Glen Harbor Capital Management LLC lifted its position in shares of ALLETE Inc (NYSE:ALE) by 23.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,880 shares of the utilities provider’s stock after acquiring an additional 928 shares during the quarter. Glen Harbor Capital Management LLC’s holdings in ALLETE were worth $378,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. OppenheimerFunds Inc. boosted its holdings in shares of ALLETE by 15.9% during the 2nd quarter. OppenheimerFunds Inc. now owns 11,485 shares of the utilities provider’s stock valued at $890,000 after acquiring an additional 1,578 shares in the last quarter. Signet Financial Management LLC acquired a new position in ALLETE during the 2nd quarter worth about $160,000. Liberty Mutual Group Asset Management Inc. acquired a new position in ALLETE during the 2nd quarter worth about $790,000. United Services Automobile Association lifted its holdings in ALLETE by 33.8% during the 2nd quarter. United Services Automobile Association now owns 36,832 shares of the utilities provider’s stock worth $2,851,000 after buying an additional 9,296 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in ALLETE by 1,051.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,601 shares of the utilities provider’s stock worth $124,000 after buying an additional 1,462 shares during the period. 73.26% of the stock is currently owned by institutional investors.
In other news, Director James J. Hoolihan sold 800 shares of ALLETE stock in a transaction dated Thursday, July 26th. The stock was sold at an average price of $77.62, for a total value of $62,096.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Alan R. Hodnik sold 4,000 shares of ALLETE 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. Over the last three months, insiders sold 6,400 shares of company stock valued at $487,864. Corporate insiders own 0.42% of the company’s stock.
Shares of ALE opened at $75.81 on Monday. The stock has a market cap of $3.87 billion, a price-to-earnings ratio of 23.14, a P/E/G ratio of 3.76 and a beta of 0.18. ALLETE Inc has a 12 month low of $66.64 and a 12 month high of $81.24. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.80 and a current ratio of 1.21.
ALLETE (NYSE:ALE) last announced its earnings results on Thursday, August 2nd. The utilities provider reported $0.61 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.72 by ($0.11). ALLETE had a return on equity of 8.04% and a net margin of 12.02%. The company had revenue of $344.10 million for the quarter, compared to analyst estimates of $343.00 million. During the same period in the previous year, the firm posted $0.72 earnings per share. The firm’s quarterly revenue was down 2.6% compared to the same quarter last year. equities research analysts forecast that ALLETE Inc will post 3.34 EPS for the current year.
The firm 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. This represents a $2.24 annualized dividend and a dividend yield of 2.95%. The ex-dividend date was Tuesday, August 14th. ALLETE’s dividend payout ratio (DPR) is presently 70.22%.
Several research analysts have commented on ALE shares. Zacks Investment Research raised ALLETE from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a report on Friday, May 25th. ValuEngine raised ALLETE from a “hold” rating to a “buy” rating in a report on Monday, July 2nd. Williams Capital downgraded ALLETE from a “buy” rating to a “hold” rating and cut their target price for the stock from $76.00 to $73.00 in a report on Monday, June 11th. Finally, Guggenheim reaffirmed a “hold” rating and set a $71.00 target price on shares of ALLETE in a report on Monday, July 23rd. One analyst has rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $73.64.
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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