Bank of America Corp DE increased its holdings in shares of Otter Tail Co. (NASDAQ:OTTR - Free Report) by 25.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 226,126 shares of the utilities provider's stock after purchasing an additional 46,236 shares during the period. Bank of America Corp DE owned approximately 0.54% of Otter Tail worth $16,697,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Otter Tail by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 5,275,068 shares of the utilities provider's stock valued at $389,511,000 after purchasing an additional 43,186 shares in the last quarter. Northern Trust Corp lifted its stake in Otter Tail by 15.1% in the 4th quarter. Northern Trust Corp now owns 545,618 shares of the utilities provider's stock valued at $40,288,000 after acquiring an additional 71,601 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Otter Tail by 5.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 536,545 shares of the utilities provider's stock valued at $39,618,000 after acquiring an additional 27,415 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Otter Tail by 2.3% in the 4th quarter. Bank of New York Mellon Corp now owns 405,146 shares of the utilities provider's stock valued at $29,916,000 after acquiring an additional 8,993 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in Otter Tail by 49.6% in the 4th quarter. Invesco Ltd. now owns 291,344 shares of the utilities provider's stock valued at $21,513,000 after acquiring an additional 96,573 shares in the last quarter. Institutional investors own 61.32% of the company's stock.
Wall Street Analyst Weigh In
Separately, Siebert Williams Shank upgraded Otter Tail from a "hold" rating to a "buy" rating and boosted their target price for the company from $82.00 to $83.00 in a research note on Wednesday, May 7th.
View Our Latest Stock Report on Otter Tail
Otter Tail Stock Down 0.7%
NASDAQ OTTR traded down $0.53 during trading on Monday, hitting $76.13. The stock had a trading volume of 133,557 shares, compared to its average volume of 242,474. The company has a market capitalization of $3.19 billion, a PE ratio of 10.62 and a beta of 0.56. The company's 50-day moving average price is $78.65 and its two-hundred day moving average price is $78.57. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.66 and a current ratio of 2.03. Otter Tail Co. has a 12 month low of $71.66 and a 12 month high of $100.84.
Otter Tail (NASDAQ:OTTR - Get Free Report) last released its earnings results on Monday, May 5th. The utilities provider reported $1.62 EPS for the quarter, beating the consensus estimate of $1.53 by $0.09. The firm had revenue of $337.35 million for the quarter, compared to analysts' expectations of $349.70 million. Otter Tail had a return on equity of 18.96% and a net margin of 22.67%. The business's quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.77 EPS. As a group, sell-side analysts forecast that Otter Tail Co. will post 5.88 EPS for the current year.
Otter Tail Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Thursday, May 15th will be given a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend is Thursday, May 15th. Otter Tail's dividend payout ratio (DPR) is 29.91%.
Otter Tail Company Profile
(
Free Report)
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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