Otter Tail Corporation (NASDAQ:OTTR) Holdings Lifted by OneAscent Financial Services LLC

OneAscent Financial Services LLC increased its holdings in shares of Otter Tail Corporation (NASDAQ:OTTR - Free Report) by 98.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,948 shares of the utilities provider's stock after buying an additional 24,267 shares during the quarter. OneAscent Financial Services LLC owned 0.12% of Otter Tail worth $3,980,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of OTTR. Caisse DE Depot ET Placement DU Quebec grew its holdings in shares of Otter Tail by 168.8% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 223,005 shares of the utilities provider's stock valued at $16,467,000 after buying an additional 140,044 shares in the last quarter. Invesco Ltd. boosted its position in Otter Tail by 49.6% during the fourth quarter. Invesco Ltd. now owns 291,344 shares of the utilities provider's stock valued at $21,513,000 after purchasing an additional 96,573 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Otter Tail by 93.5% during the fourth quarter. JPMorgan Chase & Co. now owns 189,345 shares of the utilities provider's stock valued at $13,981,000 after purchasing an additional 91,516 shares during the last quarter. Voloridge Investment Management LLC acquired a new stake in Otter Tail during the fourth quarter valued at $5,675,000. Finally, Northern Trust Corp boosted its position in Otter Tail by 15.1% during the fourth quarter. Northern Trust Corp now owns 545,618 shares of the utilities provider's stock valued at $40,288,000 after purchasing an additional 71,601 shares during the last quarter. Hedge funds and other institutional investors own 61.32% of the company's stock.

Analysts Set New Price Targets

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

Otter Tail Stock Up 0.8%

NASDAQ:OTTR opened at $77.19 on Friday. The stock's fifty day moving average price is $77.88 and its two-hundred day moving average price is $78.50. Otter Tail Corporation has a 52-week low of $71.66 and a 52-week high of $100.84. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.03 and a current ratio of 2.62. The company has a market cap of $3.23 billion, a price-to-earnings ratio of 11.00 and a beta of 0.54.

Otter Tail (NASDAQ:OTTR - Get Free Report) last posted 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. The company had revenue of $337.35 million for the quarter, compared to the consensus estimate of $349.70 million. Otter Tail had a return on equity of 17.95% and a net margin of 22.37%. The firm's quarterly revenue was down 2.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.77 EPS. On average, analysts anticipate that Otter Tail Corporation will post 5.88 EPS for the current year.

Otter Tail Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Thursday, May 15th were given a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date was Thursday, May 15th. Otter Tail's dividend payout ratio is currently 29.91%.

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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