Dimensional Fund Advisors LP lifted its holdings in shares of ALLETE Inc (NYSE:ALE) by 4.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 983,044 shares of the utilities provider’s stock after purchasing an additional 45,237 shares during the quarter. Dimensional Fund Advisors LP owned 1.91% of ALLETE worth $76,098,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in the company. SG Americas Securities LLC acquired a new position in ALLETE during the first quarter worth $1,157,000. Swiss National Bank grew its holdings in ALLETE by 2.2% during the first quarter. Swiss National Bank now owns 88,700 shares of the utilities provider’s stock worth $6,409,000 after acquiring an additional 1,900 shares during the period. Eaton Vance Management grew its holdings in ALLETE by 44.0% during the first quarter. Eaton Vance Management now owns 52,840 shares of the utilities provider’s stock worth $3,818,000 after acquiring an additional 16,135 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in ALLETE by 8.5% during the first quarter. Schwab Charles Investment Management Inc. now owns 359,433 shares of the utilities provider’s stock worth $25,970,000 after acquiring an additional 28,052 shares during the period. Finally, American International Group Inc. grew its holdings in ALLETE by 228.1% in the first quarter. American International Group Inc. now owns 133,407 shares of the utilities provider’s stock valued at $9,639,000 after purchasing an additional 92,747 shares during the last quarter. 73.26% of the stock is currently owned by institutional investors.
In related news, Director James J. Hoolihan sold 800 shares of the stock in a transaction dated Thursday, July 26th. The stock was sold at an average price of $77.62, for a total transaction of $62,096.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Alan R. Hodnik sold 4,000 shares of the stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $75.70, for a total value of $302,800.00. The disclosure for this sale can be found here. Insiders sold 6,400 shares of company stock worth $487,864 over the last 90 days. Company insiders own 0.42% of the company’s stock.
Several analysts have recently issued reports on the company. Zacks Investment Research upgraded ALLETE from a “sell” rating to a “hold” rating in a research report on Tuesday, September 11th. ValuEngine upgraded ALLETE from a “hold” rating to a “buy” rating in a research report on Monday, July 2nd. Williams Capital downgraded ALLETE from a “buy” rating to a “hold” rating and reduced their price objective for the company from $76.00 to $73.00 in a research report on Monday, June 11th. Finally, Guggenheim restated a “hold” rating and issued a $71.00 price objective on shares of ALLETE in a research report on Monday, July 23rd. One investment analyst has rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $73.64.
Shares of NYSE:ALE opened at $75.81 on Monday. The company has a current ratio of 1.21, a quick ratio of 0.80 and a debt-to-equity ratio of 0.69. ALLETE Inc has a 52-week low of $66.64 and a 52-week high of $81.24. The firm has a market capitalization of $3.87 billion, a PE ratio of 23.76, a P/E/G ratio of 3.76 and a beta of 0.18.
ALLETE (NYSE:ALE) last issued its quarterly earnings data on Thursday, August 2nd. The utilities provider reported $0.61 earnings per share (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 company had revenue of $344.10 million during the quarter, compared to analysts’ expectations of $343.00 million. During the same quarter in the prior year, the company earned $0.72 earnings per share. The firm’s revenue was down 2.6% compared to the same quarter last year. equities analysts anticipate that ALLETE Inc will post 3.34 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Saturday, September 1st. Stockholders of record on Wednesday, August 15th were given a $0.56 dividend. The ex-dividend date of this dividend was Tuesday, August 14th. This represents a $2.24 annualized dividend and a dividend yield of 2.95%. ALLETE’s dividend payout ratio is currently 70.22%.
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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