Otter Tail Corporation $OTTR Stock Position Increased by Whittier Trust Co.

Whittier Trust Co. raised its position in shares of Otter Tail Corporation (NASDAQ:OTTR) by 10.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,012 shares of the utilities provider’s stock after purchasing an additional 8,966 shares during the period. Whittier Trust Co. owned 0.24% of Otter Tail worth $8,767,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Sound Income Strategies LLC lifted its position in Otter Tail by 248.8% during the 1st quarter. Sound Income Strategies LLC now owns 286 shares of the utilities provider’s stock worth $25,000 after buying an additional 204 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Otter Tail by 129.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 376 shares of the utilities provider’s stock worth $30,000 after purchasing an additional 212 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Otter Tail during the fourth quarter valued at approximately $31,000. Motiv8 Investments LLC bought a new stake in shares of Otter Tail during the fourth quarter valued at approximately $34,000. Finally, SHP Wealth Management acquired a new stake in shares of Otter Tail in the fourth quarter valued at approximately $40,000. 61.32% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on the company. KeyCorp restated a “sector weight” rating on shares of Otter Tail in a research note on Monday, June 1st. Weiss Ratings upgraded Otter Tail from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, May 11th. Siebert Williams Shank downgraded Otter Tail from a “buy” rating to a “hold” rating and set a $86.00 price target for the company. in a report on Wednesday, May 6th. Zacks Research cut shares of Otter Tail from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Finally, UBS Group reiterated a “reduce” rating on shares of Otter Tail in a report on Friday, May 29th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Otter Tail presently has a consensus rating of “Hold” and a consensus price target of $86.00.

Otter Tail Stock Performance

NASDAQ OTTR traded up $1.92 during trading on Tuesday, reaching $92.41. The company’s stock had a trading volume of 36,113 shares, compared to its average volume of 264,043. The firm has a 50 day moving average price of $88.32 and a 200 day moving average price of $87.10. Otter Tail Corporation has a 12 month low of $74.15 and a 12 month high of $92.60. The firm has a market capitalization of $3.88 billion, a price-to-earnings ratio of 13.83 and a beta of 0.45. The company has a current ratio of 2.04, a quick ratio of 1.64 and a debt-to-equity ratio of 0.56.

Otter Tail (NASDAQ:OTTR) last released its earnings results on Tuesday, May 5th. The utilities provider reported $1.73 EPS for the quarter, topping the consensus estimate of $1.42 by $0.31. The business had revenue of $347.03 million during the quarter, compared to analysts’ expectations of $339.10 million. Otter Tail had a return on equity of 15.21% and a net margin of 21.34%.The firm’s revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.62 earnings per share. As a group, equities analysts anticipate that Otter Tail Corporation will post 5.48 EPS for the current fiscal year.

Otter Tail Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Friday, May 15th were given a dividend of $0.5775 per share. This represents a $2.31 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Friday, May 15th. Otter Tail’s dividend payout ratio (DPR) is presently 34.63%.

About Otter Tail

Otter Tail Corporation, through its primary subsidiary Otter Tail Power Company, is a regulated electric utility engaged in the generation, transmission and distribution of electricity. The company operates a diversified portfolio of owned and contracted power generation facilities, including coal, natural gas, wind and hydroelectric units, supplemented by long-term power purchase agreements. In addition to utility operations, Otter Tail provides related engineering, construction and maintenance services to support grid reliability and efficiency.

The company’s service territory covers a predominantly rural footprint in the Upper Midwest, including communities in west-central Minnesota, eastern North Dakota, northwest Wisconsin and small portions of South Dakota.