Russell Investments Group Ltd. boosted its holdings in Otter Tail Co. (NASDAQ:OTTR) by 65.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 19,652 shares of the utilities provider’s stock after acquiring an additional 7,802 shares during the period. Russell Investments Group Ltd.’s holdings in Otter Tail were worth $958,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in OTTR. BlackRock Inc. lifted its holdings in Otter Tail by 5.4% in the first quarter. BlackRock Inc. now owns 3,090,200 shares of the utilities provider’s stock valued at $142,674,000 after acquiring an additional 157,635 shares during the last quarter. Phocas Financial Corp. acquired a new position in Otter Tail in the first quarter valued at approximately $5,426,000. Geode Capital Management LLC lifted its holdings in Otter Tail by 9.1% in the first quarter. Geode Capital Management LLC now owns 721,198 shares of the utilities provider’s stock valued at $33,297,000 after acquiring an additional 60,242 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in Otter Tail by 45.3% in the first quarter. Victory Capital Management Inc. now owns 177,790 shares of the utilities provider’s stock valued at $8,209,000 after acquiring an additional 55,426 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its holdings in Otter Tail by 20.4% in the first quarter. Nuveen Asset Management LLC now owns 217,956 shares of the utilities provider’s stock valued at $10,063,000 after acquiring an additional 36,899 shares during the last quarter. Hedge funds and other institutional investors own 46.15% of the company’s stock.
Otter Tail stock opened at $54.81 on Tuesday. Otter Tail Co. has a twelve month low of $35.36 and a twelve month high of $58.60. The stock’s fifty day simple moving average is $53.21 and its 200-day simple moving average is $49.42. The company has a current ratio of 0.63, a quick ratio of 0.42 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $2.28 billion, a P/E ratio of 17.91, a P/E/G ratio of 3.46 and a beta of 0.40.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 10th. Stockholders of record on Friday, August 13th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date was Thursday, August 12th. Otter Tail’s dividend payout ratio is currently 66.67%.
A number of brokerages have issued reports on OTTR. Maxim Group boosted their target price on Otter Tail from $64.00 to $67.00 and gave the company a “buy” rating in a research report on Thursday, September 2nd. Zacks Investment Research raised Otter Tail from a “hold” rating to a “strong-buy” rating and set a $62.00 target price on the stock in a research report on Tuesday, August 24th.
About Otter Tail
Otter Tail Corp. is a holding company, which engages in the energy, infrastructure, and production businesses. It operates through the following segments: Electric, Manufacturing and Plastics. The Electric segment generates, transmits, and distributes power and electric energy. The Manufacturing segment offers contract machining, metal parts stamping, fabrication, handling trays, and horticultural containers.
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