Millennium Management LLC grew its holdings in Otter Tail Co. (NASDAQ:OTTR) by 72.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 290,465 shares of the utilities provider’s stock after acquiring an additional 121,745 shares during the period. Millennium Management LLC owned about 0.73% of Otter Tail worth $12,911,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Steward Partners Investment Advisory LLC purchased a new position in shares of Otter Tail in the 3rd quarter valued at $107,000. Ellington Management Group LLC purchased a new stake in Otter Tail during the 4th quarter worth $244,000. Raymond James & Associates purchased a new stake in Otter Tail during the 4th quarter worth $252,000. Ladenburg Thalmann Financial Services Inc. increased its stake in Otter Tail by 65.3% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 7,253 shares of the utilities provider’s stock worth $314,000 after buying an additional 2,866 shares during the period. Finally, Old Mutual Global Investors UK Ltd. increased its stake in Otter Tail by 28.4% during the 4th quarter. Old Mutual Global Investors UK Ltd. now owns 8,011 shares of the utilities provider’s stock worth $356,000 after buying an additional 1,771 shares during the period. 42.02% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts recently issued reports on the stock. BidaskClub downgraded shares of Otter Tail from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, December 12th. Zacks Investment Research downgraded shares of Otter Tail from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Finally, Sidoti downgraded shares of Otter Tail from a “buy” rating to a “neutral” rating and set a $46.00 price target on the stock. in a research note on Monday, January 8th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $44.33.
Otter Tail (NASDAQ:OTTR) last announced its quarterly earnings data on Monday, February 12th. The utilities provider reported $0.50 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.06. The company had revenue of $206.70 million during the quarter, compared to analyst estimates of $207.30 million. Otter Tail had a net margin of 8.53% and a return on equity of 10.73%. The firm’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period last year, the business earned $0.44 EPS. equities analysts expect that Otter Tail Co. will post 1.9 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Saturday, March 10th. Shareholders of record on Thursday, February 15th were issued a dividend of $0.335 per share. This is a positive change from Otter Tail’s previous quarterly dividend of $0.32. This represents a $1.34 annualized dividend and a yield of 3.04%. The ex-dividend date was Wednesday, February 14th. Otter Tail’s dividend payout ratio (DPR) is currently 72.04%.
In other Otter Tail news, CFO Kevin G. Moug sold 1,500 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $40.55, for a total transaction of $60,825.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.70% of the stock is owned by company insiders.
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Otter Tail Profile
Otter Tail Corporation is a holding company. The Company operates through three segments: Electric, Manufacturing and Plastics. The Electric segment includes the production, transmission, distribution and sale of electric energy in Minnesota, North Dakota and South Dakota by Otter Tail Power Company (OTP).
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