8,242 Shares in Otter Tail Corporation (NASDAQ:OTTR) Purchased by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC acquired a new stake in Otter Tail Corporation (NASDAQ:OTTR - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 8,242 shares of the utilities provider's stock, valued at approximately $662,000.

Several other hedge funds also recently modified their holdings of OTTR. Byrne Asset Management LLC boosted its position in shares of Otter Tail by 54.8% in the first quarter. Byrne Asset Management LLC now owns 387 shares of the utilities provider's stock valued at $31,000 after acquiring an additional 137 shares during the period. Vermillion Wealth Management Inc. bought a new position in Otter Tail in the fourth quarter worth $36,000. AdvisorNet Financial Inc lifted its position in Otter Tail by 120.0% in the first quarter. AdvisorNet Financial Inc now owns 550 shares of the utilities provider's stock worth $44,000 after purchasing an additional 300 shares during the period. Studio Investment Management LLC bought a new position in Otter Tail in the fourth quarter worth $50,000. Finally, New Age Alpha Advisors LLC bought a new position in Otter Tail in the fourth quarter worth $94,000. 61.32% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Otter Tail Stock Performance

OTTR stock traded up $0.31 during midday trading on Friday, hitting $79.73. The stock had a trading volume of 83,700 shares, compared to its average volume of 240,083. The firm has a market capitalization of $3.34 billion, a price-to-earnings ratio of 11.36 and a beta of 0.54. Otter Tail Corporation has a 52 week low of $71.66 and a 52 week high of $100.84. The stock has a 50-day simple moving average of $77.91 and a 200 day simple moving average of $78.27. The company has a current ratio of 2.62, a quick ratio of 2.03 and a debt-to-equity ratio of 0.58.

Otter Tail (NASDAQ:OTTR - Get Free Report) last issued its quarterly earnings data 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. The company had revenue of $337.35 million during the quarter, compared to analysts' expectations of $349.70 million. Otter Tail had a return on equity of 17.95% and a net margin of 22.37%. The business's revenue was down 2.8% on a year-over-year basis. During the same period last year, the business earned $1.77 earnings per share. As a group, equities research analysts anticipate that Otter Tail Corporation will post 5.88 earnings per share for the current year.

Otter Tail Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Thursday, May 15th were issued a dividend of $0.525 per share. The ex-dividend date was Thursday, May 15th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 2.63%. Otter Tail's payout ratio is presently 29.91%.

Otter Tail Company 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.