State Street Corp Acquires 18,109 Shares of Otter Tail Co. (NASDAQ:OTTR)

State Street Corp increased its stake in Otter Tail Co. (NASDAQ:OTTR) by 1.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,598,531 shares of the utilities provider’s stock after purchasing an additional 18,109 shares during the period. State Street Corp’s holdings in Otter Tail were worth $124,941,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Hoese & Co LLP bought a new position in shares of Otter Tail in the 3rd quarter worth $39,000. Allworth Financial LP increased its stake in Otter Tail by 132.8% in the third quarter. Allworth Financial LP now owns 547 shares of the utilities provider’s stock valued at $43,000 after acquiring an additional 312 shares during the last quarter. Quarry LP raised its position in Otter Tail by 1,811.4% during the second quarter. Quarry LP now owns 669 shares of the utilities provider’s stock valued at $59,000 after purchasing an additional 634 shares in the last quarter. Abound Wealth Management lifted its stake in Otter Tail by 28,725.0% during the second quarter. Abound Wealth Management now owns 1,153 shares of the utilities provider’s stock worth $101,000 after purchasing an additional 1,149 shares during the last quarter. Finally, KBC Group NV boosted its holdings in shares of Otter Tail by 27.9% in the 3rd quarter. KBC Group NV now owns 1,248 shares of the utilities provider’s stock worth $98,000 after purchasing an additional 272 shares in the last quarter. 61.32% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on OTTR. StockNews.com upgraded Otter Tail from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. Siebert Williams Shank upgraded shares of Otter Tail from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 6th.

Otter Tail Stock Down 0.9 %

OTTR opened at $75.88 on Friday. The company has a market cap of $3.17 billion, a P/E ratio of 10.48 and a beta of 0.54. Otter Tail Co. has a 12 month low of $73.43 and a 12 month high of $100.84. The company has a current ratio of 2.17, a quick ratio of 1.66 and a debt-to-equity ratio of 0.58. The business’s 50-day moving average price is $79.15 and its 200-day moving average price is $83.88.

Otter Tail (NASDAQ:OTTR) last announced its quarterly earnings data on Monday, November 4th. The utilities provider reported $2.03 EPS for the quarter, beating the consensus estimate of $1.97 by $0.06. The business had revenue of $338.03 million during the quarter, compared to analyst estimates of $362.20 million. Otter Tail had a return on equity of 19.84% and a net margin of 22.70%. During the same quarter last year, the firm posted $2.19 earnings per share. On average, equities analysts expect that Otter Tail Co. will post 7.13 EPS for the current year.

Otter Tail Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th were issued a $0.468 dividend. This represents a $1.87 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date was Friday, November 15th. Otter Tail’s dividend payout ratio (DPR) is presently 25.83%.

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.