Millennium Management LLC Raises Stock Holdings in Otter Tail Co. (NASDAQ:OTTR)

Millennium Management LLC lifted its stake in shares of Otter Tail Co. (NASDAQ:OTTR - Free Report) by 13.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 411,281 shares of the utilities provider's stock after acquiring an additional 48,888 shares during the quarter. Millennium Management LLC owned approximately 0.98% of Otter Tail worth $30,369,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Private Advisor Group LLC raised its stake in Otter Tail by 2.8% in the fourth quarter. Private Advisor Group LLC now owns 4,826 shares of the utilities provider's stock worth $356,000 after buying an additional 131 shares in the last quarter. Summit Investment Advisors Inc. raised its position in shares of Otter Tail by 5.0% in the 4th quarter. Summit Investment Advisors Inc. now owns 4,328 shares of the utilities provider's stock worth $320,000 after acquiring an additional 207 shares in the last quarter. Xponance Inc. raised its position in shares of Otter Tail by 9.1% in the 4th quarter. Xponance Inc. now owns 2,946 shares of the utilities provider's stock worth $218,000 after acquiring an additional 246 shares in the last quarter. D.A. Davidson & CO. lifted its stake in shares of Otter Tail by 3.8% during the 4th quarter. D.A. Davidson & CO. now owns 6,958 shares of the utilities provider's stock worth $514,000 after purchasing an additional 253 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its position in Otter Tail by 7.5% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 3,672 shares of the utilities provider's stock valued at $271,000 after purchasing an additional 256 shares in the last quarter. 61.32% of the stock is owned by hedge funds and other institutional investors.

Otter Tail Stock Down 0.9%

Shares of OTTR stock traded down $0.67 during trading hours on Thursday, reaching $76.66. 146,760 shares of the company's stock were exchanged, compared to its average volume of 241,752. Otter Tail Co. has a 1 year low of $71.66 and a 1 year high of $100.84. The company has a current ratio of 2.03, a quick ratio of 1.66 and a debt-to-equity ratio of 0.57. The stock has a market cap of $3.21 billion, a PE ratio of 10.69 and a beta of 0.56. The stock's fifty day moving average price is $79.07 and its two-hundred day moving average price is $78.71.

Otter Tail (NASDAQ:OTTR - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The utilities provider reported $1.62 earnings per share (EPS) 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 business had revenue of $337.35 million for the quarter, compared to analyst estimates of $349.70 million. During the same quarter in the prior year, the business posted $1.77 EPS. Otter Tail's revenue for the quarter was down 2.8% compared to the same quarter last year. Research analysts predict 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. Investors 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 yield of 2.74%. The ex-dividend date of this dividend is Thursday, May 15th. Otter Tail's dividend payout ratio is currently 29.91%.

Analyst Ratings Changes

Separately, Siebert Williams Shank raised shares of Otter Tail from a "hold" rating to a "buy" rating and increased their target price 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.