Hotchkis & Wiley Capital Management LLC Sells 53,415 Shares of Otter Tail Corporation $OTTR

Hotchkis & Wiley Capital Management LLC cut its position in shares of Otter Tail Corporation (NASDAQ:OTTR) by 31.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 118,245 shares of the utilities provider’s stock after selling 53,415 shares during the period. Hotchkis & Wiley Capital Management LLC’s holdings in Otter Tail were worth $9,503,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Byrne Asset Management LLC lifted its stake in Otter Tail by 54.8% in the first quarter. Byrne Asset Management LLC now owns 387 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 137 shares during the last quarter. MJT & Associates Financial Advisory Group Inc. bought a new position in shares of Otter Tail during the first quarter valued at approximately $34,000. Vermillion Wealth Management Inc. purchased a new stake in shares of Otter Tail in the fourth quarter worth approximately $36,000. AdvisorNet Financial Inc lifted its stake in shares of Otter Tail by 120.0% during the 1st quarter. AdvisorNet Financial Inc now owns 550 shares of the utilities provider’s stock worth $44,000 after acquiring an additional 300 shares during the last quarter. Finally, Studio Investment Management LLC purchased a new position in Otter Tail during the 4th quarter valued at $50,000. 61.32% of the stock is owned by hedge funds and other institutional investors.

Otter Tail Stock Up 3.5%

Shares of NASDAQ:OTTR opened at $85.97 on Monday. The business’s 50 day moving average is $79.00 and its 200 day moving average is $79.10. The stock has a market cap of $3.60 billion, a P/E ratio of 12.64 and a beta of 0.56. Otter Tail Corporation has a 52-week low of $71.66 and a 52-week high of $92.51. The company has a quick ratio of 2.57, a current ratio of 3.31 and a debt-to-equity ratio of 0.59.

Otter Tail (NASDAQ:OTTR) last issued its earnings results on Monday, August 4th. The utilities provider reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.11. Otter Tail had a return on equity of 16.85% and a net margin of 21.82%.The business had revenue of $333.04 million during the quarter, compared to analysts’ expectations of $329.60 million. During the same period in the prior year, the business earned $2.07 EPS. The business’s revenue for the quarter was down 2.7% compared to the same quarter last year. Otter Tail has set its FY 2025 guidance at 6.060-6.46 EPS. Sell-side analysts predict that Otter Tail Corporation will post 5.88 EPS for the current year.

Otter Tail Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 15th will be issued a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a yield of 2.4%. The ex-dividend date is Friday, August 15th. Otter Tail’s dividend payout ratio is presently 30.88%.

Analysts Set New Price Targets

Separately, Siebert Williams Shank raised Otter Tail from a “hold” rating to a “buy” rating and upped their price objective for the company from $82.00 to $83.00 in a research report on Wednesday, May 7th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $83.00.

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.