Nuveen LLC Makes New $13.22 Million 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) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its position in Otter Tail by 2.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 551,338 shares of the utilities provider's stock worth $44,311,000 after acquiring an additional 14,793 shares during the last quarter. Northern Trust Corp raised its position in Otter Tail by 15.1% during the fourth quarter. Northern Trust Corp now owns 545,618 shares of the utilities provider's stock worth $40,288,000 after acquiring an additional 71,601 shares during the last quarter. Millennium Management LLC raised its position in Otter Tail by 13.5% during the fourth quarter. Millennium Management LLC now owns 411,281 shares of the utilities provider's stock worth $30,369,000 after acquiring an additional 48,888 shares during the last quarter. Invesco Ltd. raised its position in Otter Tail by 9.8% during the first quarter. Invesco Ltd. now owns 319,907 shares of the utilities provider's stock worth $25,711,000 after acquiring an additional 28,563 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in Otter Tail by 2.5% during the first quarter. Principal Financial Group Inc. now owns 231,561 shares of the utilities provider's stock worth $18,611,000 after acquiring an additional 5,574 shares during the last quarter. Institutional investors and hedge funds own 61.32% of the company's stock.

Otter Tail Trading Up 0.1%

OTTR stock traded up $0.11 on Wednesday, hitting $84.99. 154,009 shares of the company were exchanged, compared to its average volume of 205,425. Otter Tail Corporation has a twelve month low of $71.66 and a twelve month high of $88.36. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.31 and a quick ratio of 2.57. The business's fifty day moving average is $79.54 and its two-hundred day moving average is $79.23. The stock has a market capitalization of $3.56 billion, a price-to-earnings ratio of 12.50 and a beta of 0.56.

Otter Tail (NASDAQ:OTTR - Get Free Report) last issued its quarterly 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 firm had revenue of $333.04 million during the quarter, compared to analyst estimates of $329.60 million. During the same quarter in the prior year, the business posted $2.07 earnings per share. Otter Tail'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. As a group, research analysts forecast that Otter Tail Corporation will post 5.88 earnings per share for the current year.

Otter Tail Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 15th will be paid a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a yield of 2.5%. The ex-dividend date is Friday, August 15th. Otter Tail's payout ratio is currently 30.88%.

Analysts Set New Price Targets

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