Otter Tail Corporation (OTTR) To Go Ex-Dividend on November 13th

Otter Tail Corporation (NASDAQ:OTTR) declared a quarterly dividend on Monday, November 2nd. Shareholders of record on Friday, November 13th will be paid a dividend of $0.5775 per share by the utilities provider on Thursday, December 10th. This represents a $2.31 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Friday, November 13th.

Otter Tail has increased its dividend by an average of 0.1% per year over the last three years and has increased its dividend every year for the last 12 years. Otter Tail has a dividend payout ratio of 42.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Otter Tail to earn $4.38 per share next year, which means the company should continue to be able to cover its $2.31 annual dividend with an expected future payout ratio of 52.7%.

Otter Tail Price Performance

Shares of NASDAQ:OTTR opened at $79.77 on Wednesday. The business’s 50 day simple moving average is $88.16 and its 200-day simple moving average is $88.60. The firm has a market capitalization of $3.35 billion, a price-to-earnings ratio of 13.24 and a beta of 0.42. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.37 and a quick ratio of 1.05. Otter Tail has a 12 month low of $77.79 and a 12 month high of $95.09.

Otter Tail (NASDAQ:OTTR) last released its quarterly earnings data on Monday, November 2nd. The utilities provider reported $1.41 earnings per share for the quarter, missing the consensus estimate of $1.55 by ($0.14). The firm had revenue of $320.51 million during the quarter, compared to analysts’ expectations of $327.87 million. Otter Tail had a net margin of 13.45% and a return on equity of 13.41%. The business’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.86 earnings per share. As a group, equities analysts forecast that Otter Tail will post 5.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Otter Tail

A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in Otter Tail during the second quarter valued at about $590,053,000. Caisse de depot et placement du Quebec purchased a new position in Otter Tail in the second quarter valued at approximately $48,578,000. Bank of New York Mellon Corp purchased a new position in Otter Tail in the second quarter valued at approximately $32,238,000. Bank of America Corp DE lifted its position in Otter Tail by 3.5% during the first quarter. Bank of America Corp DE now owns 336,483 shares of the utilities provider’s stock valued at $29,533,000 after buying an additional 11,363 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in Otter Tail by 16.2% during the first quarter. Principal Financial Group Inc. now owns 231,889 shares of the utilities provider’s stock valued at $20,353,000 after buying an additional 32,266 shares in the last quarter. Hedge funds and other institutional investors own 61.32% of the company’s stock.

Otter Tail Company Profile

Otter Tail Corporation is a diversified company based in Fergus Falls, Minnesota. Its businesses operate in the electric utility, manufacturing and plastics industries. Through Otter Tail Power Company, the corporation generates, transmits and distributes electricity to customers in parts of Minnesota, North Dakota and South Dakota. The utility traces its history to 1907. Its other businesses manufacture products such as metal components and fabricated assemblies, as well as plastic products for commercial and industrial applications.