Otter Tail Corporation (NASDAQ:OTTR) Shares Purchased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC boosted its position in shares of Otter Tail Corporation (NASDAQ:OTTR - Free Report) by 51.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,838 shares of the utilities provider's stock after buying an additional 3,685 shares during the period. Allspring Global Investments Holdings LLC's holdings in Otter Tail were worth $881,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in OTTR. Caisse DE Depot ET Placement DU Quebec increased its position in Otter Tail by 168.8% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 223,005 shares of the utilities provider's stock worth $16,467,000 after buying an additional 140,044 shares during the period. Invesco Ltd. increased its position in Otter Tail by 49.6% during the fourth quarter. Invesco Ltd. now owns 291,344 shares of the utilities provider's stock worth $21,513,000 after buying an additional 96,573 shares during the period. JPMorgan Chase & Co. increased its position in Otter Tail by 93.5% during the fourth quarter. JPMorgan Chase & Co. now owns 189,345 shares of the utilities provider's stock worth $13,981,000 after buying an additional 91,516 shares during the period. Voloridge Investment Management LLC acquired a new position in shares of Otter Tail in the fourth quarter valued at approximately $5,675,000. Finally, Northern Trust Corp increased its holdings in shares of Otter Tail by 15.1% in the fourth quarter. Northern Trust Corp now owns 545,618 shares of the utilities provider's stock valued at $40,288,000 after purchasing an additional 71,601 shares during the period. Institutional investors and hedge funds own 61.32% of the company's stock.

Wall Street Analyst Weigh In

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

Otter Tail Stock Performance

Shares of NASDAQ:OTTR traded up $0.77 during trading on Wednesday, reaching $79.69. The company had a trading volume of 127,490 shares, compared to its average volume of 239,659. The firm has a market capitalization of $3.34 billion, a price-to-earnings ratio of 11.35 and a beta of 0.54. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.62 and a quick ratio of 2.03. The stock's fifty day moving average price is $77.93 and its 200 day moving average price is $78.32. Otter Tail Corporation has a fifty-two week low of $71.66 and a fifty-two week high of $100.84.

Otter Tail (NASDAQ:OTTR - Get Free Report) last released its earnings results on Monday, May 5th. The utilities provider reported $1.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.53 by $0.09. Otter Tail had a return on equity of 17.95% and a net margin of 22.37%. The business had revenue of $337.35 million for the quarter, compared to analyst estimates of $349.70 million. During the same quarter in the previous year, the company posted $1.77 earnings per share. The company's revenue for the quarter was down 2.8% compared to the same quarter last year. As a group, equities research analysts predict that Otter Tail Corporation will post 5.88 EPS for the current year.

Otter Tail Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Thursday, May 15th were issued a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date was Thursday, May 15th. Otter Tail's dividend payout ratio is presently 29.91%.

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.