Connor Clark & Lunn Investment Management Ltd. Has $3.49 Million Stock Holdings in Otter Tail Corporation (NASDAQ:OTTR)

Connor Clark & Lunn Investment Management Ltd. grew its holdings in Otter Tail Corporation (NASDAQ:OTTR - Free Report) by 87.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 43,470 shares of the utilities provider's stock after buying an additional 20,315 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.10% of Otter Tail worth $3,494,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Byrne Asset Management LLC increased its stake in shares of Otter Tail by 54.8% in the first 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 in the last quarter. MJT & Associates Financial Advisory Group Inc. acquired a new stake in shares of Otter Tail in the first quarter valued at $34,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Otter Tail in the fourth quarter valued at $36,000. AdvisorNet Financial Inc increased its stake in shares of Otter Tail by 120.0% in the first quarter. AdvisorNet Financial Inc now owns 550 shares of the utilities provider's stock valued at $44,000 after buying an additional 300 shares in the last quarter. Finally, Goodman Advisory Group LLC acquired a new stake in shares of Otter Tail in the first quarter valued at $54,000. 61.32% of the stock is currently owned by institutional investors and hedge funds.

Otter Tail Trading Up 0.2%

Otter Tail stock traded up $0.17 during mid-day trading on Friday, hitting $82.27. The stock had a trading volume of 227,735 shares, compared to its average volume of 219,104. The stock has a 50-day simple moving average of $78.51 and a two-hundred day simple moving average of $78.87. The stock has a market capitalization of $3.45 billion, a PE ratio of 12.10 and a beta of 0.56. Otter Tail Corporation has a 12 month low of $71.66 and a 12 month high of $92.51. The company has a current ratio of 3.31, a quick ratio of 2.57 and a debt-to-equity ratio of 0.59.

Otter Tail (NASDAQ:OTTR - Get Free Report) last issued its earnings results on Monday, August 4th. The utilities provider reported $1.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.74 by $0.11. Otter Tail had a return on equity of 16.85% and a net margin of 21.82%. The firm had revenue of $333.04 million for the quarter, compared to analysts' expectations of $329.60 million. During the same quarter last year, the business earned $2.07 earnings per share. The company's revenue was down 2.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Otter Tail Corporation will post 5.88 EPS for the current year.

Otter Tail Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 15th will be issued a dividend of $0.525 per share. The ex-dividend date is Friday, August 15th. This represents a $2.10 dividend on an annualized basis and a yield of 2.6%. Otter Tail's dividend payout ratio (DPR) is 30.88%.

Wall Street Analysts Forecast Growth

Separately, Siebert Williams Shank upgraded Otter Tail from a "hold" rating to a "buy" rating and raised their price target for the company 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.