Healthcare of Ontario Pension Plan Trust Fund Increases Holdings in Otter Tail Corporation $OTTR

Key Points

• Healthcare of Ontario Pension Plan Trust Fund increased its Otter Tail stake by 30.3% in the first quarter, bringing its holdings to 81,968 shares valued at approximately $7.2 million. Institutional investors collectively own 61.32% of the utility company.
• Otter Tail reported quarterly EPS of $1.73, exceeding the $1.42 analyst consensus, while revenue reached $347.03 million, up 2.9% year over year. Analysts expect full-year EPS of $5.54.
• The company declared a quarterly dividend of $0.5775 per share, equivalent to an annualized $2.31 payout and a 2.5% yield. Wall Street’s consensus rating remains Hold, with an average price target of $86 versus the stock’s reported $90.77 price.

Healthcare of Ontario Pension Plan Trust Fund increased its position in Otter Tail Corporation (NASDAQ:OTTR - Free Report) by 30.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 81,968 shares of the utilities provider's stock after buying an additional 19,050 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund owned 0.20% of Otter Tail worth $7,194,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Sound Income Strategies LLC raised its stake in shares of Otter Tail by 248.8% during the first quarter. Sound Income Strategies LLC now owns 286 shares of the utilities provider's stock worth $25,000 after acquiring an additional 204 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Otter Tail by 129.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 376 shares of the utilities provider's stock valued at $30,000 after purchasing an additional 212 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Otter Tail during the 4th quarter valued at $31,000. Motiv8 Investments LLC purchased a new position in Otter Tail in the 4th quarter worth $34,000. Finally, SHP Wealth Management bought a new stake in Otter Tail in the fourth quarter worth $40,000. Hedge funds and other institutional investors own 61.32% of the company's stock.

Otter Tail Stock Down 3.0%

Shares of NASDAQ:OTTR opened at $90.77 on Thursday. The stock's 50-day moving average is $89.21 and its 200 day moving average is $88.13. The company has a market cap of $3.81 billion, a PE ratio of 13.61 and a beta of 0.45. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.04 and a quick ratio of 1.64. Otter Tail Corporation has a 1 year low of $74.15 and a 1 year high of $95.00.

Otter Tail (NASDAQ:OTTR - Get Free Report) last announced its earnings results on Tuesday, May 5th. The utilities provider reported $1.73 EPS for the quarter, beating analysts' consensus estimates of $1.42 by $0.31. The company had revenue of $347.03 million during 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 firm's revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.62 earnings per share. Sell-side analysts anticipate that Otter Tail Corporation will post 5.54 EPS for the current year.

Otter Tail Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Friday, May 15th were issued a dividend of $0.5775 per share. The ex-dividend date was Friday, May 15th. This represents a $2.31 dividend on an annualized basis and a dividend yield of 2.5%. Otter Tail's dividend payout ratio is 34.63%.

Wall Street Analyst Weigh In

Several research firms have issued reports on OTTR. Siebert Williams Shank lowered shares of Otter Tail from a "buy" rating to a "hold" rating and set a $86.00 price target for the company. in a research report on Wednesday, May 6th. UBS Group reissued a "reduce" rating on shares of Otter Tail in a research note on Friday, May 29th. Weiss Ratings upgraded Otter Tail from a "hold (c)" rating to a "buy (b-)" rating in a report on Monday, May 11th. Zacks Research lowered Otter Tail from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 27th. Finally, KeyCorp reaffirmed a "sector weight" rating on shares of Otter Tail in a research note on Monday, June 1st. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Otter Tail currently has a consensus rating of "Hold" and a consensus price target of $86.00.

Otter Tail 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.