Legal & General Group Plc Has $8.64 Million Stock Holdings in Otter Tail Corporation $OTTR

Legal & General Group Plc raised its stake in shares of Otter Tail Corporation (NASDAQ:OTTR) by 5.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 112,041 shares of the utilities provider’s stock after purchasing an additional 5,714 shares during the quarter. Legal & General Group Plc’s holdings in Otter Tail were worth $8,637,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. HighMark Wealth Management LLC bought a new position in shares of Otter Tail during the 2nd quarter worth approximately $26,000. Costello Asset Management INC bought a new stake in Otter Tail in the first quarter valued at $66,000. Allworth Financial LP raised its stake in Otter Tail by 84.3% during the second quarter. Allworth Financial LP now owns 1,198 shares of the utilities provider’s stock worth $92,000 after acquiring an additional 548 shares in the last quarter. Armstrong Advisory Group Inc. lifted its holdings in shares of Otter Tail by 93.0% during the second quarter. Armstrong Advisory Group Inc. now owns 1,660 shares of the utilities provider’s stock valued at $128,000 after acquiring an additional 800 shares during the period. Finally, Financiere des Professionnels Fonds d investissement inc. acquired a new stake in shares of Otter Tail in the 2nd quarter valued at $158,000. 61.32% of the stock is currently owned by institutional investors.

Otter Tail Stock Performance

Otter Tail stock opened at $81.11 on Tuesday. The stock has a 50-day simple moving average of $80.37 and a 200 day simple moving average of $80.01. The stock has a market capitalization of $3.40 billion, a price-to-earnings ratio of 11.93 and a beta of 0.56. The company has a quick ratio of 2.57, a current ratio of 3.31 and a debt-to-equity ratio of 0.59. Otter Tail Corporation has a 12-month low of $71.66 and a 12-month high of $86.22.

Otter Tail (NASDAQ:OTTR) last issued its quarterly earnings data on Tuesday, November 4th. The utilities provider reported $1.86 EPS for the quarter, topping analysts’ consensus estimates of $1.80 by $0.06. The firm had revenue of $325.56 million for the quarter, compared to analyst estimates of $337.40 million. Otter Tail had a net margin of 21.82% and a return on equity of 16.85%. The company’s revenue was down 3.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.03 EPS. On average, research analysts anticipate 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, December 10th. Investors of record on Friday, November 14th will be issued a $0.525 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 2.6%. Otter Tail’s dividend payout ratio (DPR) is currently 31.67%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on OTTR shares. Weiss Ratings upgraded shares of Otter Tail from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Saturday, October 25th. Zacks Research raised shares of Otter Tail to a “hold” rating in a research note on Friday, October 17th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Otter Tail presently has a consensus rating of “Moderate Buy” and an average target price of $83.00.

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.