Sei Investments Co. raised its position in shares of ALLETE Inc (NYSE:ALE) by 399.6% during the fourth quarter, HoldingsChannel reports. The firm owned 472,667 shares of the utilities provider’s stock after purchasing an additional 378,053 shares during the period. Sei Investments Co.’s holdings in ALLETE were worth $19,278,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Rocky Mountain Advisers LLC purchased a new position in shares of ALLETE in the third quarter worth about $108,000. Resources Investment Advisors Inc. purchased a new position in shares of ALLETE in the fourth quarter worth about $111,000. Meeder Asset Management Inc. increased its holdings in shares of ALLETE by 925.0% in the third quarter. Meeder Asset Management Inc. now owns 1,763 shares of the utilities provider’s stock worth $136,000 after buying an additional 1,591 shares during the period. Advisor Group Inc. increased its holdings in shares of ALLETE by 2.1% in the second quarter. Advisor Group Inc. now owns 2,164 shares of the utilities provider’s stock worth $140,000 after buying an additional 45 shares during the period. Finally, Public Employees Retirement System of Ohio increased its holdings in shares of ALLETE by 4.3% in the second quarter. Public Employees Retirement System of Ohio now owns 2,768 shares of the utilities provider’s stock worth $198,000 after buying an additional 115 shares during the period. Institutional investors and hedge funds own 73.01% of the company’s stock.
Shares of ALLETE Inc (ALE) opened at $69.34 on Monday. The company has a quick ratio of 0.77, a current ratio of 1.05 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $3,546.30, a PE ratio of 20.70, a P/E/G ratio of 2.79 and a beta of 0.33. ALLETE Inc has a 12 month low of $64.56 and a 12 month high of $81.24.
ALLETE (NYSE:ALE) last posted its earnings results on Thursday, February 15th. The utilities provider reported $0.62 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by ($0.13). The business had revenue of $337.90 million during the quarter, compared to the consensus estimate of $348.00 million. ALLETE had a return on equity of 8.40% and a net margin of 12.13%. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.70 earnings per share. analysts predict that ALLETE Inc will post 3.46 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Thursday, February 15th will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.23%. This is a boost from ALLETE’s previous quarterly dividend of $0.54. The ex-dividend date is Wednesday, February 14th. ALLETE’s payout ratio is presently 66.27%.
Several research analysts have recently commented on ALE shares. Zacks Investment Research downgraded ALLETE from a “buy” rating to a “hold” rating in a report on Friday, November 3rd. JPMorgan Chase & Co. lifted their price objective on ALLETE from $73.00 to $76.00 and gave the stock an “underweight” rating in a report on Wednesday, November 15th. Williams Capital upgraded ALLETE from a “hold” rating to a “buy” rating and set a $76.00 price objective on the stock in a report on Friday, February 2nd. Finally, Wells Fargo & Co set a $71.00 target price on ALLETE and gave the stock a “hold” rating in a research note on Tuesday, February 13th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $77.20.
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ALLETE, Inc is an energy company. The Company’s segments include Regulated Operations, ALLETE Clean Energy, Inc (ALLETE Clean Energy), U.S. Water Services Holding Company (U.S. Water Services), and Corporate and Other. The Regulated Operations segment includes its regulated utilities, Minnesota Power, and Superior Water, Light and Power Company, and its investment in American Transmission Company LLC.
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