Janney Montgomery Scott LLC Reduces Holdings in Otter Tail Corporation $OTTR

Janney Montgomery Scott LLC trimmed its stake in Otter Tail Corporation (NASDAQ:OTTR) by 4.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,479 shares of the utilities provider’s stock after selling 207 shares during the period. Janney Montgomery Scott LLC’s holdings in Otter Tail were worth $345,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. MJT & Associates Financial Advisory Group Inc. purchased a new stake in shares of Otter Tail in the 1st quarter worth about $34,000. Goodman Advisory Group LLC purchased a new position in Otter Tail during the 1st quarter valued at about $54,000. Costello Asset Management INC purchased a new position in Otter Tail during the 1st quarter valued at about $66,000. Armstrong Advisory Group Inc. increased its stake in Otter Tail by 93.0% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 1,660 shares of the utilities provider’s stock valued at $128,000 after purchasing an additional 800 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new stake in shares of Otter Tail in the first quarter worth approximately $145,000. 61.32% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “hold (c+)” rating on shares of Otter Tail in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Otter Tail currently has an average rating of “Moderate Buy” and a consensus price target of $83.00.

Otter Tail Price Performance

Shares of NASDAQ:OTTR opened at $77.27 on Monday. The company has a market capitalization of $3.24 billion, a P/E ratio of 11.36 and a beta of 0.54. Otter Tail Corporation has a 1-year low of $71.66 and a 1-year high of $88.36. The firm’s 50 day simple moving average is $81.90 and its two-hundred day simple moving average is $79.35. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.31 and a quick ratio of 2.57.

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

Otter Tail Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Friday, August 15th were given a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Friday, August 15th. Otter Tail’s dividend payout ratio is presently 30.88%.

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.