SG Americas Securities LLC Grows Stock Position in Otter Tail Corporation $OTTR

SG Americas Securities LLC boosted its holdings in Otter Tail Corporation (NASDAQ:OTTR) by 86.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 25,504 shares of the utilities provider’s stock after acquiring an additional 11,850 shares during the period. SG Americas Securities LLC owned 0.06% of Otter Tail worth $2,238,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Allworth Financial LP raised its position in Otter Tail by 10.5% in the fourth quarter. Allworth Financial LP now owns 1,342 shares of the utilities provider’s stock valued at $108,000 after purchasing an additional 127 shares during the period. Lido Advisors LLC grew its holdings in shares of Otter Tail by 2.8% during the 4th quarter. Lido Advisors LLC now owns 4,737 shares of the utilities provider’s stock worth $387,000 after purchasing an additional 128 shares during the period. WINTON GROUP Ltd increased its position in shares of Otter Tail by 1.1% during the 4th quarter. WINTON GROUP Ltd now owns 14,554 shares of the utilities provider’s stock worth $1,176,000 after purchasing an additional 155 shares during the last quarter. Oregon Public Employees Retirement Fund raised its holdings in Otter Tail by 1.8% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,592 shares of the utilities provider’s stock valued at $775,000 after buying an additional 169 shares during the period. Finally, Evolve Private Wealth LLC raised its holdings in Otter Tail by 3.8% in the 1st quarter. Evolve Private Wealth LLC now owns 4,772 shares of the utilities provider’s stock valued at $419,000 after buying an additional 175 shares during the period. 61.32% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OTTR has been the subject of several research analyst reports. Weiss Ratings raised shares of Otter Tail from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, May 11th. UBS Group reissued a “reduce” rating on shares of Otter Tail in a research note on Friday, May 29th. Siebert Williams Shank lowered shares of Otter Tail from a “buy” rating to a “hold” rating and set a $86.00 price objective on the stock. in a report on Wednesday, May 6th. Zacks Research cut shares of Otter Tail from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Finally, KeyCorp reiterated a “sector weight” rating on shares of Otter Tail in a report on Monday, June 1st. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $86.00.

Otter Tail Stock Performance

Shares of Otter Tail stock opened at $89.66 on Thursday. The stock has a market capitalization of $3.76 billion, a price-to-earnings ratio of 13.44 and a beta of 0.44. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.04 and a quick ratio of 1.64. The business has a 50-day moving average of $88.11 and a 200 day moving average of $86.96. Otter Tail Corporation has a 12 month low of $74.15 and a 12 month high of $92.24.

Otter Tail (NASDAQ:OTTR) last issued its quarterly earnings results on Tuesday, May 5th. The utilities provider reported $1.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.42 by $0.31. The company had revenue of $347.03 million for the quarter, compared to analyst estimates of $339.10 million. Otter Tail had a net margin of 21.34% and a return on equity of 15.21%. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.62 earnings per share. As a group, sell-side analysts forecast that Otter Tail Corporation will post 5.48 earnings per share for the current year.

Otter Tail Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 15th were paid a dividend of $0.5775 per share. This represents a $2.31 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Friday, May 15th. Otter Tail’s dividend payout ratio is presently 34.63%.

Otter Tail Company Profile

Otter Tail Corporation, through its primary subsidiary Otter Tail Power Company, is a regulated electric utility engaged in the generation, transmission and distribution of electricity. The company operates a diversified portfolio of owned and contracted power generation facilities, including coal, natural gas, wind and hydroelectric units, supplemented by long-term power purchase agreements. In addition to utility operations, Otter Tail provides related engineering, construction and maintenance services to support grid reliability and efficiency.

The company’s service territory covers a predominantly rural footprint in the Upper Midwest, including communities in west-central Minnesota, eastern North Dakota, northwest Wisconsin and small portions of South Dakota.