Invesco Ltd. Has $25.71 Million Stock Holdings in Otter Tail Corporation $OTTR

Key Points

• Invesco Ltd. has increased its holdings in Otter Tail Corporation by 9.8%, acquiring an additional 28,563 shares, bringing its total ownership to 319,907 shares valued at approximately $25.7 million.
• Otter Tail Corporation reported $1.85 earnings per share for the last quarter, exceeding analysts' expectations, but noted a 2.7% decline in revenue year-over-year.
• The company declared a quarterly dividend of $0.525 per share, equating to an annualized yield of 2.5%, with a record date for shareholders on August 15.

Invesco Ltd. lifted its position in Otter Tail Corporation (NASDAQ:OTTR - Free Report) by 9.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 319,907 shares of the utilities provider's stock after buying an additional 28,563 shares during the quarter. Invesco Ltd. owned about 0.76% of Otter Tail worth $25,711,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of OTTR. Caisse DE Depot ET Placement DU Quebec raised its stake in Otter Tail by 168.8% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 223,005 shares of the utilities provider's stock valued at $16,467,000 after purchasing an additional 140,044 shares during the last quarter. Voloridge Investment Management LLC acquired a new position in Otter Tail during the 4th quarter valued at $5,675,000. Northern Trust Corp raised its stake in Otter Tail by 15.1% during the 4th quarter. Northern Trust Corp now owns 545,618 shares of the utilities provider's stock valued at $40,288,000 after purchasing an additional 71,601 shares during the last quarter. Denali Advisors LLC raised its stake in Otter Tail by 883.3% during the 1st quarter. Denali Advisors LLC now owns 67,959 shares of the utilities provider's stock valued at $5,462,000 after purchasing an additional 61,048 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in Otter Tail by 13.5% in the 4th quarter. Millennium Management LLC now owns 411,281 shares of the utilities provider's stock valued at $30,369,000 after buying an additional 48,888 shares during the period. 61.32% of the stock is currently owned by institutional investors and hedge funds.

Otter Tail Stock Up 3.5%

NASDAQ OTTR traded up $2.88 during trading hours on Friday, reaching $85.97. 175,382 shares of the company's stock were exchanged, compared to its average volume of 213,602. The company's 50-day moving average is $79.00 and its two-hundred day moving average is $79.10. Otter Tail Corporation has a one year low of $71.66 and a one year high of $92.51. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.57 and a current ratio of 3.31. The company has a market capitalization of $3.60 billion, a price-to-earnings ratio of 12.64 and a beta of 0.56.

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

Otter Tail Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 15th will be paid a dividend of $0.525 per share. 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 currently 30.88%.

Analyst Ratings Changes

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

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.