Millennium Management LLC Decreases Holdings in Otter Tail Corporation $OTTR

Key Points

• Millennium Management LLC reduced its stake in Otter Tail Corporation by 24.6%, now holding 310,207 shares valued at approximately $24.93 million.
• Otter Tail reported earnings of $1.85 EPS for the last quarter, exceeding estimates, but its revenue declined by 2.7% year-over-year.
• The company announced a quarterly dividend of $0.525, translating to an annualized yield of 2.5% with a payout ratio of 30.88%.

Millennium Management LLC cut its holdings in shares of Otter Tail Corporation (NASDAQ:OTTR - Free Report) by 24.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 310,207 shares of the utilities provider's stock after selling 101,074 shares during the quarter. Millennium Management LLC owned 0.74% of Otter Tail worth $24,931,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Otter Tail by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,611 shares of the utilities provider's stock worth $1,978,000 after acquiring an additional 1,067 shares in the last quarter. AQR Capital Management LLC increased its stake in Otter Tail by 26.9% in the 1st quarter. AQR Capital Management LLC now owns 22,709 shares of the utilities provider's stock worth $1,825,000 after purchasing an additional 4,815 shares during the period. Adage Capital Partners GP L.L.C. purchased a new position in Otter Tail in the 1st quarter worth approximately $17,681,000. Royal Bank of Canada lifted its position in Otter Tail by 2.5% in the first quarter. Royal Bank of Canada now owns 116,479 shares of the utilities provider's stock valued at $9,361,000 after purchasing an additional 2,807 shares during the last quarter. Finally, CreativeOne Wealth LLC purchased a new stake in shares of Otter Tail during the first quarter valued at approximately $240,000. 61.32% of the stock is owned by hedge funds and other institutional investors.

Otter Tail Stock Performance

NASDAQ:OTTR opened at $84.00 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.57 and a current ratio of 3.31. Otter Tail Corporation has a fifty-two week low of $71.66 and a fifty-two week high of $88.36. The business has a 50 day moving average price of $80.75 and a 200-day moving average price of $79.50. The firm has a market cap of $3.52 billion, a PE ratio of 12.35 and a beta of 0.57.

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, topping 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 period in the previous year, the firm earned $2.07 earnings per share. The firm's revenue for the quarter was down 2.7% on a year-over-year basis. Otter Tail has set its FY 2025 guidance at 6.060-6.46 EPS. Equities research analysts predict that Otter Tail Corporation will post 5.88 earnings per share for the current year.

Otter Tail Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Friday, August 15th were paid a $0.525 dividend. This represents a $2.10 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, August 15th. Otter Tail's payout ratio is presently 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.

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