Millennium Management LLC Acquires 48,888 Shares of Otter Tail Co. (NASDAQ:OTTR)

Millennium Management LLC increased its position in shares of Otter Tail Co. (NASDAQ:OTTR - Free Report) by 13.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 411,281 shares of the utilities provider's stock after acquiring an additional 48,888 shares during the quarter. Millennium Management LLC owned about 0.98% of Otter Tail worth $30,369,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Asset Planning Inc bought a new position in Otter Tail during the 4th quarter worth approximately $37,000. Crews Bank & Trust bought a new position in Otter Tail during the 4th quarter worth approximately $81,000. New Age Alpha Advisors LLC bought a new position in Otter Tail during the 4th quarter worth approximately $94,000. Nisa Investment Advisors LLC boosted its stake in Otter Tail by 28.5% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,502 shares of the utilities provider's stock worth $111,000 after acquiring an additional 333 shares during the last quarter. Finally, KBC Group NV boosted its stake in Otter Tail by 28.7% during the 4th quarter. KBC Group NV now owns 1,606 shares of the utilities provider's stock worth $119,000 after acquiring an additional 358 shares during the last quarter. Institutional investors own 61.32% of the company's stock.

Otter Tail Stock Down 0.7%

OTTR traded down $0.53 during trading on Friday, reaching $76.13. The company had a trading volume of 133,557 shares, compared to its average volume of 242,474. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.03 and a quick ratio of 1.66. Otter Tail Co. has a 12 month low of $71.66 and a 12 month high of $100.84. The business's fifty day moving average price is $78.80 and its 200 day moving average price is $78.62. The company has a market cap of $3.19 billion, a P/E ratio of 10.62 and a beta of 0.56.

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

Otter Tail Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Thursday, May 15th will be given a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend is Thursday, May 15th. Otter Tail's dividend payout ratio is presently 29.91%.

Analyst Ratings Changes

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

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.