State of New Jersey Common Pension Fund D Cuts Stake in Otter Tail Co. (NASDAQ:OTTR)

State of New Jersey Common Pension Fund D reduced its holdings in shares of Otter Tail Co. (NASDAQ:OTTR) by 32.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,548 shares of the utilities provider’s stock after selling 10,316 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.05% of Otter Tail worth $1,887,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Quadrant Capital Group LLC lifted its holdings in shares of Otter Tail by 32.9% during the fourth quarter. Quadrant Capital Group LLC now owns 590 shares of the utilities provider’s stock valued at $50,000 after purchasing an additional 146 shares in the last quarter. Foster & Motley Inc. lifted its holdings in shares of Otter Tail by 1.5% during the second quarter. Foster & Motley Inc. now owns 9,855 shares of the utilities provider’s stock valued at $863,000 after purchasing an additional 149 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Otter Tail by 46.3% during the second quarter. GAMMA Investing LLC now owns 657 shares of the utilities provider’s stock valued at $58,000 after purchasing an additional 208 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of Otter Tail by 2.0% during the second quarter. Arizona State Retirement System now owns 10,525 shares of the utilities provider’s stock valued at $922,000 after purchasing an additional 208 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its holdings in shares of Otter Tail by 1.3% during the second quarter. Los Angeles Capital Management LLC now owns 21,091 shares of the utilities provider’s stock valued at $1,847,000 after purchasing an additional 265 shares in the last quarter. 61.32% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Otter Tail news, VP Jennifer O. Smestad sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $88.74, for a total value of $354,960.00. Following the transaction, the vice president now directly owns 12,300 shares of the company’s stock, valued at $1,091,502. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.30% of the company’s stock.

Otter Tail Trading Down 0.8 %

Shares of NASDAQ:OTTR opened at $79.31 on Monday. The company has a market cap of $3.32 billion, a P/E ratio of 10.89 and a beta of 0.53. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.27 and a quick ratio of 1.67. Otter Tail Co. has a 1 year low of $68.96 and a 1 year high of $100.84. The stock’s fifty day moving average price is $87.52 and its 200-day moving average price is $86.89.

Otter Tail (NASDAQ:OTTR) last announced its earnings results on Monday, August 5th. The utilities provider reported $2.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.69 by $0.38. The business had revenue of $342.34 million for the quarter, compared to analysts’ expectations of $367.71 million. Otter Tail had a return on equity of 21.06% and a net margin of 22.84%. The business’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same period last year, the firm posted $1.95 earnings per share. Sell-side analysts expect that Otter Tail Co. will post 6.92 earnings per share for the current year.

Otter Tail Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Thursday, August 15th were given a $0.468 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.87 annualized dividend and a yield of 2.36%. Otter Tail’s payout ratio is 25.69%.

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.