Otter Tail (NASDAQ:OTTR) Updates FY24 Earnings Guidance

Otter Tail (NASDAQ:OTTRGet Free Report) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $5.13-5.43 for the period, compared to the consensus EPS estimate of $4.79.

Otter Tail Stock Up 0.8 %

Shares of OTTR opened at $98.85 on Tuesday. The firm has a market cap of $4.12 billion, a P/E ratio of 14.91 and a beta of 0.58. Otter Tail has a 1 year low of $60.20 and a 1 year high of $99.49. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.80 and a quick ratio of 1.34. The stock has a 50 day simple moving average of $85.75 and a two-hundred day simple moving average of $81.36.

Otter Tail Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 8th. Stockholders of record on Thursday, February 15th will be paid a dividend of $0.468 per share. This represents a $1.87 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date is Wednesday, February 14th. This is a positive change from Otter Tail’s previous quarterly dividend of $0.44. Otter Tail’s dividend payout ratio is 26.40%.

Insider Activity

In other news, Director John D. Erickson sold 2,500 shares of the stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $77.36, for a total transaction of $193,400.00. Following the completion of the sale, the director now owns 3,300 shares of the company’s stock, valued at $255,288. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.10% of the company’s stock.

Institutional Trading of Otter Tail

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. bought a new position in Otter Tail in the first quarter worth $28,000. Chilton Capital Management LLC bought a new position in Otter Tail in the first quarter worth $31,000. Advisors Asset Management Inc. bought a new position in Otter Tail in the first quarter worth $45,000. Milestone Investment Advisors LLC bought a new position in Otter Tail in the first quarter worth $145,000. Finally, Harbour Investments Inc. raised its holdings in Otter Tail by 20.8% in the third quarter. Harbour Investments Inc. now owns 2,313 shares of the utilities provider’s stock worth $176,000 after purchasing an additional 398 shares in the last quarter. Hedge funds and other institutional investors own 60.50% of the company’s stock.

Otter Tail Company Profile

(Get Free Report)

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.

See Also

Earnings History and Estimates for Otter Tail (NASDAQ:OTTR)

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