Voloridge Investment Management LLC Invests $5.68 Million in Otter Tail Co. (NASDAQ:OTTR)

Voloridge Investment Management LLC acquired a new stake in Otter Tail Co. (NASDAQ:OTTR) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 76,860 shares of the utilities provider’s stock, valued at approximately $5,675,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Vident Advisory LLC boosted its stake in Otter Tail by 6.6% in the 4th quarter. Vident Advisory LLC now owns 32,088 shares of the utilities provider’s stock worth $2,369,000 after buying an additional 1,995 shares during the last quarter. Squarepoint Ops LLC purchased a new position in shares of Otter Tail during the 4th quarter worth about $286,000. State of Wyoming grew its holdings in Otter Tail by 34.7% in the fourth quarter. State of Wyoming now owns 3,011 shares of the utilities provider’s stock valued at $222,000 after purchasing an additional 775 shares during the period. Studio Investment Management LLC acquired a new position in Otter Tail during the fourth quarter worth approximately $50,000. Finally, ProShare Advisors LLC raised its stake in Otter Tail by 13.3% during the fourth quarter. ProShare Advisors LLC now owns 111,467 shares of the utilities provider’s stock worth $8,231,000 after purchasing an additional 13,086 shares during the period. 61.32% of the stock is currently owned by institutional investors and hedge funds.

Otter Tail Stock Performance

Shares of NASDAQ:OTTR opened at $76.13 on Tuesday. The business has a 50-day moving average of $78.65 and a two-hundred day moving average of $78.57. The firm has a market capitalization of $3.19 billion, a PE ratio of 10.62 and a beta of 0.56. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.03 and a quick ratio of 1.66. Otter Tail Co. has a 12 month low of $71.66 and a 12 month high of $100.84.

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

Otter Tail Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Thursday, May 15th will be given a $0.525 dividend. This represents a $2.10 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend is Thursday, May 15th. Otter Tail’s payout ratio is currently 29.91%.

Analysts Set New Price Targets

Separately, Siebert Williams Shank upgraded shares of Otter Tail from a “hold” rating to a “buy” rating and lifted their price target for the company from $82.00 to $83.00 in a 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.