Vanguard Group Inc. Has $415.77 Million Stock Holdings in Otter Tail Corporation $OTTR

Key Points

• Vanguard Group Inc. has reduced its holdings in Otter Tail Corporation by 1.9%, now owning approximately 5.17 million shares valued at $415.77 million.
• Other institutional investors, including Northern Trust Corp and Invesco Ltd., have increased their holdings in Otter Tail, indicating strong interest in the company.
• Siebert Williams Shank has upgraded Otter Tail from a "hold" to a "buy" rating, raising the target price from $82.00 to $83.00, following a recent earnings report that exceeded expectations.

Vanguard Group Inc. reduced its holdings in shares of Otter Tail Corporation (NASDAQ:OTTR - Free Report) by 1.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,173,233 shares of the utilities provider's stock after selling 101,835 shares during the quarter. Vanguard Group Inc. owned approximately 12.36% of Otter Tail worth $415,773,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Northern Trust Corp boosted its stake in shares of Otter Tail by 15.1% during the 4th quarter. Northern Trust Corp now owns 545,618 shares of the utilities provider's stock worth $40,288,000 after purchasing an additional 71,601 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Otter Tail by 13.5% during the 4th quarter. Millennium Management LLC now owns 411,281 shares of the utilities provider's stock worth $30,369,000 after purchasing an additional 48,888 shares during the last quarter. Invesco Ltd. boosted its position in shares of Otter Tail by 49.6% in the fourth quarter. Invesco Ltd. now owns 291,344 shares of the utilities provider's stock worth $21,513,000 after acquiring an additional 96,573 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Otter Tail by 2.5% in the first quarter. Principal Financial Group Inc. now owns 231,561 shares of the utilities provider's stock worth $18,611,000 after acquiring an additional 5,574 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Otter Tail by 25.7% in the fourth quarter. Bank of America Corp DE now owns 226,126 shares of the utilities provider's stock worth $16,697,000 after acquiring an additional 46,236 shares during the last quarter. 61.32% of the stock is currently owned by hedge funds and other institutional investors.

Otter Tail Stock Up 1.4%

Shares of NASDAQ:OTTR traded up $1.13 during midday trading on Tuesday, reaching $83.94. The company had a trading volume of 63,949 shares, compared to its average volume of 235,812. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.31 and a quick ratio of 2.57. The stock's fifty day moving average price is $78.59 and its 200-day moving average price is $78.92. The stock has a market capitalization of $3.52 billion, a P/E ratio of 12.34 and a beta of 0.56. Otter Tail Corporation has a one year low of $71.66 and a one year high of $92.51.

Otter Tail (NASDAQ:OTTR - Get Free Report) last released its earnings results on Monday, August 4th. The utilities provider reported $1.85 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.11. The firm had revenue of $333.04 million during the quarter, compared to analyst estimates of $329.60 million. Otter Tail had a net margin of 21.82% and a return on equity of 16.85%. The firm's revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.07 earnings per share. Otter Tail has set its FY 2025 guidance at 6.060-6.46 EPS. Equities research analysts expect that Otter Tail Corporation will post 5.88 earnings per share for the current fiscal year.

Otter Tail Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 15th will be given a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, August 15th. Otter Tail's dividend payout ratio is 30.88%.

Wall Street Analyst Weigh In

Separately, Siebert Williams Shank raised shares of 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. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, Otter Tail presently has an average rating of "Buy" and an average price target of $83.00.

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.