Corebridge Financial Inc. Sells 1,721 Shares of Otter Tail Co. (NASDAQ:OTTR)

Corebridge Financial Inc. reduced its stake in Otter Tail Co. (NASDAQ:OTTR) by 7.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,041 shares of the utilities provider’s stock after selling 1,721 shares during the quarter. Corebridge Financial Inc. owned about 0.05% of Otter Tail worth $1,628,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in Otter Tail by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 5,275,068 shares of the utilities provider’s stock worth $389,511,000 after acquiring an additional 43,186 shares in the last quarter. LPL Financial LLC boosted its stake in Otter Tail by 3.2% in the 4th quarter. LPL Financial LLC now owns 59,865 shares of the utilities provider’s stock worth $4,420,000 after purchasing an additional 1,837 shares in the last quarter. AXQ Capital LP bought a new position in Otter Tail in the 4th quarter worth about $263,000. Sei Investments Co. increased its stake in Otter Tail by 4.3% during the 4th quarter. Sei Investments Co. now owns 7,709 shares of the utilities provider’s stock valued at $569,000 after purchasing an additional 318 shares in the last quarter. Finally, Quantbot Technologies LP increased its stake in Otter Tail by 25.9% during the 4th quarter. Quantbot Technologies LP now owns 21,696 shares of the utilities provider’s stock valued at $1,602,000 after purchasing an additional 4,464 shares in the last quarter. Hedge funds and other institutional investors own 61.32% of the company’s stock.

Otter Tail Trading Up 0.6 %

NASDAQ:OTTR opened at $81.76 on Thursday. The company’s 50 day moving average price is $80.08 and its 200-day moving average price is $78.70. Otter Tail Co. has a 52 week low of $71.66 and a 52 week high of $100.84. The company has a quick ratio of 1.66, a current ratio of 2.03 and a debt-to-equity ratio of 0.57. The stock has a market cap of $3.42 billion, a price-to-earnings ratio of 11.40 and a beta of 0.53.

Otter Tail (NASDAQ:OTTR) last issued its earnings results on Monday, February 17th. The utilities provider reported $1.30 EPS for the quarter, beating the consensus estimate of $1.26 by $0.04. The business had revenue of $303.11 million for the quarter, compared to the consensus estimate of $314.75 million. Otter Tail had a return on equity of 18.96% and a net margin of 22.67%. On average, equities research analysts forecast that Otter Tail Co. will post 5.88 earnings per share for the current fiscal year.

Otter Tail Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were issued a $0.525 dividend. This represents a $2.10 annualized dividend and a yield of 2.57%. This is an increase from Otter Tail’s previous quarterly dividend of $0.47. The ex-dividend date was Friday, February 14th. Otter Tail’s dividend payout ratio (DPR) is presently 29.29%.

Otter Tail 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.