Martingale Asset Management L P Holds Position in Otter Tail Corporation (OTTR)
Martingale Asset Management L P maintained its position in shares of Otter Tail Corporation (NASDAQ:OTTR) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 71,821 shares of the utilities provider’s stock at the close of the 2nd quarter. Martingale Asset Management L P owned 0.18% of Otter Tail Corporation worth $2,845,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Otter Tail Corporation by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 3,433,149 shares of the utilities provider’s stock worth $130,116,000 after purchasing an additional 151,826 shares during the last quarter. BlackRock Inc. lifted its holdings in Otter Tail Corporation by 20,638.1% in the 1st quarter. BlackRock Inc. now owns 2,477,375 shares of the utilities provider’s stock worth $93,893,000 after purchasing an additional 2,465,429 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Otter Tail Corporation by 0.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,119,802 shares of the utilities provider’s stock worth $42,441,000 after purchasing an additional 9,268 shares during the last quarter. First Trust Advisors LP lifted its holdings in Otter Tail Corporation by 5.4% in the 2nd quarter. First Trust Advisors LP now owns 531,701 shares of the utilities provider’s stock worth $21,055,000 after purchasing an additional 27,186 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in Otter Tail Corporation by 18.0% in the 1st quarter. Renaissance Technologies LLC now owns 428,400 shares of the utilities provider’s stock worth $16,236,000 after purchasing an additional 65,500 shares during the last quarter. Hedge funds and other institutional investors own 40.60% of the company’s stock.
In other Otter Tail Corporation news, CFO Kevin G. Moug sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $41.75, for a total value of $62,625.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.40% of the stock is owned by company insiders.
Shares of Otter Tail Corporation (NASDAQ OTTR) opened at 43.00 on Monday. Otter Tail Corporation has a 12-month low of $33.08 and a 12-month high of $43.30. The firm has a market capitalization of $1.70 billion, a price-to-earnings ratio of 24.76 and a beta of 0.79. The company has a 50-day moving average price of $41.68 and a 200 day moving average price of $39.58.
Otter Tail Corporation (NASDAQ:OTTR) last posted its quarterly earnings results on Monday, August 7th. The utilities provider reported $0.42 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.01. The firm had revenue of $212.10 million during the quarter, compared to the consensus estimate of $211.30 million. Otter Tail Corporation had a return on equity of 10.14% and a net margin of 8.35%. The business’s revenue was up 4.2% compared to the same quarter last year. During the same period last year, the company earned $0.41 earnings per share. Equities research analysts expect that Otter Tail Corporation will post $1.75 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Saturday, September 9th. Shareholders of record on Tuesday, August 15th were paid a $0.32 dividend. The ex-dividend date of this dividend was Friday, August 11th. This represents a $1.28 dividend on an annualized basis and a yield of 2.98%. Otter Tail Corporation’s dividend payout ratio is 74.42%.
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Several equities research analysts recently weighed in on the company. Zacks Investment Research upgraded Otter Tail Corporation from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a report on Friday. BidaskClub upgraded Otter Tail Corporation from a “sell” rating to a “hold” rating in a report on Monday, July 31st.
About Otter Tail Corporation
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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