Millennium Management LLC Lowers Stock Position in Otter Tail Co. (NASDAQ:OTTR)

Millennium Management LLC lessened its holdings in Otter Tail Co. (NASDAQ:OTTR - Free Report) by 60.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 81,558 shares of the utilities provider's stock after selling 124,035 shares during the quarter. Millennium Management LLC owned about 0.19% of Otter Tail worth $7,144,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Atticus Wealth Management LLC bought a new position in Otter Tail during the 2nd quarter valued at approximately $33,000. GAMMA Investing LLC increased 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 acquiring an additional 208 shares in the last quarter. Mather Group LLC. purchased a new position in shares of Otter Tail in the 2nd quarter worth about $77,000. Abound Wealth Management grew its position in Otter Tail by 28,725.0% during the 2nd quarter. Abound Wealth Management now owns 1,153 shares of the utilities provider's stock valued at $101,000 after purchasing an additional 1,149 shares during the last quarter. Finally, Blue Trust Inc. increased its stake in Otter Tail by 46.4% during the 2nd quarter. Blue Trust Inc. now owns 1,580 shares of the utilities provider's stock valued at $137,000 after purchasing an additional 501 shares in the last quarter. Institutional investors own 61.32% of the company's stock.

Insiders Place Their Bets

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

Otter Tail Stock Up 0.3 %

Otter Tail stock traded up $0.23 during trading hours on Thursday, hitting $75.61. The stock had a trading volume of 218,754 shares, compared to its average volume of 228,400. The stock's 50-day moving average price is $82.58 and its 200-day moving average price is $86.38. The stock has a market capitalization of $3.16 billion, a P/E ratio of 10.39 and a beta of 0.53. Otter Tail Co. has a 12-month low of $68.96 and a 12-month high of $100.84. The company has a quick ratio of 1.67, a current ratio of 2.27 and a debt-to-equity ratio of 0.60.

Otter Tail (NASDAQ:OTTR - Get Free Report) last announced its quarterly earnings data on Monday, August 5th. The utilities provider reported $2.07 earnings per share for the quarter, topping analysts' consensus estimates of $1.69 by $0.38. Otter Tail had a net margin of 22.84% and a return on equity of 21.06%. The company had revenue of $342.34 million during the quarter, compared to analyst estimates of $367.71 million. During the same period in the previous year, the business earned $1.95 EPS. The firm's revenue for the quarter was up 1.4% on a year-over-year basis. Equities research analysts anticipate that Otter Tail Co. will post 6.92 EPS for the current fiscal year.

Otter Tail Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Thursday, August 15th were issued 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 2.48%. 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.