Principal Financial Group Inc. Sells 10,784 Shares of Otter Tail Co. (NASDAQ:OTTR)

Principal Financial Group Inc. lowered its position in Otter Tail Co. (NASDAQ:OTTR - Free Report) by 4.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 216,899 shares of the utilities provider's stock after selling 10,784 shares during the period. Principal Financial Group Inc. owned 0.52% of Otter Tail worth $16,953,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SG Americas Securities LLC lifted its position in shares of Otter Tail by 108.3% in the first quarter. SG Americas Securities LLC now owns 4,499 shares of the utilities provider's stock worth $389,000 after buying an additional 2,339 shares during the last quarter. Russell Investments Group Ltd. boosted its position in Otter Tail by 4,836.6% during the first quarter. Russell Investments Group Ltd. now owns 15,106 shares of the utilities provider's stock worth $1,305,000 after purchasing an additional 14,800 shares during the period. Avantax Advisory Services Inc. grew its holdings in Otter Tail by 10.8% during the first quarter. Avantax Advisory Services Inc. now owns 5,636 shares of the utilities provider's stock valued at $487,000 after purchasing an additional 549 shares during the last quarter. State Board of Administration of Florida Retirement System raised its position in shares of Otter Tail by 113.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 41,199 shares of the utilities provider's stock valued at $3,560,000 after purchasing an additional 21,908 shares during the period. Finally, Jupiter Asset Management Ltd. acquired a new stake in shares of Otter Tail in the first quarter worth $2,276,000. Institutional investors own 61.32% of the company's stock.

Otter Tail Stock Performance

Shares of OTTR stock traded up $1.50 during trading hours on Friday, reaching $80.67. 77,550 shares of the company's stock were exchanged, compared to its average volume of 233,982. The business has a fifty day moving average price of $78.52 and a 200-day moving average price of $85.54. The stock has a market capitalization of $3.37 billion, a P/E ratio of 11.00 and a beta of 0.52. The company has a quick ratio of 1.66, a current ratio of 2.17 and a debt-to-equity ratio of 0.58. Otter Tail Co. has a fifty-two week low of $73.43 and a fifty-two week high of $100.84.

Otter Tail (NASDAQ:OTTR - Get Free Report) last posted its quarterly earnings data on Monday, November 4th. The utilities provider reported $2.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.97 by $0.06. Otter Tail had a net margin of 22.70% and a return on equity of 19.84%. The company had revenue of $338.03 million for the quarter, compared to the consensus estimate of $362.20 million. During the same quarter in the previous year, the firm posted $2.19 EPS. Analysts predict that Otter Tail Co. will post 7.01 EPS for the current fiscal year.

Otter Tail Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.468 per share. This represents a $1.87 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, November 15th. Otter Tail's payout ratio is presently 25.83%.

Wall Street Analyst Weigh In

Several research analysts recently commented on OTTR shares. StockNews.com upgraded shares of Otter Tail from a "sell" rating to a "hold" rating in a report on Thursday. 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.