Citigroup Inc. Purchases 19,324 Shares of Otter Tail Co. (NASDAQ:OTTR)

Citigroup Inc. lifted its stake in shares of Otter Tail Co. (NASDAQ:OTTR) by 56.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 53,489 shares of the utilities provider’s stock after buying an additional 19,324 shares during the period. Citigroup Inc. owned about 0.13% of Otter Tail worth $4,181,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. International Assets Investment Management LLC lifted its position in shares of Otter Tail by 3,339.9% during the 3rd quarter. International Assets Investment Management LLC now owns 76,434 shares of the utilities provider’s stock valued at $5,974,000 after buying an additional 74,212 shares during the last quarter. Edgestream Partners L.P. increased its stake in Otter Tail by 2,055.2% in the 2nd quarter. Edgestream Partners L.P. now owns 67,695 shares of the utilities provider’s stock worth $5,929,000 after acquiring an additional 64,554 shares during the last quarter. Segall Bryant & Hamill LLC purchased a new position in shares of Otter Tail in the 3rd quarter worth about $2,947,000. Victory Capital Management Inc. boosted its holdings in shares of Otter Tail by 100.1% in the 3rd quarter. Victory Capital Management Inc. now owns 71,518 shares of the utilities provider’s stock worth $5,590,000 after purchasing an additional 35,783 shares in the last quarter. Finally, OneAscent Financial Services LLC purchased a new position in shares of Otter Tail in the 3rd quarter worth about $1,935,000. Hedge funds and other institutional investors own 61.32% of the company’s stock.

Otter Tail Price Performance

NASDAQ:OTTR opened at $80.74 on Wednesday. Otter Tail Co. has a 52 week low of $73.43 and a 52 week high of $100.84. The company has a quick ratio of 1.66, a current ratio of 2.17 and a debt-to-equity ratio of 0.58. The business’s 50-day simple moving average is $79.11 and its two-hundred day simple moving average is $84.56. The stock has a market cap of $3.38 billion, a PE ratio of 11.15 and a beta of 0.54.

Otter Tail (NASDAQ:OTTR) last released its earnings results on Monday, November 4th. The utilities provider reported $2.03 EPS for the quarter, beating analysts’ consensus estimates of $1.97 by $0.06. Otter Tail had a return on equity of 19.84% and a net margin of 22.70%. The firm had revenue of $338.03 million for the quarter, compared to analysts’ expectations of $362.20 million. During the same quarter in the prior year, the firm posted $2.19 earnings per share. As a group, analysts forecast that Otter Tail Co. will post 7.01 EPS for the current fiscal year.

Otter Tail Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 15th will be paid a $0.468 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.87 dividend on an annualized basis and a yield of 2.32%. Otter Tail’s dividend payout ratio (DPR) is 25.83%.

Analysts Set New Price Targets

OTTR has been the subject of several analyst reports. Siebert Williams Shank upgraded Otter Tail from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 6th. StockNews.com raised Otter Tail from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th.

About Otter Tail

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.