US Bancorp DE Cuts Stake in Otter Tail Corporation $OTTR

US Bancorp DE lowered its stake in shares of Otter Tail Corporation (NASDAQ:OTTR) by 1.1% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 32,392 shares of the utilities provider’s stock after selling 348 shares during the period. US Bancorp DE’s holdings in Otter Tail were worth $2,497,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Adage Capital Partners GP L.L.C. purchased a new position in Otter Tail in the first quarter valued at about $17,681,000. Caisse DE Depot ET Placement DU Quebec raised its holdings in shares of Otter Tail by 82.2% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 406,321 shares of the utilities provider’s stock worth $32,656,000 after purchasing an additional 183,316 shares during the period. Nuveen LLC bought a new position in Otter Tail during the first quarter valued at $13,217,000. Denali Advisors LLC grew its holdings in Otter Tail by 883.3% during the first quarter. Denali Advisors LLC now owns 67,959 shares of the utilities provider’s stock valued at $5,462,000 after purchasing an additional 61,048 shares during the period. Finally, Jane Street Group LLC grew its holdings in Otter Tail by 190.8% during the first quarter. Jane Street Group LLC now owns 54,112 shares of the utilities provider’s stock valued at $4,349,000 after purchasing an additional 35,505 shares during the period. Institutional investors own 61.32% of the company’s stock.

Otter Tail Stock Up 2.7%

Otter Tail stock opened at $78.16 on Wednesday. Otter Tail Corporation has a 1-year low of $71.66 and a 1-year high of $88.36. The firm has a market capitalization of $3.28 billion, a price-to-earnings ratio of 11.49 and a beta of 0.54. The company has a current ratio of 3.31, a quick ratio of 2.57 and a debt-to-equity ratio of 0.59. The firm has a 50 day simple moving average of $82.01 and a 200 day simple moving average of $79.43.

Otter Tail (NASDAQ:OTTR) last posted its quarterly earnings results on Monday, August 4th. The utilities provider reported $1.85 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.11. Otter Tail had a return on equity of 16.85% and a net margin of 21.82%.The firm had revenue of $333.04 million during the quarter, compared to analyst estimates of $329.60 million. During the same period last year, the company earned $2.07 earnings per share. The business’s revenue for the quarter was down 2.7% on a year-over-year basis. Otter Tail has set its FY 2025 guidance at 6.060-6.46 EPS. On average, analysts predict that Otter Tail Corporation will post 5.88 earnings per share for the current year.

Otter Tail Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Friday, August 15th were given a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Friday, August 15th. Otter Tail’s dividend payout ratio (DPR) is 30.88%.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “hold (c+)” rating on shares of Otter Tail in a report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, Otter Tail presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.00.

Otter Tail Company Profile

Otter Tail Corporation, together with its subsidiaries, engages in electric utility, manufacturing, and plastic pipe businesses in the United States. It operates through three segments: Electric, Manufacturing, and Plastics. The 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 markets.