Geode Capital Management LLC Reduces Holdings in Otter Tail Co. (NASDAQ:OTTR)

Geode Capital Management LLC lowered its stake in shares of Otter Tail Co. (NASDAQ:OTTR - Free Report) by 1.2% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 993,360 shares of the utilities provider's stock after selling 11,589 shares during the period. Geode Capital Management LLC owned approximately 2.37% of Otter Tail worth $77,655,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Hoese & Co LLP purchased a new position in shares of Otter Tail during the third quarter worth $39,000. Allworth Financial LP lifted its stake in Otter Tail by 132.8% during the 3rd quarter. Allworth Financial LP now owns 547 shares of the utilities provider's stock worth $43,000 after acquiring an additional 312 shares in the last quarter. Quarry LP boosted its holdings in Otter Tail by 1,811.4% during the 2nd quarter. Quarry LP now owns 669 shares of the utilities provider's stock valued at $59,000 after acquiring an additional 634 shares during the period. KBC Group NV grew its position in Otter Tail by 27.9% in the 3rd quarter. KBC Group NV now owns 1,248 shares of the utilities provider's stock valued at $98,000 after acquiring an additional 272 shares in the last quarter. Finally, Abound Wealth Management increased its stake in Otter Tail by 28,725.0% during the second quarter. Abound Wealth Management now owns 1,153 shares of the utilities provider's stock worth $101,000 after purchasing an additional 1,149 shares during the period. Institutional investors and hedge funds own 61.32% of the company's stock.

Otter Tail Stock Up 0.3 %

OTTR stock traded up $0.21 during midday trading on Friday, reaching $75.17. 1,069,205 shares of the company were exchanged, compared to its average volume of 235,081. The stock's 50-day simple moving average is $79.10 and its 200 day simple moving average is $83.38. Otter Tail Co. has a 1-year low of $73.26 and a 1-year high of $100.84. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.66 and a current ratio of 2.17. The company has a market cap of $3.14 billion, a price-to-earnings ratio of 10.38 and a beta of 0.54.

Otter Tail (NASDAQ:OTTR - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The utilities provider reported $2.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.97 by $0.06. The firm had revenue of $338.03 million for the quarter, compared to the consensus estimate of $362.20 million. Otter Tail had a return on equity of 19.84% and a net margin of 22.70%. During the same quarter last year, the business posted $2.19 EPS. On average, equities analysts forecast that Otter Tail Co. will post 7.13 earnings per share for the current year.

Otter Tail Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Friday, November 15th were paid a $0.468 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.87 annualized dividend and a yield of 2.49%. Otter Tail's dividend payout ratio is currently 25.83%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. StockNews.com upgraded shares of Otter Tail from a "sell" rating to a "hold" rating in a report on Thursday, November 14th. Siebert Williams Shank upgraded Otter Tail from a "strong sell" rating to a "hold" rating in a research note on Wednesday, November 6th.

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.