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

Several other institutional investors have also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. raised its holdings in shares of Otter Tail by 2.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 551,338 shares of the utilities provider's stock valued at $44,311,000 after purchasing an additional 14,793 shares during the period. Northern Trust Corp lifted its position in Otter Tail by 15.1% in the 4th quarter. Northern Trust Corp now owns 545,618 shares of the utilities provider's stock valued at $40,288,000 after acquiring an additional 71,601 shares in the last quarter. Millennium Management LLC lifted its position in Otter Tail by 13.5% in the 4th quarter. Millennium Management LLC now owns 411,281 shares of the utilities provider's stock valued at $30,369,000 after acquiring an additional 48,888 shares in the last quarter. Invesco Ltd. lifted its position in Otter Tail by 9.8% in the 1st quarter. Invesco Ltd. now owns 319,907 shares of the utilities provider's stock valued at $25,711,000 after acquiring an additional 28,563 shares in the last quarter. Finally, Gamco Investors INC. ET AL lifted its position in Otter Tail by 3.9% in the 4th quarter. Gamco Investors INC. ET AL now owns 273,692 shares of the utilities provider's stock valued at $20,209,000 after acquiring an additional 10,250 shares in the last quarter. Institutional investors and hedge funds own 61.32% of the company's stock.

Otter Tail Stock Up 0.2%

NASDAQ OTTR traded up $0.17 during trading hours on Friday, hitting $82.27. The company's stock had a trading volume of 227,735 shares, compared to its average volume of 219,104. Otter Tail Corporation has a 52 week low of $71.66 and a 52 week high of $92.51. The company has a market capitalization of $3.45 billion, a PE ratio of 12.10 and a beta of 0.56. 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 company's 50-day simple moving average is $78.51 and its two-hundred day simple moving average is $78.87.

Otter Tail (NASDAQ:OTTR - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The utilities provider reported $1.85 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.11. The business had revenue of $333.04 million for the quarter, compared to analysts' expectations of $329.60 million. Otter Tail had a net margin of 21.82% and a return on equity of 16.85%. The firm's revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.07 EPS. Research analysts anticipate that Otter Tail Corporation will post 5.88 EPS for the current fiscal year.

Otter Tail Announces Dividend

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

Analyst Upgrades and Downgrades

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

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.