17,899 Shares in Otter Tail Corporation $OTTR Bought by Jupiter Topco LLC

Key Points

• Jupiter Topco LLC acquired 17,899 shares of Otter Tail Corporation during the second quarter, worth approximately $1.61 million. Institutional investors collectively own 61.32% of the company.
• Otter Tail exceeded quarterly expectations, reporting $1.66 in EPS versus the $1.51 consensus estimate and $334.38 million in revenue. Analysts expect full-year EPS of $5.88.
• The company announced a quarterly dividend of $0.5775 per share, or $2.31 annualized, representing a 2.6% yield. Analysts remain cautious, with an average “Reduce” rating and an $86 price target versus the stock’s $89.79 opening price.

Jupiter Topco LLC bought a new position in Otter Tail Corporation (NASDAQ:OTTR - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 17,899 shares of the utilities provider's stock, valued at approximately $1,611,000.

A number of other hedge funds have also recently made changes to their positions in OTTR. Sound Income Strategies LLC boosted its stake in Otter Tail by 248.8% during the 1st quarter. Sound Income Strategies LLC now owns 286 shares of the utilities provider's stock valued at $25,000 after purchasing an additional 204 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in Otter Tail by 129.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 376 shares of the utilities provider's stock worth $30,000 after buying an additional 212 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Otter Tail in the 4th quarter worth about $31,000. Motiv8 Investments LLC bought a new position in Otter Tail during the 4th quarter valued at about $34,000. Finally, Jones Financial Companies Lllp bought a new position in Otter Tail during the 2nd quarter valued at about $39,000. 61.32% of the stock is owned by institutional investors.

Otter Tail Price Performance

NASDAQ:OTTR opened at $89.79 on Friday. The company has a quick ratio of 1.36, a current ratio of 1.71 and a debt-to-equity ratio of 0.60. The business's 50-day simple moving average is $91.21 and its two-hundred day simple moving average is $88.91. The stock has a market cap of $3.77 billion, a PE ratio of 19.35 and a beta of 0.44. Otter Tail Corporation has a 52 week low of $74.15 and a 52 week high of $95.09.

Otter Tail (NASDAQ:OTTR - Get Free Report) last issued its earnings results on Tuesday, August 4th. The utilities provider reported $1.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.51 by $0.15. Otter Tail had a return on equity of 14.56% and a net margin of 14.83%.The company had revenue of $334.38 million for the quarter, compared to the consensus estimate of $326.13 million. During the same quarter last year, the company earned $1.85 EPS. The firm's quarterly revenue was up .4% on a year-over-year basis. As a group, analysts forecast that Otter Tail Corporation will post 5.88 EPS for the current fiscal year.

Otter Tail Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Friday, August 14th will be paid a dividend of $0.5775 per share. This represents a $2.31 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, August 14th. Otter Tail's dividend payout ratio (DPR) is presently 49.78%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on OTTR shares. Zacks Research cut shares of Otter Tail from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 27th. KeyCorp restated a "sector weight" rating on shares of Otter Tail in a report on Monday, June 1st. Weiss Ratings upgraded shares of Otter Tail from a "hold (c)" rating to a "hold (c+)" rating in a research note on Monday, August 24th. Finally, UBS Group reissued a "reduce" rating on shares of Otter Tail in a report on Friday, May 29th. Four investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Otter Tail currently has an average rating of "Reduce" and an average target price of $86.00.

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.

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