Millennium Management LLC Cuts Stock Position in Otter Tail Co. (NASDAQ:OTTR)

Millennium Management LLC cut its position in shares of Otter Tail Co. (NASDAQ:OTTR) by 60.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 81,558 shares of the utilities provider’s stock after selling 124,035 shares during the quarter. Millennium Management LLC owned approximately 0.19% of Otter Tail worth $7,144,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Foster & Motley Inc. lifted its holdings in shares of Otter Tail by 1.5% in the 2nd quarter. Foster & Motley Inc. now owns 9,855 shares of the utilities provider’s stock worth $863,000 after acquiring an additional 149 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Otter Tail by 46.3% during the second quarter. GAMMA Investing LLC now owns 657 shares of the utilities provider’s stock valued at $58,000 after buying an additional 208 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of Otter Tail by 2.0% in the second quarter. Arizona State Retirement System now owns 10,525 shares of the utilities provider’s stock worth $922,000 after buying an additional 208 shares during the period. Los Angeles Capital Management LLC lifted its stake in shares of Otter Tail by 1.3% in the 2nd quarter. Los Angeles Capital Management LLC now owns 21,091 shares of the utilities provider’s stock valued at $1,847,000 after acquiring an additional 265 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in Otter Tail by 1.6% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 17,327 shares of the utilities provider’s stock worth $1,518,000 after acquiring an additional 267 shares during the last quarter. Institutional investors own 61.32% of the company’s stock.

Otter Tail Price Performance

Shares of Otter Tail stock opened at $75.38 on Thursday. The stock has a market capitalization of $3.15 billion, a P/E ratio of 10.35 and a beta of 0.53. Otter Tail Co. has a one year low of $68.96 and a one year high of $100.84. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.27 and a quick ratio of 1.67. The business’s 50 day simple moving average is $82.98 and its two-hundred day simple moving average is $86.45.

Otter Tail (NASDAQ:OTTR) last posted its quarterly earnings results on Monday, August 5th. The utilities provider reported $2.07 EPS for the quarter, beating analysts’ consensus estimates of $1.69 by $0.38. The company had revenue of $342.34 million during the quarter, compared to analyst estimates of $367.71 million. Otter Tail had a net margin of 22.84% and a return on equity of 21.06%. The firm’s revenue was up 1.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.95 EPS. Analysts forecast that Otter Tail Co. will post 6.92 EPS for the current year.

Otter Tail Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Thursday, August 15th were issued a dividend of $0.468 per share. The ex-dividend date was Thursday, August 15th. This represents a $1.87 dividend on an annualized basis and a yield of 2.48%. Otter Tail’s dividend payout ratio is presently 25.69%.

Insider Buying and Selling at Otter Tail

In other news, VP Jennifer O. Smestad sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $88.74, for a total transaction of $354,960.00. Following the transaction, the vice president now directly owns 12,300 shares of the company’s stock, valued at approximately $1,091,502. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

About Otter Tail

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.