Otter Tail Co. (NASDAQ:OTTR) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its stake in shares of Otter Tail Co. (NASDAQ:OTTR) by 12.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,025 shares of the utilities provider’s stock after selling 955 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Otter Tail were worth $549,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in OTTR. Commonwealth Equity Services LLC grew its position in shares of Otter Tail by 6.3% during the first quarter. Commonwealth Equity Services LLC now owns 16,712 shares of the utilities provider’s stock worth $1,444,000 after buying an additional 991 shares in the last quarter. Whittier Trust Co. grew its position in shares of Otter Tail by 4.0% during the first quarter. Whittier Trust Co. now owns 74,299 shares of the utilities provider’s stock worth $6,419,000 after buying an additional 2,870 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its position in shares of Otter Tail by 5.2% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 39,347 shares of the utilities provider’s stock worth $3,399,000 after buying an additional 1,936 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Otter Tail during the first quarter worth about $657,000. Finally, Texas Permanent School Fund Corp boosted its holdings in Otter Tail by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 36,505 shares of the utilities provider’s stock valued at $3,154,000 after purchasing an additional 472 shares in the last quarter. 61.32% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Otter Tail

In other news, VP Jennifer O. Smestad sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $88.74, for a total transaction of $354,960.00. Following the completion of the sale, the vice president now owns 12,300 shares in the company, valued at $1,091,502. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.30% of the company’s stock.

Otter Tail Stock Performance

Shares of OTTR opened at $78.09 on Friday. The stock has a 50 day moving average price of $79.11 and a 200 day moving average price of $85.69. The company has a quick ratio of 1.67, a current ratio of 2.27 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $3.27 billion, a price-to-earnings ratio of 10.55 and a beta of 0.53. Otter Tail Co. has a 52-week low of $74.09 and a 52-week high of $100.84.

Otter Tail (NASDAQ:OTTR) last announced its quarterly earnings results on Monday, August 5th. The utilities provider reported $2.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.69 by $0.38. The firm had revenue of $342.34 million during the quarter, compared to the consensus estimate of $367.71 million. Otter Tail had a return on equity of 21.06% and a net margin of 22.84%. The firm’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.95 earnings per share. Research analysts predict that Otter Tail Co. will post 7.01 EPS for the current fiscal year.

Otter Tail Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Thursday, August 15th were paid a $0.468 dividend. This represents a $1.87 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date was Thursday, August 15th. Otter Tail’s dividend payout ratio is currently 25.27%.

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.