Millennium Management LLC Sells 101,074 Shares of 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 lessened its holdings in Otter Tail Corporation (NASDAQ:OTTR - Free Report) by 24.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Stifel Financial Corp grew its stake in shares of Otter Tail by 11.4% in the 4th quarter. Stifel Financial Corp now owns 3,389 shares of the utilities provider's stock valued at $250,000 after purchasing an additional 348 shares during the period. BNP Paribas Financial Markets grew its holdings in shares of Otter Tail by 19.5% in the 4th quarter. BNP Paribas Financial Markets now owns 22,151 shares of the utilities provider's stock worth $1,636,000 after purchasing an additional 3,618 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Otter Tail by 25.7% in the 4th quarter. Bank of America Corp DE now owns 226,126 shares of the utilities provider's stock worth $16,697,000 after purchasing an additional 46,236 shares during the last quarter. D. E. Shaw & Co. Inc. grew its stake in Otter Tail by 28.8% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 82,315 shares of the utilities provider's stock worth $6,078,000 after buying an additional 18,426 shares during the last quarter. Finally, Deutsche Bank AG grew its stake in Otter Tail by 22.0% during the fourth quarter. Deutsche Bank AG now owns 37,330 shares of the utilities provider's stock worth $2,756,000 after buying an additional 6,725 shares during the last quarter. Institutional investors own 61.32% of the company's stock.

Otter Tail Price Performance

NASDAQ OTTR traded up $1.26 during trading hours on Wednesday, reaching $84.54. 13,605 shares of the company's stock were exchanged, compared to its average volume of 226,737. The stock has a market cap of $3.54 billion, a PE ratio of 12.43 and a beta of 0.57. Otter Tail Corporation has a one year low of $71.66 and a one year high of $88.36. The firm has a fifty day moving average of $81.00 and a 200-day moving average of $79.55. The company has a current ratio of 3.31, a quick ratio of 2.57 and a debt-to-equity ratio of 0.59.

Otter Tail (NASDAQ:OTTR - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The utilities provider reported $1.85 EPS for the quarter, topping analysts' consensus estimates of $1.74 by $0.11. The business had revenue of $333.04 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the company earned $2.07 EPS. Otter Tail has set its FY 2025 guidance at 6.060-6.46 EPS. On average, equities research 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 declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Friday, August 15th were paid a dividend of $0.525 per share. 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 dividend payout ratio is 30.88%.

Otter Tail 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.