Cynosure Group LLC Raises Holdings in Otter Tail Co. (NASDAQ:OTTR)

Cynosure Group LLC raised its position in Otter Tail Co. (NASDAQ:OTTR) by 111.7% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 9,151 shares of the utilities provider’s stock after purchasing an additional 4,829 shares during the period. Cynosure Group LLC’s holdings in Otter Tail were worth $715,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OTTR. Dimensional Fund Advisors LP grew its position in shares of Otter Tail by 0.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,035,541 shares of the utilities provider’s stock valued at $90,703,000 after purchasing an additional 3,974 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Otter Tail by 0.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 509,130 shares of the utilities provider’s stock worth $39,794,000 after buying an additional 3,425 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Otter Tail by 1.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 435,005 shares of the utilities provider’s stock valued at $38,102,000 after buying an additional 4,862 shares in the last quarter. Federated Hermes Inc. increased its stake in shares of Otter Tail by 3.6% in the 2nd quarter. Federated Hermes Inc. now owns 143,074 shares of the utilities provider’s stock worth $12,532,000 after acquiring an additional 4,997 shares during the last quarter. Finally, Bank & Trust Co purchased a new position in shares of Otter Tail during the 2nd quarter worth $11,129,000. Institutional investors and hedge funds own 61.32% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on OTTR shares. Siebert Williams Shank upgraded shares of Otter Tail from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 6th. StockNews.com upgraded shares of Otter Tail from a “sell” rating to a “hold” rating in a report on Thursday, November 14th.

Otter Tail Stock Performance

Shares of Otter Tail stock opened at $80.88 on Thursday. The firm has a market cap of $3.38 billion, a PE ratio of 11.17 and a beta of 0.52. The company has a quick ratio of 1.66, a current ratio of 2.17 and a debt-to-equity ratio of 0.58. Otter Tail Co. has a 52 week low of $73.43 and a 52 week high of $100.84. The business’s fifty day simple moving average is $79.02 and its 200-day simple moving average is $84.93.

Otter Tail (NASDAQ:OTTR) last posted its earnings results on Monday, November 4th. The utilities provider reported $2.03 EPS for the quarter, beating analysts’ consensus estimates of $1.97 by $0.06. Otter Tail had a net margin of 22.70% and a return on equity of 19.84%. The company had revenue of $338.03 million for the quarter, compared to analysts’ expectations of $362.20 million. During the same quarter in the prior year, the company posted $2.19 earnings per share. Equities analysts forecast that Otter Tail Co. will post 7.01 earnings per share for the current year.

Otter Tail Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th will be given a $0.468 dividend. This represents a $1.87 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Friday, November 15th. Otter Tail’s payout ratio is 25.83%.

Otter Tail Company Profile

Otter Tail Corporation, together with its subsidiaries, engages in electric utility, manufacturing, and plastic pipe businesses in the United States. It operates through three segments: Electric, Manufacturing, and Plastics. The Electric segment produces, transmits, distributes, and sells electric energy in Minnesota, North Dakota, and South Dakota; and operates as a participant in the Midcontinent Independent System Operator markets.