Hotchkis & Wiley Capital Management LLC Lowers Holdings in Otter Tail Corporation $OTTR

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its stake in Otter Tail Corporation by 31.1% during the first quarter, now holding 118,245 shares worth approximately $9.5 million.
• Analysts have given Otter Tail a consensus rating of "Buy" with a target price increase from $82.00 to $83.00.
• Otter Tail declared a quarterly dividend of $0.525 per share, with a dividend yield of 2.4% and a payout ratio of 30.88%.

Hotchkis & Wiley Capital Management LLC reduced its stake in shares of Otter Tail Corporation (NASDAQ:OTTR - Free Report) by 31.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 118,245 shares of the utilities provider's stock after selling 53,415 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned about 0.28% of Otter Tail worth $9,503,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its position in shares of Otter Tail by 2.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 551,338 shares of the utilities provider's stock worth $44,311,000 after acquiring an additional 14,793 shares during the last quarter. Northern Trust Corp lifted its stake in Otter Tail by 15.1% in the 4th quarter. Northern Trust Corp now owns 545,618 shares of the utilities provider's stock worth $40,288,000 after purchasing an additional 71,601 shares in the last quarter. Millennium Management LLC lifted its stake in Otter Tail by 13.5% in the 4th quarter. Millennium Management LLC now owns 411,281 shares of the utilities provider's stock worth $30,369,000 after purchasing an additional 48,888 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Otter Tail by 9.8% during the 1st quarter. Invesco Ltd. now owns 319,907 shares of the utilities provider's stock valued at $25,711,000 after purchasing an additional 28,563 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Otter Tail by 2.5% during the first quarter. Principal Financial Group Inc. now owns 231,561 shares of the utilities provider's stock valued at $18,611,000 after purchasing an additional 5,574 shares in the last quarter. Institutional investors own 61.32% of the company's stock.

Wall Street Analyst Weigh In

Separately, Siebert Williams Shank upgraded Otter Tail from a "hold" rating to a "buy" rating and boosted their target price for the stock from $82.00 to $83.00 in a research report on Wednesday, May 7th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $83.00.

Otter Tail Price Performance

OTTR stock opened at $85.97 on Monday. Otter Tail Corporation has a 52 week low of $71.66 and a 52 week high of $92.51. The firm has a market capitalization of $3.60 billion, a P/E ratio of 12.64 and a beta of 0.56. The company has a fifty day simple moving average of $79.00 and a two-hundred day simple moving average of $79.10. The company has a quick ratio of 2.57, a current ratio of 3.31 and a debt-to-equity ratio of 0.59.

Otter Tail (NASDAQ:OTTR - Get Free Report) last announced its earnings results on Monday, August 4th. The utilities provider reported $1.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.11. Otter Tail had a net margin of 21.82% and a return on equity of 16.85%. The firm had revenue of $333.04 million for the quarter, compared to analysts' expectations of $329.60 million. During the same period in the prior year, the company earned $2.07 EPS. The business's revenue was down 2.7% compared to the same quarter last year. Otter Tail has set its FY 2025 guidance at 6.060-6.46 EPS. Analysts anticipate that Otter Tail Corporation will post 5.88 earnings per share for the current fiscal year.

Otter Tail Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 15th will be paid a $0.525 dividend. This represents a $2.10 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, August 15th. Otter Tail's dividend payout ratio (DPR) is presently 30.88%.

About Otter Tail

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.

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