Otter Tail Corporation (OTTR) Stake Boosted by Alliancebernstein L.P.
Alliancebernstein L.P. grew its holdings in Otter Tail Corporation (NASDAQ:OTTR) by 31.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 90,313 shares of the utilities provider’s stock after purchasing an additional 21,830 shares during the period. Alliancebernstein L.P. owned approximately 0.23% of Otter Tail Corporation worth $3,576,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also made changes to their positions in the company. Wells Fargo & Company MN lifted its stake in Otter Tail Corporation by 9.9% during the 2nd quarter. Wells Fargo & Company MN now owns 45,008 shares of the utilities provider’s stock worth $1,782,000 after acquiring an additional 4,051 shares in the last quarter. Old Mutual Global Investors UK Ltd. acquired a new position in Otter Tail Corporation during the 2nd quarter worth about $107,000. Swiss National Bank lifted its stake in Otter Tail Corporation by 3.7% during the 2nd quarter. Swiss National Bank now owns 59,600 shares of the utilities provider’s stock worth $2,360,000 after acquiring an additional 2,100 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Otter Tail Corporation by 3.2% during the 2nd quarter. Principal Financial Group Inc. now owns 8,477 shares of the utilities provider’s stock worth $336,000 after acquiring an additional 260 shares in the last quarter. Finally, Prudential Financial Inc. acquired a new position in Otter Tail Corporation during the 2nd quarter worth about $552,000. 40.60% of the stock is currently owned by institutional investors and hedge funds.
In other Otter Tail Corporation news, CFO Kevin G. Moug sold 1,500 shares of the business’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $41.75, for a total transaction of $62,625.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.40% of the company’s stock.
OTTR has been the topic of several research reports. BidaskClub lowered Otter Tail Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, June 22nd. Zacks Investment Research raised Otter Tail Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, July 5th.
Shares of Otter Tail Corporation (OTTR) opened at 44.80 on Friday. The stock has a market cap of $1.77 billion, a P/E ratio of 25.79 and a beta of 0.78. The firm’s 50-day moving average price is $42.82 and its 200 day moving average price is $40.30. Otter Tail Corporation has a one year low of $33.14 and a one year high of $44.95.
Otter Tail Corporation (NASDAQ:OTTR) last issued its quarterly earnings data on Monday, August 7th. The utilities provider reported $0.42 EPS for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.01. The company had revenue of $212.10 million for the quarter, compared to analysts’ expectations of $211.30 million. Otter Tail Corporation had a return on equity of 10.14% and a net margin of 8.35%. The firm’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.41 earnings per share. Equities research analysts expect that Otter Tail Corporation will post $1.75 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Saturday, September 9th. Shareholders of record on Tuesday, August 15th were paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date of this dividend was Friday, August 11th. Otter Tail Corporation’s dividend payout ratio is presently 74.42%.
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About Otter Tail Corporation
Otter Tail Corporation is a holding company. The Company operates through three segments: Electric, Manufacturing and Plastics. The Electric segment includes the production, transmission, distribution and sale of electric energy in Minnesota, North Dakota and South Dakota by Otter Tail Power Company (OTP).
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