Independent Advisor Alliance Acquires New Holdings in Otter Tail Corporation (NASDAQ:OTTR)

Independent Advisor Alliance acquired a new stake in Otter Tail Corporation (NASDAQ:OTTR) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 4,235 shares of the utilities provider’s stock, valued at approximately $340,000.

A number of other large investors have also added to or reduced their stakes in the business. Nuveen LLC bought a new position in Otter Tail in the 1st quarter valued at approximately $13,217,000. Aigen Investment Management LP bought a new position in Otter Tail in the 1st quarter valued at approximately $494,000. Invesco Ltd. raised its holdings in Otter Tail by 9.8% in the 1st quarter. Invesco Ltd. now owns 319,907 shares of the utilities provider’s stock valued at $25,711,000 after buying an additional 28,563 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Otter Tail by 87.7% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 43,470 shares of the utilities provider’s stock valued at $3,494,000 after buying an additional 20,315 shares during the last quarter. Finally, Cynosure Group LLC raised its holdings in Otter Tail by 15.1% in the 1st quarter. Cynosure Group LLC now owns 4,306 shares of the utilities provider’s stock valued at $346,000 after buying an additional 566 shares during the last quarter. Institutional investors own 61.32% of the company’s stock.

Analyst Ratings Changes

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

Otter Tail Stock Up 0.2%

Otter Tail stock opened at $82.27 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.57 and a current ratio of 3.31. Otter Tail Corporation has a 52-week low of $71.66 and a 52-week high of $92.51. The firm has a 50 day moving average price of $78.51 and a two-hundred day moving average price of $78.86. The firm has a market cap of $3.45 billion, a price-to-earnings ratio of 12.10 and a beta of 0.56.

Otter Tail (NASDAQ:OTTR) last released its quarterly earnings results on Monday, August 4th. The utilities provider reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.11. Otter Tail had a net margin of 21.82% and a return on equity of 16.85%. The firm had revenue of $333.04 million during the quarter, compared to analyst estimates of $329.60 million. During the same quarter last year, the business earned $2.07 EPS. The company’s revenue was down 2.7% compared to the same quarter last year. Equities analysts predict that Otter Tail Corporation will post 5.88 EPS for the current year.

Otter Tail Announces Dividend

The company also recently declared 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 is Friday, August 15th. This represents a $2.10 annualized dividend and a 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.