Congress Asset Management Co. Makes New $14.59 Million Investment in Otter Tail Corporation $OTTR

Key Points

• Congress Asset Management acquired 165,683 Otter Tail shares worth approximately $14.59 million, representing a 0.39% stake. Institutional investors collectively own 61.32% of the company.
• Analyst sentiment remains cautious: four analysts rate Otter Tail a Hold and one rates it a Sell, producing an average “Reduce” rating and an $86 target price.
• Otter Tail reported quarterly EPS of $1.66, beating estimates of $1.51, and revenue of $334.38 million. The company also pays a $0.5775 quarterly dividend, equivalent to a 2.6% annual yield.

Congress Asset Management Co. acquired a new stake in Otter Tail Corporation (NASDAQ:OTTR - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 165,683 shares of the utilities provider's stock, valued at approximately $14,587,000. Congress Asset Management Co. owned 0.39% of Otter Tail at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Security National Bank of Sioux City Iowa IA acquired a new stake in shares of Otter Tail in the second quarter valued at about $27,000. Tidal Investments LLC acquired a new stake in shares of Otter Tail during the second quarter worth $331,000. WINTON GROUP Ltd increased its position in Otter Tail by 36.4% during the second quarter. WINTON GROUP Ltd now owns 19,946 shares of the utilities provider's stock worth $1,795,000 after purchasing an additional 5,325 shares during the last quarter. Engineers Gate Manager LP lifted its stake in shares of Otter Tail by 47.3% in the 2nd quarter. Engineers Gate Manager LP now owns 17,622 shares of the utilities provider's stock valued at $1,586,000 after purchasing an additional 5,655 shares in the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new stake in Otter Tail in the 2nd quarter valued at $145,000. Institutional investors and hedge funds own 61.32% of the company's stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings downgraded shares of Otter Tail from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, September 8th. Four investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Otter Tail has an average rating of "Reduce" and an average target price of $86.00.

Otter Tail Stock Up 0.9%

Otter Tail stock opened at $89.20 on Wednesday. The stock has a market cap of $3.75 billion, a price-to-earnings ratio of 19.22 and a beta of 0.46. The company has a current ratio of 1.71, a quick ratio of 1.36 and a debt-to-equity ratio of 0.60. Otter Tail Corporation has a 52 week low of $74.15 and a 52 week high of $95.09. The company's 50-day moving average price is $90.26 and its two-hundred day moving average price is $89.22.

Otter Tail (NASDAQ:OTTR - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The utilities provider reported $1.66 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.51 by $0.15. The firm had revenue of $334.38 million during the quarter, compared to analyst estimates of $326.13 million. Otter Tail had a return on equity of 14.56% and a net margin of 14.83%.The firm's quarterly revenue was up .4% on a year-over-year basis. During the same period last year, the company posted $1.85 EPS. On average, analysts expect that Otter Tail Corporation will post 5.88 EPS for the current fiscal year.

Otter Tail Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Friday, August 14th were paid a $0.5775 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $2.31 annualized dividend and a dividend yield of 2.6%. Otter Tail's payout ratio is presently 49.78%.

About Otter Tail

Otter Tail Corporation is a diversified operating company headquartered in Fergus Falls, Minnesota. Through its principal subsidiary, Otter Tail Power Company, it generates, transmits and distributes electricity to residential, commercial, industrial and municipal customers in Minnesota, North Dakota and South Dakota.

Otter Tail Power Company operates a mix of generation resources and maintains the transmission and distribution infrastructure needed to deliver electricity across its service territory.

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