Bank of New York Mellon Corp Buys 8,993 Shares of Otter Tail Co. (NASDAQ:OTTR)

Bank of New York Mellon Corp raised its holdings in Otter Tail Co. (NASDAQ:OTTR - Free Report) by 2.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 405,146 shares of the utilities provider's stock after purchasing an additional 8,993 shares during the period. Bank of New York Mellon Corp owned 0.97% of Otter Tail worth $29,916,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of OTTR. Covestor Ltd grew its stake in Otter Tail by 39.1% in the 3rd quarter. Covestor Ltd now owns 1,563 shares of the utilities provider's stock valued at $122,000 after buying an additional 439 shares in the last quarter. Crossmark Global Holdings Inc. grew its position in shares of Otter Tail by 9.9% in the third quarter. Crossmark Global Holdings Inc. now owns 3,144 shares of the utilities provider's stock valued at $245,000 after purchasing an additional 283 shares in the last quarter. Los Angeles Capital Management LLC raised its stake in shares of Otter Tail by 26.3% during the 3rd quarter. Los Angeles Capital Management LLC now owns 26,641 shares of the utilities provider's stock valued at $2,082,000 after purchasing an additional 5,550 shares during the period. Versor Investments LP lifted its holdings in Otter Tail by 59.7% during the 3rd quarter. Versor Investments LP now owns 11,500 shares of the utilities provider's stock worth $899,000 after purchasing an additional 4,300 shares in the last quarter. Finally, Entropy Technologies LP purchased a new stake in Otter Tail during the 3rd quarter worth about $668,000. Institutional investors own 61.32% of the company's stock.

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Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded Otter Tail from a "sell" rating to a "hold" rating in a research report on Thursday, November 14th.

Otter Tail Price Performance

Otter Tail stock traded down $1.53 during midday trading on Wednesday, reaching $80.73. 142,709 shares of the stock were exchanged, compared to its average volume of 246,554. The company's fifty day moving average is $78.27 and its 200-day moving average is $78.66. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.66 and a current ratio of 2.03. Otter Tail Co. has a 52 week low of $71.66 and a 52 week high of $100.84. The firm has a market cap of $3.38 billion, a PE ratio of 11.25 and a beta of 0.53.

Otter Tail (NASDAQ:OTTR - Get Free Report) last issued its quarterly earnings data on Monday, February 17th. The utilities provider reported $1.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.26 by $0.04. Otter Tail had a return on equity of 18.96% and a net margin of 22.67%. The company had revenue of $303.11 million for the quarter, compared to the consensus estimate of $314.75 million. On average, sell-side analysts forecast that Otter Tail Co. will post 5.88 EPS for the current year.

Otter Tail Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were issued a dividend of $0.525 per share. This is a positive change from Otter Tail's previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.10 annualized dividend and a dividend yield of 2.60%. Otter Tail's payout ratio is presently 29.29%.

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.