Renaissance Technologies LLC Cuts Stake in Otter Tail Co. (NASDAQ:OTTR)

Renaissance Technologies LLC cut its holdings in shares of Otter Tail Co. (NASDAQ:OTTR) by 1.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 929,400 shares of the utilities provider’s stock after selling 13,600 shares during the period. Renaissance Technologies LLC owned 2.34% of Otter Tail worth $49,082,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of OTTR. Quantamental Technologies LLC acquired a new stake in shares of Otter Tail in the 2nd quarter worth $56,000. Meeder Asset Management Inc. acquired a new position in Otter Tail during the 2nd quarter valued at about $80,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Otter Tail by 17.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,935 shares of the utilities provider’s stock valued at $155,000 after buying an additional 438 shares during the last quarter. Cetera Advisor Networks LLC purchased a new stake in Otter Tail in the first quarter valued at about $200,000. Finally, Moors & Cabot Inc. acquired a new stake in Otter Tail in the first quarter worth about $214,000. 44.03% of the stock is currently owned by institutional investors and hedge funds.

OTTR has been the topic of a number of research analyst reports. Zacks Investment Research lowered Otter Tail from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 21st. BidaskClub raised shares of Otter Tail from a “hold” rating to a “buy” rating in a research report on Friday, September 6th. Finally, Maxim Group set a $60.00 target price on shares of Otter Tail and gave the stock a “buy” rating in a research note on Wednesday, August 7th.

Shares of OTTR traded up $0.55 during trading hours on Wednesday, reaching $53.19. 27,367 shares of the company traded hands, compared to its average volume of 65,629. The stock has a market capitalization of $2.06 billion, a P/E ratio of 25.82, a P/E/G ratio of 3.36 and a beta of 0.36. The company has a quick ratio of 0.77, a current ratio of 1.28 and a debt-to-equity ratio of 0.81. Otter Tail Co. has a 12-month low of $44.22 and a 12-month high of $54.51. The business has a fifty day moving average price of $51.65 and a 200-day moving average price of $51.12.

Otter Tail (NASDAQ:OTTR) last issued its earnings results on Monday, August 5th. The utilities provider reported $0.39 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($0.09). Otter Tail had a return on equity of 10.78% and a net margin of 8.57%. The firm had revenue of $229.20 million during the quarter, compared to analysts’ expectations of $229.20 million. During the same quarter last year, the business earned $0.47 EPS. The business’s revenue was up 1.3% on a year-over-year basis. As a group, research analysts predict that Otter Tail Co. will post 2.2 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Thursday, August 15th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.63%. The ex-dividend date of this dividend was Wednesday, August 14th. Otter Tail’s payout ratio is 67.96%.

About Otter Tail

Otter Tail Corporation, together with its subsidiaries, engages in electric, manufacturing, and plastics businesses in the United States. The company's 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, Inc markets.

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Institutional Ownership by Quarter for Otter Tail (NASDAQ:OTTR)

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