Otter Tail Corporation (NASDAQ:OTTR) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC reduced its stake in Otter Tail Corporation (NASDAQ:OTTR) by 3.9% during the 1st quarter, Holdings Channel reports. The fund owned 6,091 shares of the utilities provider’s stock after selling 246 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Otter Tail were worth $490,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of OTTR. Byrne Asset Management LLC raised its stake in shares of Otter Tail by 54.8% in the first quarter. Byrne Asset Management LLC now owns 387 shares of the utilities provider’s stock valued at $31,000 after acquiring an additional 137 shares in the last quarter. MJT & Associates Financial Advisory Group Inc. purchased a new position in Otter Tail in the first quarter valued at $34,000. Vermillion Wealth Management Inc. purchased a new position in Otter Tail in the fourth quarter valued at $36,000. AdvisorNet Financial Inc increased its holdings in Otter Tail by 120.0% in the first quarter. AdvisorNet Financial Inc now owns 550 shares of the utilities provider’s stock valued at $44,000 after buying an additional 300 shares during the last quarter. Finally, Studio Investment Management LLC purchased a new position in Otter Tail in the fourth quarter valued at $50,000. 61.32% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Siebert Williams Shank raised Otter Tail from a “hold” rating to a “buy” rating and increased their target price for the company from $82.00 to $83.00 in a report on Wednesday, May 7th.

Otter Tail Stock Performance

NASDAQ:OTTR opened at $79.79 on Tuesday. The firm has a market capitalization of $3.34 billion, a PE ratio of 11.73 and a beta of 0.56. The business’s fifty day moving average price is $78.06 and its 200 day moving average price is $78.74. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.31 and a quick ratio of 2.57. Otter Tail Corporation has a 12 month low of $71.66 and a 12 month high of $92.51.

Otter Tail (NASDAQ:OTTR) last posted its earnings results on Monday, August 4th. The utilities provider reported $1.85 EPS for the quarter, beating the consensus estimate of $1.74 by $0.11. The firm had revenue of $333.04 million for the quarter, compared to analyst estimates of $329.60 million. Otter Tail had a return on equity of 16.85% and a net margin of 21.82%. Otter Tail’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.07 earnings per share. On average, sell-side analysts anticipate that Otter Tail Corporation will post 5.88 earnings per share for the current fiscal year.

Otter Tail Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 15th will be issued a dividend of $0.525 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $2.10 annualized dividend and a dividend yield of 2.6%. Otter Tail’s dividend payout ratio (DPR) is presently 30.88%.

Otter Tail Company 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.