Raymond James & Associates boosted its stake in shares of ALLETE Inc (NYSE:ALE) by 1.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 77,879 shares of the utilities provider’s stock after buying an additional 1,388 shares during the quarter. Raymond James & Associates’ holdings in ALLETE were worth $6,029,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in ALE. Westwood Holdings Group Inc. boosted its stake in ALLETE by 110.7% during the first quarter. Westwood Holdings Group Inc. now owns 1,137,420 shares of the utilities provider’s stock worth $82,179,000 after buying an additional 597,594 shares during the period. BlackRock Inc. boosted its stake in ALLETE by 3.3% during the second quarter. BlackRock Inc. now owns 5,842,142 shares of the utilities provider’s stock worth $452,239,000 after buying an additional 185,088 shares during the period. Sei Investments Co. boosted its stake in ALLETE by 2,720.3% during the second quarter. Sei Investments Co. now owns 142,116 shares of the utilities provider’s stock worth $11,001,000 after buying an additional 137,077 shares during the period. Northern Trust Corp boosted its stake in ALLETE by 10.3% during the first quarter. Northern Trust Corp now owns 1,406,613 shares of the utilities provider’s stock worth $101,627,000 after buying an additional 131,876 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in ALLETE by 204.3% during the first quarter. The Manufacturers Life Insurance Company now owns 117,435 shares of the utilities provider’s stock worth $8,486,000 after buying an additional 78,848 shares during the period. 73.24% of the stock is owned by institutional investors.
NYSE ALE opened at $73.52 on Thursday. The company has a quick ratio of 0.80, a current ratio of 1.21 and a debt-to-equity ratio of 0.69. ALLETE Inc has a one year low of $66.64 and a one year high of $81.24. The company has a market capitalization of $3.82 billion, a PE ratio of 22.81, a price-to-earnings-growth ratio of 3.71 and a beta of 0.18.
ALLETE (NYSE:ALE) last posted its quarterly earnings data on Thursday, August 2nd. The utilities provider reported $0.61 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.72 by ($0.11). ALLETE had a net margin of 12.02% and a return on equity of 8.04%. The business had revenue of $344.10 million during the quarter, compared to analysts’ expectations of $343.00 million. During the same period in the previous year, the business posted $0.72 EPS. The company’s revenue for the quarter was down 2.6% compared to the same quarter last year. equities research analysts anticipate that ALLETE Inc will post 3.34 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Saturday, September 1st. Stockholders of record on Wednesday, August 15th were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.05%. The ex-dividend date was Tuesday, August 14th. ALLETE’s payout ratio is 70.22%.
In other news, Director James J. Hoolihan sold 800 shares of the firm’s stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $76.49, for a total value of $61,192.00. Following the completion of the transaction, the director now owns 13,632 shares of the company’s stock, valued at $1,042,711.68. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Alan R. Hodnik sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 13th. The shares were sold at an average price of $75.70, for a total transaction of $302,800.00. The disclosure for this sale can be found here. In the last three months, insiders sold 5,600 shares of company stock valued at $426,088. Insiders own 0.42% of the company’s stock.
Several brokerages have weighed in on ALE. Wells Fargo & Co increased their target price on shares of ALLETE from $76.00 to $77.00 and gave the stock a “market perform” rating in a research note on Monday, September 17th. ValuEngine raised shares of ALLETE from a “hold” rating to a “buy” rating in a research note on Monday, July 2nd. Zacks Investment Research raised shares of ALLETE from a “sell” rating to a “hold” rating in a research note on Tuesday, September 11th. Williams Capital lowered shares of ALLETE from a “buy” rating to a “hold” rating and lowered their target price for the stock from $76.00 to $73.00 in a research note on Monday, June 11th. Finally, Guggenheim reaffirmed a “hold” rating and set a $71.00 target price on shares of ALLETE in a research note on Monday, July 23rd. One investment analyst has rated the stock with a sell rating and seven have given a hold rating to the stock. ALLETE has a consensus rating of “Hold” and a consensus price target of $74.50.
ALLETE Company Profile
ALLETE, Inc operates as an energy company. The company operates through three segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. It generates electricity from coal-fired, natural gas-fired, biomass co-fired, hydroelectric, wind, solar, and other sources. The company provides regulated electric, natural gas, and water services in northwestern Wisconsin to approximately 15,000 electric customers, 13,000 natural gas customers, and 10,000 water customers, as well as regulated utility electric services in northeastern Minnesota to approximately 145,000 retail customers and 16 non-affiliated municipal customers.
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