Otter Tail Corporation $OTTR Position Boosted by Invesco Ltd.

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 stake in shares of Otter Tail Corporation (NASDAQ:OTTR - Free Report) by 9.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 319,907 shares of the utilities provider's stock after purchasing an additional 28,563 shares during the quarter. Invesco Ltd. owned about 0.76% of Otter Tail worth $25,711,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC raised its stake in shares of Otter Tail by 51.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 10,838 shares of the utilities provider's stock valued at $881,000 after purchasing an additional 3,685 shares in the last quarter. Farther Finance Advisors LLC raised its stake in shares of Otter Tail by 1,116.4% during the first quarter. Farther Finance Advisors LLC now owns 2,664 shares of the utilities provider's stock valued at $217,000 after purchasing an additional 2,445 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of Otter Tail by 13.8% during the fourth quarter. Wells Fargo & Company MN now owns 52,149 shares of the utilities provider's stock valued at $3,851,000 after purchasing an additional 6,331 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Otter Tail by 2.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 17,878 shares of the utilities provider's stock valued at $1,437,000 after purchasing an additional 375 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in shares of Otter Tail by 4.5% during the first quarter. Assenagon Asset Management S.A. now owns 6,441 shares of the utilities provider's stock valued at $518,000 after purchasing an additional 277 shares in the last quarter. 61.32% of the stock is currently owned by institutional investors.

Otter Tail Trading Down 1.2%

NASDAQ OTTR traded down $1.01 on Monday, hitting $84.96. 135,816 shares of the company were exchanged, compared to its average volume of 214,734. The company's 50 day moving average price is $79.17 and its 200-day moving average price is $79.15. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.31 and a quick ratio of 2.57. The firm has a market capitalization of $3.56 billion, a P/E ratio of 12.49 and a beta of 0.56. Otter Tail Corporation has a twelve month low of $71.66 and a twelve month high of $92.51.

Otter Tail (NASDAQ:OTTR - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The utilities provider reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.11. The firm had revenue of $333.04 million for 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 business's revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.07 EPS. Otter Tail has set its FY 2025 guidance at 6.060-6.46 EPS. Analysts predict 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. Shareholders of record on Friday, August 15th will be issued a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a yield of 2.5%. The ex-dividend date is Friday, August 15th. Otter Tail's payout ratio is presently 30.88%.

Analyst Upgrades and Downgrades

Separately, Siebert Williams Shank upgraded shares of Otter Tail from a "hold" rating to a "buy" rating and lifted their price objective for the company from $82.00 to $83.00 in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, Otter Tail currently has a consensus rating of "Buy" and a consensus price target of $83.00.

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.