Envestnet Asset Management Inc. increased its position in shares of ALLETE Inc (NYSE:ALE) by 6.7% during the third quarter, Holdings Channel.com reports. The institutional investor owned 15,666 shares of the utilities provider’s stock after purchasing an additional 977 shares during the period. Envestnet Asset Management Inc.’s holdings in ALLETE were worth $1,369,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. BlackRock Inc. increased its holdings in ALLETE by 1.6% during the second quarter. BlackRock Inc. now owns 6,187,056 shares of the utilities provider’s stock worth $514,825,000 after buying an additional 99,981 shares during the last quarter. Northern Trust Corp boosted its position in ALLETE by 3.7% during the second quarter. Northern Trust Corp now owns 1,105,796 shares of the utilities provider’s stock worth $92,013,000 after purchasing an additional 39,690 shares during the period. Bank of New York Mellon Corp boosted its position in ALLETE by 1.1% during the second quarter. Bank of New York Mellon Corp now owns 777,710 shares of the utilities provider’s stock worth $64,714,000 after purchasing an additional 8,354 shares during the period. Macquarie Group Ltd. boosted its position in ALLETE by 1.1% during the second quarter. Macquarie Group Ltd. now owns 672,103 shares of the utilities provider’s stock worth $55,926,000 after purchasing an additional 7,329 shares during the period. Finally, Invesco Ltd. boosted its position in ALLETE by 3.5% during the second quarter. Invesco Ltd. now owns 511,618 shares of the utilities provider’s stock worth $42,572,000 after purchasing an additional 17,173 shares during the period. Institutional investors and hedge funds own 71.56% of the company’s stock.
In other ALLETE news, CEO Alan R. Hodnik sold 6,000 shares of ALLETE stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $86.98, for a total transaction of $521,880.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.43% of the company’s stock.
ALE stock opened at $82.89 on Thursday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.34 and a quick ratio of 1.08. The company has a fifty day moving average price of $86.66 and a two-hundred day moving average price of $84.83. ALLETE Inc has a one year low of $72.42 and a one year high of $88.60. The stock has a market cap of $4.37 billion, a price-to-earnings ratio of 22.96, a price-to-earnings-growth ratio of 3.27 and a beta of 0.14.
ALLETE (NYSE:ALE) last released its quarterly earnings data on Wednesday, November 6th. The utilities provider reported $0.60 EPS for the quarter, missing the Zacks’ consensus estimate of $0.63 by ($0.03). ALLETE had a return on equity of 9.14% and a net margin of 13.61%. The company had revenue of $288.30 million for the quarter, compared to the consensus estimate of $305.75 million. During the same period last year, the firm earned $0.59 earnings per share. The company’s revenue for the quarter was down 17.2% compared to the same quarter last year. Research analysts anticipate that ALLETE Inc will post 3.6 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 15th will be given a dividend of $0.587 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $2.35 dividend on an annualized basis and a yield of 2.83%. ALLETE’s dividend payout ratio (DPR) is 65.10%.
A number of equities analysts have commented on the stock. Zacks Investment Research cut shares of ALLETE from a “hold” rating to a “sell” rating in a research report on Friday, September 27th. ValuEngine cut shares of ALLETE from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd.
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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