Fmr LLC Has $7.26 Million Stake in Otter Tail Co. (NASDAQ:OTTR)

Fmr LLC lessened its holdings in shares of Otter Tail Co. (NASDAQ:OTTR) by 32.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 92,905 shares of the utilities provider’s stock after selling 45,159 shares during the quarter. Fmr LLC owned approximately 0.22% of Otter Tail worth $7,261,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Dimensional Fund Advisors LP boosted its position in Otter Tail by 0.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,035,541 shares of the utilities provider’s stock worth $90,703,000 after purchasing an additional 3,974 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Otter Tail by 0.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 509,130 shares of the utilities provider’s stock valued at $39,794,000 after buying an additional 3,425 shares during the period. Bank of New York Mellon Corp raised its stake in Otter Tail by 1.1% in the second quarter. Bank of New York Mellon Corp now owns 435,005 shares of the utilities provider’s stock worth $38,102,000 after buying an additional 4,862 shares in the last quarter. Federated Hermes Inc. grew its position in shares of Otter Tail by 3.6% in the 2nd quarter. Federated Hermes Inc. now owns 143,074 shares of the utilities provider’s stock worth $12,532,000 after buying an additional 4,997 shares during the period. Finally, Public Sector Pension Investment Board raised its position in shares of Otter Tail by 7.6% in the 2nd quarter. Public Sector Pension Investment Board now owns 91,996 shares of the utilities provider’s stock worth $8,058,000 after purchasing an additional 6,501 shares during the last quarter. 61.32% of the stock is currently owned by institutional investors.

Otter Tail Stock Down 2.1 %

NASDAQ OTTR opened at $76.60 on Friday. The firm has a market cap of $3.20 billion, a PE ratio of 10.58 and a beta of 0.54. 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 fifty day simple moving average is $79.19 and its 200-day simple moving average is $84.02.

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

Otter Tail Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Friday, November 15th were issued a dividend of $0.468 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.87 annualized dividend and a yield of 2.44%. Otter Tail’s dividend payout ratio is currently 25.83%.

Wall Street Analyst Weigh In

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

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.