State of Alaska Department of Revenue Has $1.87 Million Holdings in Otter Tail Co. (NASDAQ:OTTR)

State of Alaska Department of Revenue cut its position in shares of Otter Tail Co. (NASDAQ:OTTR) by 2.8% during the third quarter, HoldingsChannel.com reports. The firm owned 23,870 shares of the utilities provider’s stock after selling 680 shares during the period. State of Alaska Department of Revenue’s holdings in Otter Tail were worth $1,865,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in Otter Tail by 3.9% in the 1st quarter. Vanguard Group Inc. now owns 5,238,510 shares of the utilities provider’s stock valued at $452,607,000 after buying an additional 197,617 shares during the period. Dimensional Fund Advisors LP increased its stake in 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 acquiring an additional 3,974 shares during the period. Bank of New York Mellon Corp raised its position in Otter Tail by 1.1% in the second quarter. Bank of New York Mellon Corp now owns 435,005 shares of the utilities provider’s stock worth $38,102,000 after purchasing an additional 4,862 shares in the last quarter. Federated Hermes Inc. lifted its stake in Otter Tail by 3.6% during the second quarter. Federated Hermes Inc. now owns 143,074 shares of the utilities provider’s stock worth $12,532,000 after purchasing an additional 4,997 shares during the period. Finally, Bank & Trust Co acquired a new stake in Otter Tail during the second quarter valued at approximately $11,129,000. 61.32% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Otter Tail

In other news, VP Jennifer O. Smestad sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $88.74, for a total transaction of $354,960.00. Following the completion of the sale, the vice president now owns 12,300 shares of the company’s stock, valued at approximately $1,091,502. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.30% of the company’s stock.

Otter Tail Trading Down 0.5 %

OTTR stock opened at $78.09 on Friday. Otter Tail Co. has a 1-year low of $74.09 and a 1-year high of $100.84. The company has a current ratio of 2.27, a quick ratio of 1.67 and a debt-to-equity ratio of 0.60. The business’s 50 day moving average is $79.11 and its 200-day moving average is $85.69. The firm has a market cap of $3.27 billion, a P/E ratio of 10.55 and a beta of 0.53.

Otter Tail (NASDAQ:OTTR) last announced its quarterly earnings results on Monday, August 5th. The utilities provider reported $2.07 earnings per share for the quarter, beating analysts’ consensus estimates of $1.69 by $0.38. The firm 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 was up 1.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.95 earnings per share. Equities analysts anticipate that Otter Tail Co. will post 7.01 earnings per share for the current fiscal year.

Otter Tail Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Thursday, August 15th were issued a dividend of $0.468 per share. This represents a $1.87 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend was Thursday, August 15th. Otter Tail’s dividend payout ratio is currently 25.27%.

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.