Palisades Investment Partners LLC Sells 764 Shares of Otter Tail Co. (NASDAQ:OTTR)

Palisades Investment Partners LLC trimmed its stake in Otter Tail Co. (NASDAQ:OTTR) by 1.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,334 shares of the utilities provider’s stock after selling 764 shares during the period. Otter Tail accounts for approximately 1.3% of Palisades Investment Partners LLC’s holdings, making the stock its 29th largest position. Palisades Investment Partners LLC owned about 0.10% of Otter Tail worth $2,978,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Asset Planning Inc purchased a new stake in Otter Tail in the fourth quarter worth about $37,000. Studio Investment Management LLC bought a new position in shares of Otter Tail during the 4th quarter valued at approximately $50,000. Crews Bank & Trust purchased a new stake in Otter Tail in the 4th quarter worth approximately $81,000. New Age Alpha Advisors LLC bought a new stake in Otter Tail during the 4th quarter worth approximately $94,000. Finally, Nisa Investment Advisors LLC raised its stake in Otter Tail by 28.5% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,502 shares of the utilities provider’s stock worth $111,000 after acquiring an additional 333 shares during the period. 61.32% of the stock is owned by institutional investors.

Otter Tail Trading Down 2.2%

Shares of OTTR stock opened at $77.33 on Thursday. The stock has a fifty day simple moving average of $79.07 and a two-hundred day simple moving average of $78.71. Otter Tail Co. has a 52-week low of $71.66 and a 52-week high of $100.84. The firm has a market capitalization of $3.24 billion, a PE ratio of 10.79 and a beta of 0.56. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.66 and a current ratio of 2.03.

Otter Tail (NASDAQ:OTTR) last released its earnings results on Monday, May 5th. The utilities provider reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.53 by $0.09. Otter Tail had a return on equity of 18.96% and a net margin of 22.67%. The firm had revenue of $337.35 million during the quarter, compared to analysts’ expectations of $349.70 million. During the same quarter last year, the business posted $1.77 earnings per share. The firm’s revenue was down 2.8% on a year-over-year basis. On average, analysts predict that Otter Tail Co. will post 5.88 EPS for the current fiscal year.

Otter Tail Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Thursday, May 15th will be given a dividend of $0.525 per share. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 2.72%. Otter Tail’s dividend payout ratio is 29.91%.

Wall Street Analyst Weigh In

Separately, Siebert Williams Shank upgraded shares of Otter Tail from a “hold” rating to a “buy” rating and upped their price target for the stock from $82.00 to $83.00 in a research report on Wednesday, May 7th.

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.