Trading Down 1.9 %

NASDAQ:OTTR opened at $80.73 on Wednesday. Otter Tail Co. has a 12 month low of $52.60 and a 12 month high of $92.74. The firm has a fifty day simple moving average of $83.59 and a 200-day simple moving average of $77.06. The company has a current ratio of 1.74, a quick ratio of 1.26 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $3.37 billion, a P/E ratio of 12.52 and a beta of 0.52.

Otter Tail (NASDAQ:OTTR – Get Free Report) last posted its quarterly earnings data on Monday, July 31st. The utilities provider reported $1.95 EPS for the quarter, topping the consensus estimate of $1.48 by $0.47. Otter Tail had a net margin of 19.87% and a return on equity of 21.68%. The business had revenue of $337.72 million during the quarter, compared to the consensus estimate of $342.00 million. On average, equities research analysts anticipate that Otter Tail Co. will post 5.79 earnings per share for the current year.

Otter Tail Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Tuesday, August 15th will be given a dividend of $0.438 per share. The ex-dividend date of this dividend is Monday, August 14th. This represents a $1.75 dividend on an annualized basis and a yield of 2.17%. Otter Tail’s dividend payout ratio is presently 27.13%.

About Otter Tail

(Free Report)

Otter Tail Corporation, together with its subsidiaries, engages in electric utility, manufacturing, and plastic pipe businesses in the United States. The company's 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, Inc markets.