Nuveen LLC Makes New Investment in Otter Tail Corporation $OTTR

Key Points

• Nuveen LLC has acquired a new stake in Otter Tail Corporation, purchasing 164,446 shares valued at approximately $13.2 million, which brings their ownership to 0.39% as of the latest SEC filing.
• Otter Tail Corporation recently reported $1.85 EPS for the quarter, exceeding analysts' expectations, despite a 2.7% decline in revenue year-over-year.
• The company announced a quarterly dividend of $0.525 per share, marking an annualized dividend yield of 2.5%, with a payout ratio of 30.88%.

Nuveen LLC acquired a new position in shares of Otter Tail Corporation (NASDAQ:OTTR - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 164,446 shares of the utilities provider's stock, valued at approximately $13,217,000. Nuveen LLC owned approximately 0.39% of Otter Tail as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Byrne Asset Management LLC raised its stake 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. bought a new position in shares of Otter Tail during the first quarter worth about $34,000. Vermillion Wealth Management Inc. acquired a new stake in Otter Tail in the 4th quarter valued at approximately $36,000. AdvisorNet Financial Inc lifted its stake in 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 acquiring an additional 300 shares in the last quarter. Finally, Goodman Advisory Group LLC bought a new stake in Otter Tail in the 1st quarter valued at approximately $54,000. 61.32% of the stock is currently owned by institutional investors and hedge funds.

Otter Tail Stock Up 3.5%

Shares of NASDAQ OTTR traded up $2.88 during trading hours on Friday, hitting $85.97. The company had a trading volume of 175,382 shares, compared to its average volume of 213,602. Otter Tail Corporation has a 1-year low of $71.66 and a 1-year high of $92.51. The company has a quick ratio of 2.57, a current ratio of 3.31 and a debt-to-equity ratio of 0.59. The firm's 50 day moving average is $79.00 and its 200-day moving average is $79.10. The stock has a market capitalization of $3.60 billion, a P/E ratio of 12.64 and a beta of 0.56.

Otter Tail (NASDAQ:OTTR - Get Free Report) last posted its quarterly earnings results 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 analyst estimates of $329.60 million. Otter Tail had a net margin of 21.82% and a return on equity of 16.85%. The company's quarterly revenue was down 2.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.07 earnings per share. Otter Tail has set its FY 2025 guidance at 6.060-6.46 EPS. On average, analysts expect that Otter Tail Corporation will post 5.88 earnings per share for the current fiscal year.

Otter Tail Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 15th will be given a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, August 15th. Otter Tail's dividend payout ratio (DPR) is presently 30.88%.

Analysts Set New Price Targets

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

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.