California State Teachers Retirement System increased its holdings in Otter Tail Co. (NASDAQ:OTTR) by 2.3% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 61,681 shares of the utilities provider’s stock after buying an additional 1,373 shares during the period. California State Teachers Retirement System owned 0.16% of Otter Tail worth $3,062,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of OTTR. BlackRock Inc. raised its position in shares of Otter Tail by 3.0% in the third quarter. BlackRock Inc. now owns 2,762,038 shares of the utilities provider’s stock worth $132,301,000 after buying an additional 81,057 shares in the last quarter. Stifel Financial Corp raised its position in shares of Otter Tail by 39.1% in the fourth quarter. Stifel Financial Corp now owns 255,591 shares of the utilities provider’s stock worth $12,716,000 after buying an additional 71,791 shares in the last quarter. Morgan Stanley raised its position in shares of Otter Tail by 25.0% in the third quarter. Morgan Stanley now owns 320,997 shares of the utilities provider’s stock worth $15,376,000 after buying an additional 64,097 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Otter Tail by 5.4% in the third quarter. Renaissance Technologies LLC now owns 921,000 shares of the utilities provider’s stock worth $44,116,000 after buying an additional 47,500 shares in the last quarter. Finally, Vanguard Group Inc raised its position in shares of Otter Tail by 1.2% in the third quarter. Vanguard Group Inc now owns 4,004,057 shares of the utilities provider’s stock worth $191,794,000 after buying an additional 45,637 shares in the last quarter. Institutional investors own 43.62% of the company’s stock.
In other Otter Tail news, VP Paul L. Knutson sold 3,000 shares of the firm’s stock in a transaction dated Friday, February 22nd. The stock was sold at an average price of $49.77, for a total transaction of $149,310.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.70% of the company’s stock.
Otter Tail (NASDAQ:OTTR) last released its quarterly earnings results on Monday, February 18th. The utilities provider reported $0.35 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.39 by ($0.04). Otter Tail had a net margin of 8.99% and a return on equity of 11.45%. The firm had revenue of $221.17 million for the quarter. On average, analysts predict that Otter Tail Co. will post 2.2 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Saturday, March 9th. Shareholders of record on Friday, February 15th were given a dividend of $0.35 per share. This is an increase from Otter Tail’s previous quarterly dividend of $0.34. The ex-dividend date was Thursday, February 14th. This represents a $1.40 dividend on an annualized basis and a yield of 2.82%. Otter Tail’s dividend payout ratio (DPR) is presently 67.96%.
A number of equities research analysts recently issued reports on the company. Zacks Investment Research upgraded Otter Tail from a “hold” rating to a “strong-buy” rating and set a $56.00 price objective on the stock in a research report on Friday, March 22nd. BidaskClub downgraded Otter Tail from a “buy” rating to a “hold” rating in a research report on Thursday, March 21st.
Otter Tail Profile
Otter Tail Corporation, together with its subsidiaries, engages in electric, manufacturing, and plastics businesses in the United States. The company's 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, Inc markets.
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