Aigen Investment Management LP Takes $494,000 Position in Otter Tail Corporation (NASDAQ:OTTR)

Key Points

• Aigen Investment Management LP invested approximately $494,000 in Otter Tail Corporation by purchasing 6,142 shares during the first quarter of 2023.
• Otter Tail Corporation recently declared a quarterly dividend of $0.525 per share, resulting in an annualized yield of 2.6%.
• Siebert Williams Shank upgraded Otter Tail's rating from "hold" to "buy" and raised the target price from $82.00 to $83.00.

Aigen Investment Management LP bought a new stake in Otter Tail Corporation (NASDAQ:OTTR - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,142 shares of the utilities provider's stock, valued at approximately $494,000.

Several other institutional investors and hedge funds also recently made changes to their positions in OTTR. Byrne Asset Management LLC boosted 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. MJT & Associates Financial Advisory Group Inc. bought a new position in shares of Otter Tail in the first quarter valued at approximately $34,000. Vermillion Wealth Management Inc. bought a new position in shares of Otter Tail in the fourth quarter valued at approximately $36,000. AdvisorNet Financial Inc boosted its position in shares of Otter Tail by 120.0% in the first quarter. AdvisorNet Financial Inc now owns 550 shares of the utilities provider's stock valued at $44,000 after acquiring an additional 300 shares during the period. Finally, Studio Investment Management LLC bought a new position in shares of Otter Tail in the fourth quarter valued at approximately $50,000. Hedge funds and other institutional investors own 61.32% of the company's stock.

Otter Tail Price Performance

OTTR traded up $0.17 on Friday, reaching $82.27. The company had a trading volume of 227,735 shares, compared to its average volume of 237,466. The business has a 50 day simple moving average of $78.40 and a 200 day simple moving average of $78.82. The company has a market cap of $3.45 billion, a price-to-earnings ratio of 12.10 and a beta of 0.56. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.57 and a current ratio of 3.31. Otter Tail Corporation has a 52-week low of $71.66 and a 52-week high of $92.51.

Otter Tail (NASDAQ:OTTR - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The utilities provider reported $1.85 EPS for the quarter, topping the consensus estimate of $1.74 by $0.11. The firm 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%. The business's revenue was down 2.7% compared to the same quarter last year. During the same period last year, the firm posted $2.07 earnings per share. As a group, sell-side analysts anticipate that Otter Tail Corporation will post 5.88 EPS for the current year.

Otter Tail Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 15th will be paid a $0.525 dividend. This represents a $2.10 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, August 15th. Otter Tail's payout ratio is presently 30.88%.

Analyst Upgrades and Downgrades

Separately, Siebert Williams Shank upgraded shares of Otter Tail from a "hold" rating to a "buy" rating and raised their price objective for the company from $82.00 to $83.00 in a research report on Wednesday, May 7th.

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.