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

Allspring Global Investments Holdings LLC grew its holdings in Otter Tail Corporation (NASDAQ:OTTR - Free Report) by 51.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor 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 filing with the Securities & Exchange Commission.

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

Otter Tail Stock Performance

Shares of OTTR traded down $1.34 during trading hours on Friday, reaching $78.93. 92,969 shares of the company traded hands, compared to its average volume of 239,409. The stock has a market capitalization of $3.31 billion, a P/E ratio of 11.24 and a beta of 0.54. The business has a fifty day moving average price of $77.92 and a 200-day moving average price of $78.40. Otter Tail Corporation has a 12-month low of $71.66 and a 12-month high of $100.84. The company has a quick ratio of 2.03, a current ratio of 2.62 and a debt-to-equity ratio of 0.58.

Otter Tail (NASDAQ:OTTR - Get Free Report) last posted 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. The company had revenue of $337.35 million during the quarter, compared to the consensus estimate of $349.70 million. Otter Tail had a net margin of 22.37% and a return on equity of 17.95%. The firm's quarterly revenue was down 2.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.77 earnings per share. Equities 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 was paid on Tuesday, June 10th. Shareholders of record on Thursday, May 15th were given a $0.525 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 2.66%. Otter Tail's dividend payout ratio (DPR) is currently 29.91%.

Wall Street Analyst Weigh In

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

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.