Otter Tail Co. (NASDAQ:OTTR) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp trimmed its holdings in shares of Otter Tail Co. (NASDAQ:OTTR - Free Report) by 71.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,958 shares of the utilities provider's stock after selling 14,646 shares during the period. Mackenzie Financial Corp's holdings in Otter Tail were worth $440,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Otter Tail by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 5,275,068 shares of the utilities provider's stock worth $389,511,000 after buying an additional 43,186 shares in the last quarter. Northern Trust Corp raised 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 valued at $40,288,000 after purchasing an additional 71,601 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Otter Tail by 5.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 536,545 shares of the utilities provider's stock valued at $39,618,000 after purchasing an additional 27,415 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Otter Tail by 13.5% during 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 during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Otter Tail by 2.3% during the fourth quarter. Bank of New York Mellon Corp now owns 405,146 shares of the utilities provider's stock worth $29,916,000 after buying an additional 8,993 shares in the last quarter. 61.32% of the stock is currently owned by institutional investors and hedge funds.

Otter Tail Trading Down 0.3%

Otter Tail stock traded down $0.24 during trading on Thursday, hitting $76.40. The company's stock had a trading volume of 132,815 shares, compared to its average volume of 241,298. The stock's fifty day moving average is $78.21 and its 200 day moving average is $78.45. Otter Tail Co. has a 1-year low of $71.66 and a 1-year high of $100.84. The stock has a market capitalization of $3.20 billion, a price-to-earnings ratio of 10.66 and a beta of 0.56. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.66 and a current ratio of 2.03.

Otter Tail (NASDAQ:OTTR - Get Free Report) last released its earnings results on Monday, May 5th. The utilities provider reported $1.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.53 by $0.09. The firm had revenue of $337.35 million during the quarter, compared to the consensus estimate of $349.70 million. Otter Tail had a net margin of 22.67% and a return on equity of 18.96%. Otter Tail's revenue was down 2.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.77 earnings per share. As a group, equities research analysts predict that Otter Tail Co. will post 5.88 EPS for the current year.

Otter Tail Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Thursday, May 15th will be issued a $0.525 dividend. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $2.10 annualized dividend and a yield of 2.75%. Otter Tail's payout ratio is 29.91%.

Analyst Ratings Changes

Separately, Siebert Williams Shank upgraded shares of Otter Tail from a "hold" rating to a "buy" rating and raised their target price for the stock from $82.00 to $83.00 in a research report on Wednesday, May 7th.

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.