Raymond James Financial Inc. Takes $2.67 Million Position in Otter Tail Co. (NASDAQ:OTTR)

Raymond James Financial Inc. bought a new stake in Otter Tail Co. (NASDAQ:OTTR - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 36,182 shares of the utilities provider's stock, valued at approximately $2,672,000. Raymond James Financial Inc. owned about 0.09% of Otter Tail at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Barclays PLC boosted its holdings in Otter Tail by 359.8% in the third quarter. Barclays PLC now owns 70,553 shares of the utilities provider's stock worth $5,514,000 after acquiring an additional 55,210 shares in the last quarter. Virtu Financial LLC acquired a new position in Otter Tail during the 3rd quarter valued at approximately $711,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Otter Tail in the third quarter worth $39,000. Franklin Resources Inc. lifted its stake in shares of Otter Tail by 5.5% during the third quarter. Franklin Resources Inc. now owns 34,547 shares of the utilities provider's stock worth $2,714,000 after buying an additional 1,804 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Otter Tail in the 4th quarter valued at $455,000. 61.32% of the stock is owned by hedge funds and other institutional investors.

Otter Tail Stock Performance

Otter Tail stock traded down $0.20 during trading hours on Monday, hitting $80.82. 18,075 shares of the stock traded hands, compared to its average volume of 261,721. Otter Tail Co. has a 1 year low of $71.66 and a 1 year high of $100.84. The stock has a market capitalization of $3.38 billion, a price-to-earnings ratio of 11.27 and a beta of 0.49. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.03 and a quick ratio of 1.66. The firm's 50 day moving average price is $79.78 and its 200-day moving average price is $78.75.

Otter Tail (NASDAQ:OTTR - Get Free Report) last posted its quarterly earnings results on Monday, February 17th. The utilities provider reported $1.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.26 by $0.04. The company had revenue of $303.11 million during the quarter, compared to analyst estimates of $314.75 million. Otter Tail had a net margin of 22.67% and a return on equity of 18.96%. As a group, equities analysts expect that Otter Tail Co. will post 5.88 EPS for the current fiscal year.

Otter Tail Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were paid a $0.525 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.10 dividend on an annualized basis and a yield of 2.60%. This is a boost from Otter Tail's previous quarterly dividend of $0.47. Otter Tail's dividend payout ratio (DPR) is currently 29.29%.

Otter Tail 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.