Public Sector Pension Investment Board Boosts Stock Position in Otter Tail Corporation $OTTR

Public Sector Pension Investment Board increased its holdings in Otter Tail Corporation (NASDAQ:OTTR) by 27.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 182,086 shares of the utilities provider’s stock after purchasing an additional 39,226 shares during the period. Public Sector Pension Investment Board owned approximately 0.43% of Otter Tail worth $14,926,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of OTTR. GAMMA Investing LLC increased its holdings in shares of Otter Tail by 44.0% in the 3rd quarter. GAMMA Investing LLC now owns 432 shares of the utilities provider’s stock worth $35,000 after buying an additional 132 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Otter Tail in the 2nd quarter valued at about $53,000. Nisa Investment Advisors LLC grew its position in Otter Tail by 14.9% in the third quarter. Nisa Investment Advisors LLC now owns 997 shares of the utilities provider’s stock worth $82,000 after acquiring an additional 129 shares in the last quarter. Allworth Financial LP increased its stake in Otter Tail by 84.3% during the second quarter. Allworth Financial LP now owns 1,198 shares of the utilities provider’s stock worth $92,000 after acquiring an additional 548 shares during the last quarter. Finally, HM Payson & Co. bought a new stake in Otter Tail during the third quarter worth approximately $110,000. Institutional investors own 61.32% of the company’s stock.

Otter Tail Stock Performance

Otter Tail stock opened at $88.16 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 3.57 and a quick ratio of 2.82. The firm has a market capitalization of $3.69 billion, a P/E ratio of 13.30 and a beta of 0.55. Otter Tail Corporation has a 1-year low of $71.79 and a 1-year high of $90.11. The company’s 50-day moving average is $85.15 and its 200 day moving average is $82.65.

Otter Tail Increases Dividend

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

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Otter Tail in a research note on Thursday, January 22nd. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $83.00.

About Otter Tail

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.