Otter Tail Co. (NASDAQ:OTTR – Get Free Report) declared a quarterly dividend on Monday, February 5th, Zacks reports. Shareholders of record on Thursday, February 15th will be paid a dividend of 0.468 per share by the utilities provider on Friday, March 8th. This represents a $1.87 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date of this dividend is Wednesday, February 14th. This is an increase from Otter Tail’s previous quarterly dividend of $0.44.
Otter Tail has raised its dividend payment by an average of 5.7% annually over the last three years and has increased its dividend every year for the last 10 years. Otter Tail has a dividend payout ratio of 45.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Otter Tail to earn $4.37 per share next year, which means the company should continue to be able to cover its $1.75 annual dividend with an expected future payout ratio of 40.0%.
Otter Tail Stock Up 2.7 %
Shares of Otter Tail stock opened at $98.10 on Monday. The company has a market cap of $4.09 billion, a P/E ratio of 14.80 and a beta of 0.58. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.34 and a current ratio of 1.80. Otter Tail has a one year low of $60.20 and a one year high of $98.62. The firm has a fifty day moving average of $85.32 and a two-hundred day moving average of $81.26.
Hedge Funds Weigh In On Otter Tail
Large investors have recently made changes to their positions in the stock. BlackRock Inc. increased its holdings in Otter Tail by 108.2% during the 1st quarter. BlackRock Inc. now owns 6,525,213 shares of the utilities provider’s stock valued at $471,577,000 after acquiring an additional 3,390,987 shares in the last quarter. Vanguard Group Inc. increased its holdings in Otter Tail by 2.8% during the 3rd quarter. Vanguard Group Inc. now owns 4,678,985 shares of the utilities provider’s stock valued at $287,851,000 after acquiring an additional 128,872 shares in the last quarter. State Street Corp increased its holdings in Otter Tail by 1.3% during the 2nd quarter. State Street Corp now owns 1,494,501 shares of the utilities provider’s stock valued at $118,006,000 after acquiring an additional 19,124 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Otter Tail by 0.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,046,128 shares of the utilities provider’s stock valued at $75,603,000 after acquiring an additional 8,094 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in Otter Tail by 4.7% during the 1st quarter. First Trust Advisors LP now owns 996,956 shares of the utilities provider’s stock valued at $62,310,000 after acquiring an additional 44,571 shares in the last quarter. Hedge funds and other institutional investors own 60.50% 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. The company's 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, Inc markets.
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