Teacher Retirement System of Texas Sells 7,179 Shares of Otter Tail Corporation (NASDAQ:OTTR)

Teacher Retirement System of Texas lessened its holdings in shares of Otter Tail Corporation (NASDAQ:OTTR - Free Report) by 56.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,503 shares of the utilities provider's stock after selling 7,179 shares during the period. Teacher Retirement System of Texas' holdings in Otter Tail were worth $442,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Byrne Asset Management LLC lifted its holdings in shares of Otter Tail by 54.8% during the 1st quarter. Byrne Asset Management LLC now owns 387 shares of the utilities provider's stock valued at $31,000 after purchasing an additional 137 shares in the last quarter. Vermillion Wealth Management Inc. acquired a new stake in Otter Tail in the 4th quarter valued at approximately $36,000. AdvisorNet Financial Inc raised its position in Otter Tail by 120.0% in the 1st quarter. AdvisorNet Financial Inc now owns 550 shares of the utilities provider's stock valued at $44,000 after buying an additional 300 shares during the last quarter. Studio Investment Management LLC acquired a new stake in Otter Tail in the 4th quarter valued at approximately $50,000. Finally, Goodman Advisory Group LLC acquired a new stake in Otter Tail in the 1st quarter valued at approximately $54,000. Institutional investors own 61.32% of the company's stock.

Wall Street Analysts Forecast Growth

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

Otter Tail Stock Up 0.8%

Shares of NASDAQ:OTTR traded up $0.63 during trading on Friday, hitting $77.19. 263,897 shares of the company were exchanged, compared to its average volume of 240,312. The stock has a market cap of $3.23 billion, a price-to-earnings ratio of 11.00 and a beta of 0.54. Otter Tail Corporation has a fifty-two week low of $71.66 and a fifty-two week high of $100.84. The firm has a fifty day moving average price of $77.88 and a two-hundred day moving average price of $78.47. 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 posted its quarterly earnings results on Monday, May 5th. The utilities provider reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.53 by $0.09. The firm had revenue of $337.35 million for the quarter, compared to analyst estimates of $349.70 million. Otter Tail had a return on equity of 17.95% and a net margin of 22.37%. The business's quarterly revenue was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.77 EPS. As a group, research analysts anticipate that Otter Tail Corporation will post 5.88 earnings per share for the current fiscal year.

Otter Tail Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Thursday, May 15th were paid a $0.525 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $2.10 annualized dividend and a yield of 2.72%. Otter Tail's dividend payout ratio (DPR) 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.