Otter Tail Corporation (NASDAQ:OTTR) Stock Holdings Lifted by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC raised its stake 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 13F filing with the Securities and 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.

Other large investors have also recently bought and sold shares of the company. Byrne Asset Management LLC increased its stake in Otter Tail by 54.8% during the 1st quarter. Byrne Asset Management LLC now owns 387 shares of the utilities provider's stock valued at $31,000 after buying an additional 137 shares during the period. Vermillion Wealth Management Inc. acquired a new position in Otter Tail during the 4th quarter valued at about $36,000. AdvisorNet Financial Inc increased its stake in Otter Tail by 120.0% during the 1st quarter. AdvisorNet Financial Inc now owns 550 shares of the utilities provider's stock valued at $44,000 after buying an additional 300 shares during the period. Studio Investment Management LLC acquired a new position in Otter Tail during the 4th quarter valued at about $50,000. Finally, New Age Alpha Advisors LLC acquired a new position in shares of Otter Tail in the 4th quarter worth approximately $94,000. Institutional investors and hedge funds own 61.32% of the company's stock.

Wall Street Analysts Forecast Growth

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

Otter Tail Price Performance

Shares of OTTR traded down $1.34 during mid-day trading on Friday, hitting $78.93. The company's stock had a trading volume of 92,969 shares, compared to its average volume of 239,839. The firm has a 50-day moving average price of $77.92 and a 200 day moving average price of $78.42. The stock has a market capitalization of $3.31 billion, a price-to-earnings ratio of 11.24 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 fifty-two week low of $71.66 and a fifty-two week high of $100.84.

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

Otter Tail Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Thursday, May 15th were given a $0.525 dividend. This represents a $2.10 annualized dividend and a dividend yield of 2.66%. The ex-dividend date was Thursday, May 15th. Otter Tail's dividend payout ratio (DPR) is currently 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.