Allspring Global Investments Holdings LLC Buys 3,685 Shares of Otter Tail Corporation (NASDAQ:OTTR)

Allspring Global Investments Holdings LLC raised its position in shares of Otter Tail Corporation (NASDAQ:OTTR - Free Report) by 51.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,838 shares of the utilities provider's stock after acquiring 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 and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of OTTR. Byrne Asset Management LLC raised its stake in Otter Tail by 54.8% during the first quarter. Byrne Asset Management LLC now owns 387 shares of the utilities provider's stock valued at $31,000 after purchasing an additional 137 shares in the last quarter. Quantinno Capital Management LP lifted its holdings in shares of Otter Tail by 5.6% in the 4th quarter. Quantinno Capital Management LP now owns 2,760 shares of the utilities provider's stock valued at $204,000 after acquiring an additional 146 shares during the last quarter. Summit Investment Advisors Inc. grew its position in Otter Tail by 5.0% in the fourth quarter. Summit Investment Advisors Inc. now owns 4,328 shares of the utilities provider's stock worth $320,000 after acquiring an additional 207 shares in the last quarter. Xponance Inc. increased its stake in Otter Tail by 9.1% during the fourth quarter. Xponance Inc. now owns 2,946 shares of the utilities provider's stock worth $218,000 after acquiring an additional 246 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC raised its position in Otter Tail by 7.5% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 3,672 shares of the utilities provider's stock valued at $271,000 after purchasing an additional 256 shares during the period. 61.32% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Otter Tail Trading Up 0.7%

Shares of OTTR traded up $0.58 during midday trading on Thursday, hitting $80.27. The stock had a trading volume of 155,860 shares, compared to its average volume of 240,189. The stock's 50 day moving average is $77.96 and its 200 day moving average is $78.37. The firm has a market cap of $3.36 billion, a PE ratio of 11.43 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. Otter Tail Corporation has a 1 year low of $71.66 and a 1 year high of $100.84.

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

Otter Tail Announces Dividend

The firm 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. This represents a $2.10 annualized dividend and a yield of 2.62%. The ex-dividend date was Thursday, May 15th. Otter Tail's dividend payout ratio (DPR) 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.