BRYN MAWR TRUST Co reduced its position in shares of ALLETE Inc (NYSE:ALE) by 2.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 32,891 shares of the utilities provider’s stock after selling 814 shares during the period. BRYN MAWR TRUST Co’s holdings in ALLETE were worth $2,446,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Pacer Advisors Inc. bought a new position in ALLETE during the 3rd quarter valued at about $577,000. Jackson Wealth Management LLC lifted its holdings in ALLETE by 5.3% during the 3rd quarter. Jackson Wealth Management LLC now owns 36,544 shares of the utilities provider’s stock valued at $2,880,000 after purchasing an additional 1,851 shares during the last quarter. Swiss National Bank lifted its holdings in ALLETE by 2.0% during the 3rd quarter. Swiss National Bank now owns 85,100 shares of the utilities provider’s stock valued at $6,577,000 after purchasing an additional 1,700 shares during the last quarter. Charter Research & Investment Group Inc. bought a new position in ALLETE during the 4th quarter valued at about $223,000. Finally, Ameriprise Financial Inc. lifted its holdings in ALLETE by 11.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 316,862 shares of the utilities provider’s stock valued at $24,492,000 after purchasing an additional 32,972 shares during the last quarter. 73.47% of the stock is owned by hedge funds and other institutional investors.
ALLETE stock opened at $71.26 on Thursday. ALLETE Inc has a 12 month low of $66.64 and a 12 month high of $81.24. The firm has a market cap of $3,638.36, a PE ratio of 21.24, a price-to-earnings-growth ratio of 3.49 and a beta of 0.38. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.05 and a quick ratio of 0.77.
ALLETE (NYSE:ALE) last announced its earnings results on Thursday, February 15th. The utilities provider reported $0.62 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.75 by ($0.13). The company 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 company’s revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.70 earnings per share. sell-side analysts anticipate that ALLETE Inc will post 3.34 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 1st. Investors of record on Thursday, February 15th were paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.14%. This is an increase from ALLETE’s previous quarterly dividend of $0.54. The ex-dividend date was Wednesday, February 14th. ALLETE’s payout ratio is 66.27%.
Several brokerages recently issued reports on ALE. Zacks Investment Research raised shares of ALLETE from a “sell” rating to a “hold” rating in a report on Tuesday, January 16th. JPMorgan Chase & Co. dropped their target price on shares of ALLETE from $76.00 to $73.00 and set an “underweight” rating for the company in a research note on Thursday, January 25th. Williams Capital raised shares of ALLETE from a “hold” rating to a “buy” rating and set a $76.00 target price for the company in a research note on Friday, February 2nd. Guggenheim reaffirmed a “hold” rating and issued a $63.00 target price on shares of ALLETE in a research note on Friday, February 23rd. Finally, Wells Fargo set a $71.00 target price on shares of ALLETE and gave the stock a “hold” rating in a research note on Tuesday, February 13th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $73.07.
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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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