Dimensional Fund Advisors LP Has $71.55 Million Stock Holdings in Otter Tail Corporation $OTTR

Key Points

• Dimensional Fund Advisors reduced its Otter Tail position by 4.2% in the first quarter, selling 35,488 shares. It still held 815,241 shares worth approximately $71.55 million, representing a 1.94% stake.
• Analyst sentiment remains mixed, with one Buy, three Hold and one Sell rating. Otter Tail has an overall “Hold” consensus and an average price target of $86, below its reported share price of $88.42.
• Otter Tail exceeded quarterly expectations, reporting $1.73 in EPS versus the $1.42 consensus and revenue of $347.03 million. The company also declared a quarterly dividend of $0.5775, equivalent to a 2.6% annual yield.

Dimensional Fund Advisors LP decreased its position in Otter Tail Corporation (NASDAQ:OTTR - Free Report) by 4.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 815,241 shares of the utilities provider's stock after selling 35,488 shares during the quarter. Dimensional Fund Advisors LP owned 1.94% of Otter Tail worth $71,550,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in OTTR. Sound Income Strategies LLC lifted its holdings in Otter Tail by 248.8% during the 1st quarter. Sound Income Strategies LLC now owns 286 shares of the utilities provider's stock valued at $25,000 after purchasing an additional 204 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Otter Tail by 129.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 376 shares of the utilities provider's stock worth $30,000 after buying an additional 212 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Otter Tail during the fourth quarter worth about $31,000. Motiv8 Investments LLC bought a new stake in Otter Tail during the fourth quarter worth about $34,000. Finally, SHP Wealth Management acquired a new stake in shares of Otter Tail during the fourth quarter worth approximately $40,000. Institutional investors and hedge funds own 61.32% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on OTTR shares. KeyCorp reiterated a "sector weight" rating on shares of Otter Tail in a research note on Monday, June 1st. UBS Group restated a "reduce" rating on shares of Otter Tail in a research report on Friday, May 29th. Zacks Research cut Otter Tail from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 27th. Siebert Williams Shank downgraded Otter Tail from a "buy" rating to a "hold" rating and set a $86.00 price objective for the company. in a research report on Wednesday, May 6th. Finally, Weiss Ratings raised Otter Tail from a "hold (c)" rating to a "buy (b-)" rating in a research note on Monday, May 11th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Otter Tail has an average rating of "Hold" and an average target price of $86.00.

Otter Tail Stock Performance

Shares of Otter Tail stock opened at $88.42 on Friday. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.04 and a quick ratio of 1.64. The firm has a 50 day simple moving average of $89.29 and a 200 day simple moving average of $88.15. Otter Tail Corporation has a fifty-two week low of $74.15 and a fifty-two week high of $95.00. The firm has a market cap of $3.71 billion, a P/E ratio of 13.26 and a beta of 0.45.

Otter Tail (NASDAQ:OTTR - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The utilities provider reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.31. The firm had revenue of $347.03 million for the quarter, compared to the consensus estimate of $339.10 million. Otter Tail had a return on equity of 15.21% and a net margin of 21.34%.The business's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.62 EPS. Sell-side analysts predict that Otter Tail Corporation will post 5.54 earnings per share for the current fiscal year.

Otter Tail Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 15th were issued a $0.5775 dividend. The ex-dividend date was Friday, May 15th. This represents a $2.31 annualized dividend and a yield of 2.6%. Otter Tail's dividend payout ratio (DPR) is currently 34.63%.

Otter Tail Company Profile

Otter Tail Corporation, through its primary subsidiary Otter Tail Power Company, is a regulated electric utility engaged in the generation, transmission and distribution of electricity. The company operates a diversified portfolio of owned and contracted power generation facilities, including coal, natural gas, wind and hydroelectric units, supplemented by long-term power purchase agreements. In addition to utility operations, Otter Tail provides related engineering, construction and maintenance services to support grid reliability and efficiency.

The company's service territory covers a predominantly rural footprint in the Upper Midwest, including communities in west-central Minnesota, eastern North Dakota, northwest Wisconsin and small portions of South Dakota.

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