Cibc World Markets Corp Takes $286,000 Position in Otter Tail Co. (NASDAQ:OTTR)

Cibc World Markets Corp bought a new position in shares of Otter Tail Co. (NASDAQ:OTTR - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,870 shares of the utilities provider's stock, valued at approximately $286,000.

Other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp grew its stake in Otter Tail by 1.1% during the 3rd quarter. State Street Corp now owns 1,598,531 shares of the utilities provider's stock worth $124,941,000 after buying an additional 18,109 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Otter Tail by 5.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 536,545 shares of the utilities provider's stock valued at $39,618,000 after purchasing an additional 27,415 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Otter Tail by 2.3% in the fourth quarter. Bank of New York Mellon Corp now owns 405,146 shares of the utilities provider's stock valued at $29,916,000 after buying an additional 8,993 shares during the last quarter. Principal Financial Group Inc. increased its position in Otter Tail by 4.2% in the 4th quarter. Principal Financial Group Inc. now owns 225,987 shares of the utilities provider's stock valued at $16,687,000 after acquiring an additional 9,088 shares during the period. Finally, Victory Capital Management Inc. lifted its position in Otter Tail by 61.1% during the 4th quarter. Victory Capital Management Inc. now owns 115,211 shares of the utilities provider's stock worth $8,507,000 after acquiring an additional 43,693 shares during the period. Institutional investors and hedge funds own 61.32% of the company's stock.

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Otter Tail Stock Performance

Shares of Otter Tail stock traded up $0.18 during trading hours on Friday, hitting $80.73. 139,500 shares of the company were exchanged, compared to its average volume of 229,474. The business has a 50-day moving average of $79.97 and a 200-day moving average of $78.62. Otter Tail Co. has a 1 year low of $71.66 and a 1 year high of $100.84. The company has a current ratio of 2.03, a quick ratio of 1.66 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $3.38 billion, a price-to-earnings ratio of 11.26 and a beta of 0.53.

Otter Tail (NASDAQ:OTTR - Get Free Report) last announced its quarterly earnings data on Monday, February 17th. The utilities provider reported $1.30 EPS for the quarter, beating analysts' consensus estimates of $1.26 by $0.04. The firm had revenue of $303.11 million during the quarter, compared to the consensus estimate of $314.75 million. Otter Tail had a net margin of 22.67% and a return on equity of 18.96%. As a group, analysts expect that Otter Tail Co. will post 5.88 EPS for the current fiscal year.

Otter Tail Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were paid a $0.525 dividend. This is a boost 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 dividend payout ratio (DPR) is 29.29%.

Otter Tail 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.