Denali Advisors LLC Grows Position in Otter Tail Corporation (NASDAQ:OTTR)

Denali Advisors LLC increased its position in shares of Otter Tail Corporation (NASDAQ:OTTR) by 883.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 67,959 shares of the utilities provider’s stock after purchasing an additional 61,048 shares during the period. Denali Advisors LLC’s holdings in Otter Tail were worth $5,462,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Victory Capital Management Inc. boosted its position in Otter Tail by 2.3% in the 1st quarter. Victory Capital Management Inc. now owns 117,863 shares of the utilities provider’s stock valued at $9,473,000 after buying an additional 2,652 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its position in Otter Tail by 4.4% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 45,780 shares of the utilities provider’s stock valued at $3,679,000 after buying an additional 1,911 shares during the period. Whittier Trust Co. boosted its position in Otter Tail by 2.0% in the 1st quarter. Whittier Trust Co. now owns 86,407 shares of the utilities provider’s stock valued at $6,944,000 after buying an additional 1,657 shares during the period. New York State Common Retirement Fund boosted its position in Otter Tail by 44.6% in the 1st quarter. New York State Common Retirement Fund now owns 64,183 shares of the utilities provider’s stock valued at $5,158,000 after buying an additional 19,800 shares during the period. Finally, Xponance Inc. boosted its position in Otter Tail by 5.1% in the 1st quarter. Xponance Inc. now owns 3,097 shares of the utilities provider’s stock valued at $249,000 after buying an additional 151 shares during the period. 61.32% of the stock is owned by hedge funds and other institutional investors.

Otter Tail Trading Up 0.8%

NASDAQ:OTTR opened at $77.19 on Friday. Otter Tail Corporation has a one year low of $71.66 and a one year high of $100.84. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.03 and a current ratio of 2.62. The firm has a market cap of $3.23 billion, a P/E ratio of 11.00 and a beta of 0.54. The firm has a 50-day simple moving average of $77.88 and a 200-day simple moving average of $78.47.

Otter Tail (NASDAQ:OTTR) last posted its quarterly earnings results on Monday, May 5th. The utilities provider reported $1.62 EPS for the quarter, beating the consensus estimate of $1.53 by $0.09. Otter Tail had a net margin of 22.37% and a return on equity of 17.95%. The business had revenue of $337.35 million during the quarter, compared to analyst estimates of $349.70 million. During the same quarter in the previous year, the business posted $1.77 EPS. The company’s quarterly revenue was down 2.8% compared to the same quarter last year. Equities analysts anticipate that Otter Tail Corporation will post 5.88 EPS for the current fiscal year.

Otter Tail Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Thursday, May 15th were issued a $0.525 dividend. The ex-dividend date was Thursday, May 15th. This represents a $2.10 annualized dividend and a dividend yield of 2.72%. Otter Tail’s dividend payout ratio is currently 29.91%.

Wall Street Analysts Forecast Growth

Separately, Siebert Williams Shank raised shares of Otter Tail from a “hold” rating to a “buy” rating and boosted their price objective for the company 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.