Bremer Bank National Association Decreases Stock Position in Otter Tail Co. (NASDAQ:OTTR)

Bremer Bank National Association reduced its position in Otter Tail Co. (NASDAQ:OTTR) by 10.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,384 shares of the utilities provider’s stock after selling 1,000 shares during the period. Bremer Bank National Association’s holdings in Otter Tail were worth $734,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Quadrant Capital Group LLC lifted its holdings in shares of Otter Tail by 32.9% during the fourth quarter. Quadrant Capital Group LLC now owns 590 shares of the utilities provider’s stock valued at $50,000 after purchasing an additional 146 shares in the last quarter. GAMMA Investing LLC lifted its stake in Otter Tail by 46.3% during the 2nd quarter. GAMMA Investing LLC now owns 657 shares of the utilities provider’s stock valued at $58,000 after acquiring an additional 208 shares during the period. Mather Group LLC. purchased a new stake in shares of Otter Tail during the 2nd quarter valued at about $77,000. Financial Perspectives Inc bought a new stake in shares of Otter Tail in the fourth quarter worth approximately $88,000. Finally, DekaBank Deutsche Girozentrale bought a new position in Otter Tail during the fourth quarter valued at approximately $130,000. 61.32% of the stock is owned by institutional investors.

Otter Tail Stock Performance

Otter Tail stock traded down $1.58 during midday trading on Wednesday, reaching $87.68. 179,843 shares of the company traded hands, compared to its average volume of 225,243. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.92 and a quick ratio of 2.21. Otter Tail Co. has a 12 month low of $68.96 and a 12 month high of $100.84. The firm has a market capitalization of $3.67 billion, a price-to-earnings ratio of 12.04 and a beta of 0.55. The business has a 50 day moving average of $89.71 and a two-hundred day moving average of $88.40.

Otter Tail (NASDAQ:OTTR) last released its quarterly earnings results on Monday, August 5th. The utilities provider reported $2.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.69 by $0.38. Otter Tail had a return on equity of 21.58% and a net margin of 22.55%. The firm had revenue of $342.34 million for the quarter, compared to the consensus estimate of $367.71 million. During the same period last year, the business posted $1.95 EPS. The company’s revenue for the quarter was up 1.4% on a year-over-year basis. As a group, research analysts predict that Otter Tail Co. will post 6.35 earnings per share for the current year.

Otter Tail Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Thursday, August 15th will be given a dividend of $0.468 per share. This represents a $1.87 annualized dividend and a dividend yield of 2.14%. The ex-dividend date is Thursday, August 15th. Otter Tail’s payout ratio is currently 25.69%.

Insider Transactions at Otter Tail

In related news, VP Jennifer O. Smestad sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were 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 directly owns 12,300 shares in the company, valued at $1,091,502. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.30% of the company’s stock.

About Otter Tail

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.