Squarepoint Ops LLC Raises Stake in Otter Tail Co. (NASDAQ:OTTR)

Squarepoint Ops LLC grew its holdings in Otter Tail Co. (NASDAQ:OTTR) by 129.5% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 43,658 shares of the utilities provider’s stock after buying an additional 24,635 shares during the period. Squarepoint Ops LLC owned 0.10% of Otter Tail worth $3,824,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Jupiter Asset Management Ltd. purchased a new position in Otter Tail in the 1st quarter valued at $2,276,000. Janus Henderson Group PLC boosted its holdings in shares of Otter Tail by 45.2% in the first quarter. Janus Henderson Group PLC now owns 29,765 shares of the utilities provider’s stock valued at $2,572,000 after acquiring an additional 9,270 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of Otter Tail during the first quarter worth about $590,000. Tidal Investments LLC increased its stake in shares of Otter Tail by 320.5% during the first quarter. Tidal Investments LLC now owns 16,879 shares of the utilities provider’s stock worth $1,458,000 after acquiring an additional 12,865 shares during the period. Finally, State Board of Administration of Florida Retirement System raised its holdings in Otter Tail by 113.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 41,199 shares of the utilities provider’s stock worth $3,560,000 after purchasing an additional 21,908 shares in the last quarter. Institutional investors and hedge funds own 61.32% of the company’s stock.

Insider Buying and Selling at Otter Tail

In other news, VP Jennifer O. Smestad sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $88.74, for a total transaction of $354,960.00. Following the sale, the vice president now owns 12,300 shares of the company’s stock, valued at approximately $1,091,502. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Otter Tail Stock Performance

NASDAQ OTTR opened at $78.00 on Wednesday. The company has a current ratio of 2.27, a quick ratio of 1.67 and a debt-to-equity ratio of 0.60. The business’s 50 day moving average is $85.81 and its two-hundred day moving average is $86.70. The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of 10.69 and a beta of 0.53. Otter Tail Co. has a 12-month low of $68.96 and a 12-month high of $100.84.

Otter Tail (NASDAQ:OTTR) last released its quarterly earnings data on Monday, August 5th. The utilities provider reported $2.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.69 by $0.38. The firm had revenue of $342.34 million during the quarter, compared to analysts’ expectations of $367.71 million. Otter Tail had a return on equity of 21.06% and a net margin of 22.84%. Otter Tail’s revenue was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.95 earnings per share. Research analysts expect that Otter Tail Co. will post 6.92 EPS for the current year.

Otter Tail Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Thursday, August 15th were given a dividend of $0.468 per share. The ex-dividend date was Thursday, August 15th. This represents a $1.87 annualized dividend and a yield of 2.40%. Otter Tail’s payout ratio is currently 25.69%.

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.