Edgestream Partners L.P. Cuts Stock Position in Otter Tail Corporation (NASDAQ:OTTR)

Edgestream Partners L.P. lowered its stake in Otter Tail Corporation (NASDAQ:OTTR - Free Report) by 68.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 26,605 shares of the utilities provider's stock after selling 56,765 shares during the quarter. Edgestream Partners L.P. owned 0.06% of Otter Tail worth $2,138,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Byrne Asset Management LLC grew its stake in Otter Tail by 54.8% in the first quarter. Byrne Asset Management LLC now owns 387 shares of the utilities provider's stock worth $31,000 after purchasing an additional 137 shares during the period. Vermillion Wealth Management Inc. purchased a new stake in shares of Otter Tail during the fourth quarter valued at $36,000. AdvisorNet Financial Inc grew its stake in shares of 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 purchasing an additional 300 shares during the period. Goodman Advisory Group LLC purchased a new stake in Otter Tail during the first quarter valued at approximately $54,000. Finally, Studio Investment Management LLC purchased a new stake in Otter Tail during the fourth quarter valued at approximately $50,000. 61.32% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Otter Tail Stock Up 0.8%

Shares of OTTR traded up $0.63 during midday trading on Friday, reaching $77.19. 263,897 shares of the stock were exchanged, compared to its average volume of 240,312. Otter Tail Corporation has a 52 week low of $71.66 and a 52 week high of $100.84. The company has a current ratio of 2.62, a quick ratio of 2.03 and a debt-to-equity ratio of 0.58. The company's 50 day moving average is $77.88 and its two-hundred day moving average is $78.47. The company has a market capitalization of $3.23 billion, a P/E ratio of 11.00 and a beta of 0.54.

Otter Tail (NASDAQ:OTTR - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The utilities provider reported $1.62 earnings per share for the quarter, beating analysts' consensus estimates of $1.53 by $0.09. Otter Tail had a return on equity of 17.95% and a net margin of 22.37%. The company had revenue of $337.35 million for the quarter, compared to the consensus estimate of $349.70 million. During the same quarter last year, the company earned $1.77 earnings per share. The firm's revenue for the quarter was down 2.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Otter Tail Corporation will post 5.88 earnings per share for the current year.

Otter Tail Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Thursday, May 15th were paid a $0.525 dividend. This represents a $2.10 annualized dividend and a dividend yield of 2.72%. The ex-dividend date of this dividend was Thursday, May 15th. Otter Tail's payout ratio is 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.