VIRGINIA RETIREMENT SYSTEMS ET Al Takes $2.38 Million Position in Otter Tail Corporation $OTTR

Key Points

• The Virginia Retirement Systems acquired a new stake in Otter Tail Corporation, purchasing approximately $2.38 million worth of shares during the second quarter.
• Several hedge funds increased their positions in Otter Tail, contributing to a total of 61.32% of the stock being owned by institutional investors.
• Otter Tail recently reported a quarterly EPS of $1.85, exceeding analysts' expectations, while also announcing a quarterly dividend of $0.525 per share.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Otter Tail Corporation (NASDAQ:OTTR - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 30,854 shares of the utilities provider's stock, valued at approximately $2,379,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.07% of Otter Tail as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its position in shares of Otter Tail by 51.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 10,838 shares of the utilities provider's stock valued at $881,000 after purchasing an additional 3,685 shares during the last quarter. Dynamic Technology Lab Private Ltd grew its position in shares of Otter Tail by 111.5% in the first quarter. Dynamic Technology Lab Private Ltd now owns 9,880 shares of the utilities provider's stock valued at $794,000 after purchasing an additional 5,209 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Otter Tail by 2.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 17,878 shares of the utilities provider's stock valued at $1,437,000 after purchasing an additional 375 shares during the last quarter. Avantax Advisory Services Inc. lifted its stake in shares of Otter Tail by 3.4% in the first quarter. Avantax Advisory Services Inc. now owns 6,964 shares of the utilities provider's stock valued at $560,000 after buying an additional 228 shares during the period. Finally, HighTower Advisors LLC lifted its stake in shares of Otter Tail by 7.7% in the first quarter. HighTower Advisors LLC now owns 5,599 shares of the utilities provider's stock valued at $450,000 after buying an additional 398 shares during the period. 61.32% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on OTTR shares. Zacks Research upgraded shares of Otter Tail to a "hold" rating in a research note on Friday, October 17th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Otter Tail in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $83.00.

Otter Tail Trading Up 0.7%

Shares of Otter Tail stock opened at $78.21 on Wednesday. The stock has a market capitalization of $3.28 billion, a P/E ratio of 11.50 and a beta of 0.54. The company has a quick ratio of 2.57, a current ratio of 3.31 and a debt-to-equity ratio of 0.59. The company has a 50-day simple moving average of $81.77 and a 200 day simple moving average of $79.34. Otter Tail Corporation has a 12-month low of $71.66 and a 12-month high of $88.36.

Otter Tail (NASDAQ:OTTR - Get Free Report) last announced its earnings results on Monday, August 4th. The utilities provider reported $1.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.74 by $0.11. The business had revenue of $333.04 million during the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same quarter last year, the company posted $2.07 EPS. Otter Tail has set its FY 2025 guidance at 6.060-6.46 EPS. Research analysts expect that Otter Tail Corporation will post 5.88 earnings per share for the current fiscal year.

Otter Tail Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Friday, August 15th were paid a $0.525 dividend. This represents a $2.10 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, August 15th. Otter Tail's dividend payout ratio (DPR) is 30.88%.

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.

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