Adage Capital Partners GP L.L.C. Buys New Position in Otter Tail Corporation $OTTR

Key Points

• Adage Capital Partners GP L.L.C. has acquired a stake in Otter Tail Corporation, purchasing 220,000 shares worth approximately $17.68 million, representing 0.53% of the company.
• Otter Tail recently reported a quarterly earnings per share (EPS) of $1.85, exceeding analyst expectations and projecting a FY 2025 EPS guidance of 6.060-6.46.
• The company declared a quarterly dividend of $0.525 per share, which translates to an annualized dividend of $2.10 and a yield of 2.5%.

Adage Capital Partners GP L.L.C. purchased a new stake in shares of Otter Tail Corporation (NASDAQ:OTTR - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 220,000 shares of the utilities provider's stock, valued at approximately $17,681,000. Adage Capital Partners GP L.L.C. owned approximately 0.53% of Otter Tail at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Byrne Asset Management LLC increased its position in shares of Otter Tail by 54.8% in the first quarter. Byrne Asset Management LLC now owns 387 shares of the utilities provider's stock valued at $31,000 after acquiring an additional 137 shares during the period. Quantinno Capital Management LP grew its holdings in shares of Otter Tail by 5.6% during the 4th quarter. Quantinno Capital Management LP now owns 2,760 shares of the utilities provider's stock worth $204,000 after acquiring an additional 146 shares during the period. Xponance Inc. raised its holdings in Otter Tail by 5.1% in the first quarter. Xponance Inc. now owns 3,097 shares of the utilities provider's stock worth $249,000 after purchasing an additional 151 shares in the last quarter. Avantax Advisory Services Inc. grew its position in shares of Otter Tail by 3.4% in the 1st quarter. Avantax Advisory Services Inc. now owns 6,964 shares of the utilities provider's stock worth $560,000 after buying an additional 228 shares during the period. Finally, Financial Engines Advisors L.L.C. increased its stake in shares of Otter Tail by 1.1% during the first quarter. Financial Engines Advisors L.L.C. now owns 22,881 shares of the utilities provider's stock valued at $1,839,000 after purchasing an additional 254 shares in the last quarter. 61.32% of the stock is owned by institutional investors.

Otter Tail Stock Up 1.0%

NASDAQ:OTTR traded up $0.85 during trading hours on Thursday, reaching $84.00. 152,403 shares of the company traded hands, compared to its average volume of 139,018. Otter Tail Corporation has a 1 year low of $71.66 and a 1 year high of $88.36. 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 business's 50-day moving average price is $80.75 and its two-hundred day moving average price is $79.50. The stock has a market capitalization of $3.52 billion, a P/E ratio of 12.35 and a beta of 0.57.

Otter Tail (NASDAQ:OTTR - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The utilities provider reported $1.85 EPS for the quarter, beating the consensus estimate of $1.74 by $0.11. The company had revenue of $333.04 million for the quarter, compared to the consensus estimate of $329.60 million. Otter Tail had a net margin of 21.82% and a return on equity of 16.85%. Otter Tail's revenue for the quarter was down 2.7% on a year-over-year basis. During the same period in the prior year, the firm posted $2.07 EPS. Otter Tail has set its FY 2025 guidance at 6.060-6.46 EPS. Analysts predict that Otter Tail Corporation will post 5.88 earnings per share for the current year.

Otter Tail Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Friday, August 15th were issued a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, August 15th. Otter Tail's dividend payout ratio is presently 30.88%.

Otter Tail 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.