Public Sector Pension Investment Board Acquires 39,226 Shares of Otter Tail Corporation $OTTR

Public Sector Pension Investment Board grew its stake in shares of Otter Tail Corporation (NASDAQ:OTTR) by 27.5% in the third quarter, Holdings Channel reports. The firm owned 182,086 shares of the utilities provider’s stock after acquiring an additional 39,226 shares during the period. Public Sector Pension Investment Board’s holdings in Otter Tail were worth $14,926,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in OTTR. Bank of America Corp DE lifted its holdings in Otter Tail by 31.6% during the 2nd quarter. Bank of America Corp DE now owns 409,157 shares of the utilities provider’s stock valued at $31,542,000 after buying an additional 98,243 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Otter Tail by 20.4% during the second quarter. JPMorgan Chase & Co. now owns 341,495 shares of the utilities provider’s stock worth $26,326,000 after acquiring an additional 57,751 shares during the period. LSV Asset Management raised its stake in shares of Otter Tail by 183.2% during the third quarter. LSV Asset Management now owns 169,072 shares of the utilities provider’s stock valued at $13,859,000 after acquiring an additional 109,372 shares in the last quarter. Royal Bank of Canada boosted its holdings in shares of Otter Tail by 2.5% in the first quarter. Royal Bank of Canada now owns 116,479 shares of the utilities provider’s stock valued at $9,361,000 after purchasing an additional 2,807 shares during the period. Finally, Legal & General Group Plc boosted its holdings in shares of Otter Tail by 5.4% in the second quarter. Legal & General Group Plc now owns 112,041 shares of the utilities provider’s stock valued at $8,637,000 after purchasing an additional 5,714 shares during the period. Hedge funds and other institutional investors own 61.32% of the company’s stock.

Otter Tail Trading Up 1.3%

NASDAQ:OTTR opened at $88.16 on Friday. The firm has a 50-day simple moving average of $85.15 and a 200-day simple moving average of $82.65. Otter Tail Corporation has a one year low of $71.79 and a one year high of $90.11. The firm has a market cap of $3.69 billion, a P/E ratio of 13.30 and a beta of 0.55. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.82 and a current ratio of 3.57.

Otter Tail Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 10th. Shareholders of record on Friday, February 13th will be issued a dividend of $0.5775 per share. This is an increase from Otter Tail’s previous quarterly dividend of $0.53. This represents a $2.31 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Friday, February 13th. Otter Tail’s dividend payout ratio (DPR) is currently 31.67%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “buy (b-)” rating on shares of Otter Tail in a report on Thursday, January 22nd. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $83.00.

Otter Tail 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.