Maryland State Retirement & Pension System Grows Stock Position in Otter Tail Corporation $OTTR

Maryland State Retirement & Pension System raised its stake in shares of Otter Tail Corporation (NASDAQ:OTTR) by 1.2% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 12,315 shares of the utilities provider’s stock after acquiring an additional 149 shares during the period. Maryland State Retirement & Pension System’s holdings in Otter Tail were worth $949,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. Adage Capital Partners GP L.L.C. purchased a new position in shares of Otter Tail in the 1st quarter valued at about $17,681,000. Caisse DE Depot ET Placement DU Quebec increased its stake in shares of Otter Tail by 82.2% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 406,321 shares of the utilities provider’s stock valued at $32,656,000 after purchasing an additional 183,316 shares in the last quarter. Nuveen LLC purchased a new position in shares of Otter Tail in the 1st quarter valued at about $13,217,000. Denali Advisors LLC increased its stake in shares of Otter Tail by 883.3% in the 1st quarter. Denali Advisors LLC now owns 67,959 shares of the utilities provider’s stock valued at $5,462,000 after purchasing an additional 61,048 shares in the last quarter. Finally, Jane Street Group LLC increased its stake in shares of Otter Tail by 190.8% in the 1st quarter. Jane Street Group LLC now owns 54,112 shares of the utilities provider’s stock valued at $4,349,000 after purchasing an additional 35,505 shares in the last quarter. Hedge funds and other institutional investors own 61.32% of the company’s stock.

Otter Tail Price Performance

NASDAQ:OTTR opened at $75.05 on Monday. Otter Tail Corporation has a 12 month low of $71.66 and a 12 month high of $88.36. The stock has a 50 day moving average of $82.07 and a two-hundred day moving average of $79.47. The company has a current ratio of 3.31, a quick ratio of 2.57 and a debt-to-equity ratio of 0.59. The firm has a market cap of $3.15 billion, a P/E ratio of 11.04 and a beta of 0.54.

Otter Tail (NASDAQ:OTTR) last posted its quarterly earnings data on Monday, August 4th. The utilities provider reported $1.85 EPS for the quarter, topping the consensus estimate of $1.74 by $0.11. Otter Tail had a return on equity of 16.85% and a net margin of 21.82%.The company had revenue of $333.04 million during the quarter, compared to analyst estimates of $329.60 million. During the same period in the previous year, the business earned $2.07 EPS. Otter Tail’s quarterly revenue was down 2.7% on a year-over-year basis. Otter Tail has set its FY 2025 guidance at 6.060-6.46 EPS. On average, analysts expect 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 was paid on Wednesday, September 10th. Shareholders of record on Friday, August 15th were paid a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a yield of 2.8%. The ex-dividend date was Friday, August 15th. Otter Tail’s payout ratio is 30.88%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “hold (c+)” rating on shares of Otter Tail in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, Otter Tail currently has an average rating of “Moderate Buy” and an average price target of $83.00.

About Otter Tail

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.