Otter Tail Corporation (OTTR) Stake Cut by State Street Corp
State Street Corp decreased its stake in Otter Tail Corporation (NASDAQ:OTTR) by 4.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 770,088 shares of the utilities provider’s stock after selling 36,538 shares during the period. State Street Corp owned about 1.96% of Otter Tail Corporation worth $29,184,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Schwab Charles Investment Management Inc. increased its stake in Otter Tail Corporation by 8.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 240,901 shares of the utilities provider’s stock valued at $9,131,000 after buying an additional 18,037 shares during the last quarter. BlackRock Inc. increased its stake in Otter Tail Corporation by 20,638.1% in the first quarter. BlackRock Inc. now owns 2,477,375 shares of the utilities provider’s stock valued at $93,893,000 after buying an additional 2,465,429 shares during the last quarter. Renaissance Technologies LLC increased its stake in Otter Tail Corporation by 18.0% in the first quarter. Renaissance Technologies LLC now owns 428,400 shares of the utilities provider’s stock valued at $16,236,000 after buying an additional 65,500 shares during the last quarter. Citadel Advisors LLC bought a new stake in Otter Tail Corporation during the first quarter valued at about $1,274,000. Finally, Morgan Stanley increased its stake in Otter Tail Corporation by 13.8% in the first quarter. Morgan Stanley now owns 247,408 shares of the utilities provider’s stock valued at $9,377,000 after buying an additional 30,059 shares during the last quarter. Hedge funds and other institutional investors own 39.30% of the company’s stock.
Shares of Otter Tail Corporation (NASDAQ:OTTR) traded down 0.49% during trading on Friday, hitting $40.45. The stock had a trading volume of 58,887 shares. The firm has a 50 day moving average of $40.22 and a 200 day moving average of $38.74. The company has a market capitalization of $1.60 billion, a price-to-earnings ratio of 23.53 and a beta of 0.78. Otter Tail Corporation has a 1-year low of $32.99 and a 1-year high of $42.55.
The business also recently announced a quarterly dividend, which will be paid on Saturday, September 9th. Shareholders of record on Tuesday, August 15th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date of this dividend is Friday, August 11th. Otter Tail Corporation’s dividend payout ratio (DPR) is currently 74.85%.
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Several analysts have issued reports on the company. BidaskClub upgraded Otter Tail Corporation from a “sell” rating to a “hold” rating in a report on Monday, July 31st. Zacks Investment Research upgraded Otter Tail Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th.
In other Otter Tail Corporation news, CFO Kevin G. Moug sold 800 shares of the firm’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $37.25, for a total transaction of $29,800.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.40% of the stock is currently owned by company insiders.
Otter Tail Corporation Company 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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