Hsbc Holdings PLC Sells 3,772 Shares of Otter Tail Corporation $OTTR

Key Points

• Hsbc Holdings PLC reduced its stake in Otter Tail Corporation by 38.8%, owning 5,954 shares worth approximately $482,000 after selling 3,772 shares in the first quarter.
• Other institutional investors have increased their holdings in Otter Tail, with Charles Schwab boosting its stake by 2.8% and Northern Trust increasing its holdings by 15.1%.
• Otter Tail recently announced a quarterly dividend of $0.525, with an ex-dividend date of August 15th, representing a 2.5% yield based on an annualized payout of $2.10.

Hsbc Holdings PLC trimmed its stake in shares of Otter Tail Corporation (NASDAQ:OTTR - Free Report) by 38.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,954 shares of the utilities provider's stock after selling 3,772 shares during the quarter. Hsbc Holdings PLC's holdings in Otter Tail were worth $482,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Byrne Asset Management LLC raised 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 valued at $31,000 after purchasing an additional 137 shares in the last quarter. MJT & Associates Financial Advisory Group Inc. bought a new position in Otter Tail in the first quarter valued at approximately $34,000. Vermillion Wealth Management Inc. bought a new position in Otter Tail in the fourth quarter valued at approximately $36,000. AdvisorNet Financial Inc increased its stake in 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 acquiring an additional 300 shares during the last quarter. Finally, Studio Investment Management LLC bought a new position in Otter Tail in the fourth quarter valued at approximately $50,000. Institutional investors own 61.32% of the company's stock.

Otter Tail Price Performance

NASDAQ OTTR traded down $0.27 during trading on Friday, hitting $84.17. 59,290 shares of the company's stock were exchanged, compared to its average volume of 228,945. The company has a current ratio of 3.31, a quick ratio of 2.57 and a debt-to-equity ratio of 0.59. The company has a market cap of $3.53 billion, a PE ratio of 12.38 and a beta of 0.57. Otter Tail Corporation has a fifty-two week low of $71.66 and a fifty-two week high of $88.36. The stock's 50 day moving average price is $80.30 and its two-hundred day moving average price is $79.44.

Otter Tail (NASDAQ:OTTR - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $333.04 million during the quarter, compared to the consensus estimate of $329.60 million. Otter Tail had a return on equity of 16.85% and a net margin of 21.82%.The firm's revenue was down 2.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.07 earnings per share. Otter Tail has set its FY 2025 guidance at 6.060-6.46 EPS. Research analysts expect that Otter Tail Corporation will post 5.88 EPS for the current year.

Otter Tail Announces Dividend

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 issued a dividend of $0.525 per share. The ex-dividend date is Friday, August 15th. This represents a $2.10 annualized dividend and a dividend yield of 2.5%. Otter Tail's dividend payout ratio is currently 30.88%.

Otter Tail 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.