OLD National Bancorp IN Acquires New Position in Otter Tail Corporation $OTTR

OLD National Bancorp IN purchased a new stake in Otter Tail Corporation (NASDAQ:OTTR) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 3,285 shares of the utilities provider’s stock, valued at approximately $253,000.

Several other hedge funds have also made changes to their positions in OTTR. GAMMA Investing LLC grew its stake in shares of Otter Tail by 9,902.8% in the 1st quarter. GAMMA Investing LLC now owns 32,309 shares of the utilities provider’s stock valued at $2,597,000 after buying an additional 31,986 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Otter Tail by 1,116.4% in the 1st quarter. Farther Finance Advisors LLC now owns 2,664 shares of the utilities provider’s stock valued at $217,000 after buying an additional 2,445 shares during the period. Assenagon Asset Management S.A. grew its stake in shares of Otter Tail by 4.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 6,441 shares of the utilities provider’s stock valued at $518,000 after buying an additional 277 shares during the period. USA Financial Formulas grew its stake in shares of Otter Tail by 53.5% in the 1st quarter. USA Financial Formulas now owns 1,202 shares of the utilities provider’s stock valued at $97,000 after buying an additional 419 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its stake in shares of Otter Tail by 2.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 17,878 shares of the utilities provider’s stock valued at $1,437,000 after buying an additional 375 shares during the period. Hedge funds and other institutional investors own 61.32% of the company’s stock.

Otter Tail Price Performance

Shares of OTTR opened at $77.46 on Thursday. Otter Tail Corporation has a twelve month low of $71.66 and a twelve month high of $88.36. The firm’s fifty day simple moving average is $82.09 and its 200-day simple moving average is $79.55. The firm has a market capitalization of $3.25 billion, a price-to-earnings ratio of 11.39 and a beta of 0.54. The company has a current ratio of 3.31, a quick ratio of 2.57 and a debt-to-equity ratio of 0.59.

Otter Tail (NASDAQ:OTTR) last posted its earnings results on Monday, August 4th. The utilities provider reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.74 by $0.11. The firm had revenue of $333.04 million for the quarter, compared to the consensus estimate of $329.60 million. Otter Tail had a net margin of 21.82% and a return on equity of 16.85%. The company’s revenue was down 2.7% on a year-over-year basis. During the same period last year, the firm posted $2.07 EPS. Otter Tail has set its FY 2025 guidance at 6.060-6.46 EPS. Equities analysts forecast that Otter Tail Corporation will post 5.88 EPS for the current fiscal year.

Otter Tail Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Friday, August 15th were given a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, August 15th. Otter Tail’s dividend payout ratio (DPR) is 30.88%.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “hold (c+)” rating on shares of Otter Tail in a research note on Wednesday. One 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 a consensus target price of $83.00.

Otter Tail Company Profile

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.