Meeder Asset Management Inc. purchased a new stake in Otter Tail Co. (NASDAQ:OTTR) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,508 shares of the utilities provider’s stock, valued at approximately $80,000.
Other institutional investors also recently modified their holdings of the company. Moors & Cabot Inc. acquired a new position in shares of Otter Tail in the 1st quarter valued at $214,000. Virginia Retirement Systems ET AL raised its stake in shares of Otter Tail by 5.0% in the 2nd quarter. Virginia Retirement Systems ET AL now owns 27,200 shares of the utilities provider’s stock valued at $1,436,000 after buying an additional 1,300 shares in the last quarter. Hillsdale Investment Management Inc. raised its stake in shares of Otter Tail by 32.8% in the 2nd quarter. Hillsdale Investment Management Inc. now owns 16,600 shares of the utilities provider’s stock valued at $877,000 after buying an additional 4,100 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its stake in shares of Otter Tail by 55.0% in the 1st quarter. Los Angeles Capital Management & Equity Research Inc. now owns 11,025 shares of the utilities provider’s stock valued at $549,000 after buying an additional 3,910 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Otter Tail by 10.7% in the 2nd quarter. First Trust Advisors LP now owns 679,194 shares of the utilities provider’s stock valued at $35,868,000 after buying an additional 65,524 shares in the last quarter. 43.37% of the stock is owned by hedge funds and other institutional investors.
Shares of Otter Tail stock opened at $49.81 on Wednesday. The stock has a market capitalization of $1.96 billion, a P/E ratio of 24.18, a price-to-earnings-growth ratio of 3.20 and a beta of 0.35. The company has a quick ratio of 0.77, a current ratio of 1.28 and a debt-to-equity ratio of 0.81. The company has a 50-day simple moving average of $51.96 and a 200 day simple moving average of $51.04. Otter Tail Co. has a 12-month low of $44.22 and a 12-month high of $54.51.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Thursday, August 15th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.81%. The ex-dividend date is Wednesday, August 14th. Otter Tail’s payout ratio is presently 67.96%.
OTTR has been the subject of a number of recent research reports. BidaskClub cut shares of Otter Tail from a “buy” rating to a “hold” rating in a research note on Saturday. Maxim Group set a $60.00 target price on shares of Otter Tail and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Finally, Zacks Investment Research cut shares of Otter Tail from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 21st.
Otter Tail Profile
Otter Tail Corporation, together with its subsidiaries, engages in electric, manufacturing, and plastics businesses in the United States. The company's 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, Inc markets.
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