LSV Asset Management Has $13.86 Million Position in Otter Tail Corporation $OTTR

LSV Asset Management boosted its holdings in shares of Otter Tail Corporation (NASDAQ:OTTR) by 183.2% in the third quarter, according to its most recent filing with the SEC. The firm owned 169,072 shares of the utilities provider’s stock after acquiring an additional 109,372 shares during the period. LSV Asset Management owned 0.40% of Otter Tail worth $13,859,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in OTTR. Inspire Advisors LLC acquired a new stake in Otter Tail in the third quarter worth $1,046,000. Benjamin Edwards Inc. acquired a new stake in Otter Tail during the 3rd quarter worth $3,143,000. Exchange Traded Concepts LLC bought a new position in Otter Tail during the third quarter worth about $1,310,000. Vest Financial LLC grew its stake in Otter Tail by 58.7% in the third quarter. Vest Financial LLC now owns 65,401 shares of the utilities provider’s stock valued at $5,361,000 after acquiring an additional 24,185 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in shares of Otter Tail by 20.4% in the second quarter. JPMorgan Chase & Co. now owns 341,495 shares of the utilities provider’s stock worth $26,326,000 after acquiring an additional 57,751 shares in the last quarter. Institutional investors own 61.32% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “buy (b-)” rating on shares of Otter Tail in a report on Thursday, January 22nd. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Otter Tail has a consensus rating of “Moderate Buy” and an average price target of $83.00.

Otter Tail Trading Up 1.3%

OTTR opened at $88.16 on Friday. The stock has a market capitalization of $3.69 billion, a P/E ratio of 13.30 and a beta of 0.55. The company has a current ratio of 3.57, a quick ratio of 2.82 and a debt-to-equity ratio of 0.57. Otter Tail Corporation has a 12 month low of $71.79 and a 12 month high of $90.11. The firm’s fifty day simple moving average is $85.15 and its 200 day simple moving average is $82.65.

Otter Tail Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Friday, February 13th will be issued a dividend of $0.5775 per share. The ex-dividend date is Friday, February 13th. This is a boost from Otter Tail’s previous quarterly dividend of $0.53. This represents a $2.31 dividend on an annualized basis and a dividend yield of 2.6%. Otter Tail’s dividend payout ratio is 31.67%.

Otter Tail Profile

Otter Tail Corporation, through its primary subsidiary Otter Tail Power Company, is a regulated electric utility engaged in the generation, transmission and distribution of electricity. The company operates a diversified portfolio of owned and contracted power generation facilities, including coal, natural gas, wind and hydroelectric units, supplemented by long-term power purchase agreements. In addition to utility operations, Otter Tail provides related engineering, construction and maintenance services to support grid reliability and efficiency.

The company’s service territory covers a predominantly rural footprint in the Upper Midwest, including communities in west-central Minnesota, eastern North Dakota, northwest Wisconsin and small portions of South Dakota.