Occudo Quantitative Strategies LP Takes Position in Otter Tail Co. (NASDAQ:OTTR)

Occudo Quantitative Strategies LP bought a new stake in Otter Tail Co. (NASDAQ:OTTR - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 6,885 shares of the utilities provider's stock, valued at approximately $508,000.

A number of other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Otter Tail by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 5,275,068 shares of the utilities provider's stock worth $389,511,000 after buying an additional 43,186 shares during the last quarter. Northern Trust Corp lifted its stake in Otter Tail by 15.1% during the fourth 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. Charles Schwab Investment Management Inc. boosted its holdings in Otter Tail by 5.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 536,545 shares of the utilities provider's stock worth $39,618,000 after purchasing an additional 27,415 shares during the period. Millennium Management LLC increased its stake in Otter Tail by 13.5% during the fourth quarter. Millennium Management LLC now owns 411,281 shares of the utilities provider's stock valued at $30,369,000 after purchasing an additional 48,888 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Otter Tail by 2.3% during the fourth quarter. Bank of New York Mellon Corp now owns 405,146 shares of the utilities provider's stock worth $29,916,000 after purchasing an additional 8,993 shares during the period. Institutional investors and hedge funds own 61.32% of the company's stock.

Otter Tail Stock Performance

OTTR stock traded down $0.57 during midday trading on Tuesday, reaching $79.21. The company had a trading volume of 22,856 shares, compared to its average volume of 240,966. The firm has a market capitalization of $3.32 billion, a PE ratio of 11.05 and a beta of 0.56. The stock has a 50 day moving average price of $79.26 and a 200 day moving average price of $78.72. Otter Tail Co. has a fifty-two week low of $71.66 and a fifty-two week high of $100.84. The company has a quick ratio of 1.66, a current ratio of 2.03 and a debt-to-equity ratio of 0.57.

Otter Tail (NASDAQ:OTTR - Get Free Report) last released 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 business had revenue of $337.35 million during the quarter, compared to analyst estimates of $349.70 million. Otter Tail had a return on equity of 18.96% and a net margin of 22.67%. The business's revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.77 EPS. Analysts anticipate that Otter Tail Co. will post 5.88 earnings per share for the current year.

Otter Tail Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Thursday, May 15th will be issued a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend is Thursday, May 15th. Otter Tail's dividend payout ratio (DPR) is 29.91%.

Analysts Set New Price Targets

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

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.