AQR Capital Management LLC Increases Holdings in Otter Tail Co. (NASDAQ:OTTR)

VaselineOctober 11, 2024

0 3 minutes read

AQR Capital Management LLC grew its stake in Otter Tail Co. (NASDAQ:OTTR – Free Report) by 114.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,598 shares of the utilities provider’s stock after acquiring an additional 7,779 shares during the quarter. AQR Capital Management LLC’s holdings in Otter Tail were worth $1,279,000 as of its most recent SEC filing.

Other hedge funds have recently made changes to their positions in the company. Jupiter Asset Management Ltd. purchased a new position in shares of Otter Tail in the first quarter valued at approximately $2,276,000. Janus Henderson Group PLC boosted its holdings in shares of Otter Tail by 45.2% in the first quarter. Janus Henderson Group PLC now owns 29,765 shares of the utilities provider’s stock valued at $2,572,000 after buying an additional 9,270 shares during the last quarter. Quantbot Technologies LP purchased a new stake in shares of Otter Tail in the first quarter valued at approximately $590,000. Tidal Investments LLC boosted its holdings in shares of Otter Tail by 320.5% in the first quarter. Tidal Investments LLC now owns 16,879 shares of the utilities provider’s stock valued at $1,458,000 after purchasing an additional 12,865 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System raised its stake in Otter Tail by 113.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 41,199 shares of the utilities provider’s stock worth $3,560,000 after acquiring an additional 21,908 shares during the last quarter. 61.32% of the shares are currently held by hedge funds and other institutional investors.

Insider Buying and Selling at Otter Tail

In related news, VP Jennifer O. Smestad sold 4,000 shares of the stock in a transaction 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 of the company’s stock, valued at $1,091,502. This trade represents a decrease of 0.00 % in the stock holding. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.30% of shares are owned by company insiders.

Otter tail price performance

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Shares of OTTR opened at $75.61 on Friday. Otter Tail Co. it has a 52-week low of $68.96 and a 52-week high of $100.84. The company has a quick ratio of 1.67, a current ratio of 2.27, and a debt-to-equity ratio of 0.60. The company has a fifty day moving average of $82.58 and a two hundred day moving average of $86.38. The stock has a market cap of $3.16 billion, a price-to-earnings ratio of 10.39 and a beta of 0.53.

Otter Tail (NASDAQ:OTTR – Get Free Report ) last announced 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. The company had revenue of $342.34 million during the quarter, compared to the consensus estimate of $367.71 million. Otter Tail had a return on equity of 21.06% and a net margin of 22.84%. Otter Tail’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.95 EPS. As a group, research analysts anticipate that Otter Tail Co. will post 6.92 earnings per share for the current year.

Otter Tail announces dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Thursday, August 15th were paid a dividend of $0.468 per share. The ex-dividend date was Thursday, August 15. This represents a dividend of $1.87 on an annualized basis and a yield of 2.48%. Otter Tail’s dividend payout ratio is currently 25.69%.

About Otter Tail

(Free report)

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: electrical, manufacturing and plastics. The Electric segment generates, transmits, distributes and sells electricity in Minnesota, North Dakota and South Dakota; and operates as a participant in the Midcontinent independent system operator markets.