Otter Tail Co. (NASDAQ:OTTR) Shares Acquired by Bank of America Corp DE

Bank of America Corp DE increased its stake 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 acquiring an additional 46,236 shares during the quarter. Bank of America Corp DE owned about 0.54% of Otter Tail worth $16,697,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OTTR. Caisse DE Depot ET Placement DU Quebec grew its stake in Otter Tail by 168.8% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 223,005 shares of the utilities provider's stock worth $16,467,000 after buying an additional 140,044 shares during the last quarter. Invesco Ltd. lifted its stake in Otter Tail by 49.6% in the fourth quarter. Invesco Ltd. now owns 291,344 shares of the utilities provider's stock valued at $21,513,000 after buying an additional 96,573 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Otter Tail by 93.5% in the fourth quarter. JPMorgan Chase & Co. now owns 189,345 shares of the utilities provider's stock valued at $13,981,000 after acquiring an additional 91,516 shares during the period. Northern Trust Corp boosted its holdings in shares of Otter Tail by 15.1% in the fourth 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 during the period. Finally, Barclays PLC grew its position in shares of Otter Tail by 359.8% during the third quarter. Barclays PLC now owns 70,553 shares of the utilities provider's stock worth $5,514,000 after acquiring an additional 55,210 shares during the last quarter. 61.32% of the stock is currently owned by institutional investors and hedge funds.

Otter Tail Stock Performance

NASDAQ OTTR opened at $79.05 on Wednesday. The firm has a market cap of $3.31 billion, a P/E ratio of 11.03 and a beta of 0.56. Otter Tail Co. has a 52-week low of $71.66 and a 52-week high of $100.84. The business's 50-day moving average price is $79.26 and its 200 day moving average price is $78.72. The company has a quick ratio of 1.66, a current ratio of 2.03 and a debt-to-equity ratio of 0.57.

Otter Tail (NASDAQ:OTTR - Get Free Report) last announced its earnings results on Monday, May 5th. The utilities provider reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.53 by $0.09. Otter Tail had a return on equity of 18.96% and a net margin of 22.67%. The company had revenue of $337.35 million for the quarter, compared to the consensus estimate of $349.70 million. During the same period last year, the business posted $1.77 EPS. The company's revenue was down 2.8% on a year-over-year basis. On average, equities research analysts expect that Otter Tail Co. will post 5.88 earnings per share for the current year.

Otter Tail Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Thursday, May 15th will be paid a $0.525 dividend. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $2.10 annualized dividend and a yield of 2.66%. Otter Tail's dividend payout ratio is currently 29.91%.

Analyst Ratings Changes

Separately, Siebert Williams Shank upgraded shares of Otter Tail from a "hold" rating to a "buy" rating and upped their price target for the company from $82.00 to $83.00 in a research report on Wednesday, May 7th.

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.

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