Magellan Asset Management Ltd raised its stake in ALLETE Inc (NYSE:ALE) by 19.9% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 40,596 shares of the utilities provider’s stock after purchasing an additional 6,750 shares during the quarter. Magellan Asset Management Ltd’s holdings in ALLETE were worth $3,338,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its position in shares of ALLETE by 46.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 123,267 shares of the utilities provider’s stock valued at $9,247,000 after acquiring an additional 38,824 shares in the last quarter. Vanguard Group Inc lifted its position in shares of ALLETE by 1.4% in the 3rd quarter. Vanguard Group Inc now owns 5,108,607 shares of the utilities provider’s stock valued at $383,197,000 after acquiring an additional 71,585 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in shares of ALLETE in the 4th quarter valued at approximately $258,000. Rhumbline Advisers lifted its position in shares of ALLETE by 48.1% in the 4th quarter. Rhumbline Advisers now owns 174,899 shares of the utilities provider’s stock valued at $13,331,000 after acquiring an additional 56,764 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its position in shares of ALLETE by 2.4% in the 4th quarter. State Board of Administration of Florida Retirement System now owns 21,877 shares of the utilities provider’s stock valued at $1,667,000 after acquiring an additional 510 shares in the last quarter. Hedge funds and other institutional investors own 71.75% of the company’s stock.
Several equities research analysts recently commented on ALE shares. Zacks Investment Research downgraded shares of ALLETE from a “buy” rating to a “hold” rating in a research report on Tuesday, February 12th. Williams Capital upgraded shares of ALLETE from a “sell” rating to a “hold” rating and upped their price target for the company from $69.00 to $76.00 in a research report on Tuesday, February 19th. Finally, ValuEngine downgraded shares of ALLETE from a “buy” rating to a “hold” rating in a research report on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $79.06.
Shares of NYSE:ALE traded up $0.39 during mid-day trading on Wednesday, hitting $84.54. The stock had a trading volume of 3,326 shares, compared to its average volume of 210,758. ALLETE Inc has a 12-month low of $70.85 and a 12-month high of $86.52. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.50 and a current ratio of 1.73. The company has a market cap of $4.39 billion, a PE ratio of 23.49, a price-to-earnings-growth ratio of 3.25 and a beta of 0.26.
ALLETE (NYSE:ALE) last released its earnings results on Thursday, May 2nd. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.01). ALLETE had a return on equity of 9.11% and a net margin of 12.93%. The company had revenue of $357.20 million during the quarter, compared to analysts’ expectations of $364.00 million. During the same quarter in the previous year, the company earned $0.99 EPS. The firm’s quarterly revenue was down .3% compared to the same quarter last year. On average, equities analysts predict that ALLETE Inc will post 3.63 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Wednesday, May 15th were given a $0.5875 dividend. The ex-dividend date was Tuesday, May 14th. This represents a $2.35 dividend on an annualized basis and a yield of 2.78%. ALLETE’s payout ratio is 65.10%.
In other ALLETE news, CEO Alan R. Hodnik sold 4,000 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $82.24, for a total value of $328,960.00. Following the completion of the sale, the chief executive officer now owns 76,854 shares in the company, valued at approximately $6,320,472.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kathryn W. Dindo sold 735 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $82.03, for a total transaction of $60,292.05. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,620 shares of company stock valued at $792,140. Insiders own 0.43% of the company’s stock.
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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, wind, hydroelectric, natural gas-fired, biomass co-fired, solar, and other sources. The company provides regulated utility 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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