Martingale Asset Management L P Has $2.67 Million Position in Otter Tail Corporation $OTTR

Key Points

• Martingale Asset Management L P reduced its stake in Otter Tail Corporation by 12.0%, owning approximately 33,263 shares valued at around $2.67 million after selling 4,524 shares in the first quarter.
• Otter Tail reported $1.85 earnings per share for the latest quarter, exceeding analysts' expectations, while revenue was $333.04 million, down 2.7% year-over-year.
• The company has announced a quarterly dividend of $0.525 per share, representing an annualized yield of 2.4%, with payments scheduled for September 10th.

Martingale Asset Management L P reduced its stake in Otter Tail Corporation (NASDAQ:OTTR - Free Report) by 12.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 33,263 shares of the utilities provider's stock after selling 4,524 shares during the period. Martingale Asset Management L P owned 0.08% of Otter Tail worth $2,673,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in OTTR. Byrne Asset Management LLC boosted its position in shares of Otter Tail by 54.8% in the 1st 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 during the period. MJT & Associates Financial Advisory Group Inc. acquired a new position in shares of Otter Tail in the 1st quarter valued at $34,000. Vermillion Wealth Management Inc. acquired a new position in shares of Otter Tail in the 4th quarter valued at $36,000. AdvisorNet Financial Inc boosted its position in shares of Otter Tail by 120.0% in the 1st quarter. AdvisorNet Financial Inc now owns 550 shares of the utilities provider's stock valued at $44,000 after purchasing an additional 300 shares during the period. Finally, Goodman Advisory Group LLC acquired a new stake in shares of Otter Tail during the first quarter valued at approximately $54,000. 61.32% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Siebert Williams Shank raised shares of Otter Tail from a "hold" rating to a "buy" rating and boosted their price objective for the company 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 MarketBeat.com, Otter Tail has an average rating of "Buy" and an average price target of $83.00.

Otter Tail Price Performance

Shares of OTTR stock traded up $0.11 during mid-day trading on Wednesday, reaching $84.99. The company's stock had a trading volume of 152,799 shares, compared to its average volume of 232,560. Otter Tail Corporation has a 1-year low of $71.66 and a 1-year high of $88.36. The company has a market cap of $3.56 billion, a P/E ratio of 12.50 and a beta of 0.56. 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 firm's 50-day moving average is $79.36 and its two-hundred day moving average is $79.19.

Otter Tail (NASDAQ:OTTR - Get Free Report) last issued its earnings results on Monday, August 4th. The utilities provider reported $1.85 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 company had revenue of $333.04 million for the quarter, compared to the consensus estimate of $329.60 million. During the same quarter in the previous year, the company earned $2.07 EPS. The firm's revenue for the quarter 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. On average, research analysts predict that Otter Tail Corporation will post 5.88 earnings per share for the current year.

Otter Tail Dividend Announcement

The firm also recently announced 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. The ex-dividend date is Friday, August 15th. This represents a $2.10 annualized dividend and a yield of 2.5%. Otter Tail's payout ratio is currently 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.