Wall Street closes at a record for the first time since end of January
Otter Tail Corporation (NASDAQ:OTTR) reported the results of its annual shareholder meeting held Monday in a virtual format, according to a statement based on a recent SEC filing. The $3.65 billion company has maintained dividend payments for 56 consecutive years, according to InvestingPro data.
Shareholders voted on four matters. Three directors—Jeanne H. Crain, John D. Erickson, and Nathan I. Partain—were re-elected to the board for three-year terms set to expire at the 2029 annual meeting. The votes for each director were as follows: Crain received 28,073,952 votes in favor and 325,613 withheld; Erickson received 28,002,930 votes in favor and 396,635 withheld; Partain received 27,351,500 votes in favor and 1,048,065 withheld. Each director also had 6,313,875 broker non-votes.
A non-binding advisory vote to approve compensation for named executive officers passed with 27,362,072 votes in favor, 672,105 against, and 365,388 abstentions, with 6,313,875 broker non-votes.
Shareholders ratified the appointment of Deloitte & Touche LLP as the company’s independent registered public accounting firm for 2026, with 34,240,352 votes in favor, 404,111 against, and 68,977 abstentions.
An amendment and restatement of the company’s bylaws to include an exclusive forum provision was also approved. The vote count was 24,816,084 in favor, 3,378,544 against, and 204,937 abstentions, with 6,313,875 broker non-votes.
A total of 34,713,440 shares were voted in person or by proxy at the meeting, out of 41,953,525 shares entitled to vote as of the February 12, 2026 record date.
This information is based on a statement from Otter Tail Corporation’s SEC filing.
In other recent news, Otter Tail Corporation’s Q4 2025 earnings did not meet analyst expectations, with earnings per share reported at $1.23, falling short of the forecasted $1.29. The company’s revenue also missed projections, coming in at $308.1 million against the anticipated $311.15 million. Additionally, Otter Tail Power Company, a subsidiary of Otter Tail Corporation, entered into a $170 million Note Purchase Agreement. This agreement includes $100 million of 5.33% Series 2026A Senior Unsecured Notes, due March 19, 2036, and $70 million of 6.04% Series 2026B Senior Unsecured Notes, due June 4, 2056. The Series 2026A Notes were issued immediately upon the agreement’s execution, while the Series 2026B Notes are expected to be issued in June 2026. Furthermore, Freedom Capital Markets initiated coverage on Otter Tail stock with a Hold rating and a price target of $90.00. The firm highlighted Otter Tail’s balanced mix of stable utility cash flows and higher-margin earnings from its manufacturing businesses.
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