OLD National Bancorp IN Takes $253,000 Position in Otter Tail Corporation $OTTR

Key Points

• OLD National Bancorp IN recently acquired a stake in Otter Tail Corporation valued at approximately $253,000, purchasing 3,285 shares during the second quarter.
• Several institutional investors, including Allspring Global Investments and Dynamic Technology Lab, have significantly increased their holdings in Otter Tail, indicating positive investor sentiment.
• Otter Tail reported an earnings per share of $1.85 for the last quarter, exceeding analysts' expectations, and has set its FY 2025 guidance at 6.060-6.46 EPS.

OLD National Bancorp IN acquired a new stake in shares of Otter Tail Corporation (NASDAQ:OTTR - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,285 shares of the utilities provider's stock, valued at approximately $253,000.

Other large investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its holdings in shares of Otter Tail by 51.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 10,838 shares of the utilities provider's stock valued at $881,000 after buying an additional 3,685 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Otter Tail by 1,116.4% during the first quarter. Farther Finance Advisors LLC now owns 2,664 shares of the utilities provider's stock valued at $217,000 after buying an additional 2,445 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Otter Tail by 2.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 17,878 shares of the utilities provider's stock valued at $1,437,000 after buying an additional 375 shares during the last quarter. Dynamic Technology Lab Private Ltd grew its holdings in shares of Otter Tail by 111.5% during the first quarter. Dynamic Technology Lab Private Ltd now owns 9,880 shares of the utilities provider's stock valued at $794,000 after buying an additional 5,209 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in Otter Tail by 4.5% during the first quarter. Assenagon Asset Management S.A. now owns 6,441 shares of the utilities provider's stock valued at $518,000 after purchasing an additional 277 shares during the period. 61.32% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a "hold (c+)" rating on shares of Otter Tail in a research report on Wednesday. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Otter Tail has an average rating of "Moderate Buy" and a consensus price target of $83.00.

Otter Tail Stock Down 0.0%

OTTR stock opened at $77.46 on Thursday. The stock has a market capitalization of $3.25 billion, a P/E ratio of 11.39 and a beta of 0.54. The firm has a 50-day simple moving average of $82.09 and a 200-day simple moving average of $79.55. The company has a quick ratio of 2.57, a current ratio of 3.31 and a debt-to-equity ratio of 0.59. Otter Tail Corporation has a 52 week low of $71.66 and a 52 week high of $88.36.

Otter Tail (NASDAQ:OTTR - Get Free Report) last released its 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 during the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.07 earnings per share. Otter Tail has set its FY 2025 guidance at 6.060-6.46 EPS. Equities analysts forecast 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 was paid on Wednesday, September 10th. Investors of record on Friday, August 15th were paid a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Friday, August 15th. Otter Tail's dividend 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.

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