State Street Corp Boosts Stock Position in Otter Tail Co. (NASDAQ:OTTR)

State Street Corp raised its holdings in Otter Tail Co. (NASDAQ:OTTR) by 1.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,598,531 shares of the utilities provider’s stock after purchasing an additional 18,109 shares during the quarter. State Street Corp owned 3.82% of Otter Tail worth $124,941,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in OTTR. Cetera Advisors LLC bought a new position in shares of Otter Tail during the 1st quarter valued at approximately $270,000. Wealth Enhancement Advisory Services LLC increased its position in Otter Tail by 1.6% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 17,327 shares of the utilities provider’s stock worth $1,518,000 after buying an additional 267 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Otter Tail in the second quarter valued at $596,000. Blue Trust Inc. lifted its position in shares of Otter Tail by 46.4% during the 2nd quarter. Blue Trust Inc. now owns 1,580 shares of the utilities provider’s stock valued at $137,000 after buying an additional 501 shares during the last quarter. Finally, Louisiana State Employees Retirement System lifted its position in shares of Otter Tail by 1.4% during the 2nd quarter. Louisiana State Employees Retirement System now owns 21,000 shares of the utilities provider’s stock valued at $1,839,000 after buying an additional 300 shares during the last quarter. 61.32% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on OTTR shares. Siebert Williams Shank upgraded Otter Tail from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 6th. StockNews.com raised shares of Otter Tail from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th.

Otter Tail Trading Down 0.9 %

NASDAQ:OTTR opened at $75.88 on Friday. The company has a market cap of $3.17 billion, a P/E ratio of 10.48 and a beta of 0.54. Otter Tail Co. has a 1 year low of $73.43 and a 1 year high of $100.84. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.17 and a quick ratio of 1.66. The stock’s fifty day moving average price is $79.15 and its two-hundred day moving average price is $83.88.

Otter Tail (NASDAQ:OTTR) last posted its earnings results on Monday, November 4th. The utilities provider reported $2.03 earnings per share for the quarter, beating analysts’ consensus estimates of $1.97 by $0.06. Otter Tail had a return on equity of 19.84% and a net margin of 22.70%. The business had revenue of $338.03 million during the quarter, compared to analyst estimates of $362.20 million. During the same quarter in the previous year, the firm earned $2.19 EPS. As a group, analysts expect that Otter Tail Co. will post 7.13 EPS for the current year.

Otter Tail Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th were paid a $0.468 dividend. This represents a $1.87 annualized dividend and a yield of 2.47%. The ex-dividend date was Friday, November 15th. Otter Tail’s dividend payout ratio is presently 25.83%.

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.