Russell Investments Group Ltd. lifted its holdings in shares of ALLETE Inc (NYSE:ALE) by 2.0% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 446,675 shares of the utilities provider’s stock after buying an additional 8,651 shares during the period. Russell Investments Group Ltd. owned about 0.87% of ALLETE worth $33,503,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of ALE. Royal Bank of Canada raised its holdings in shares of ALLETE by 40.2% during the 1st quarter. Royal Bank of Canada now owns 64,598 shares of the utilities provider’s stock worth $4,669,000 after buying an additional 18,528 shares in the last quarter. Bank of Montreal Can raised its holdings in shares of ALLETE by 56.1% during the 2nd quarter. Bank of Montreal Can now owns 4,599 shares of the utilities provider’s stock worth $355,000 after buying an additional 1,653 shares in the last quarter. Twele Capital Management Inc. acquired a new position in shares of ALLETE during the 2nd quarter worth $210,000. Zeke Capital Advisors LLC acquired a new position in shares of ALLETE during the 2nd quarter worth $202,000. Finally, Acadian Asset Management LLC raised its holdings in shares of ALLETE by 94.3% during the 2nd quarter. Acadian Asset Management LLC now owns 25,043 shares of the utilities provider’s stock worth $1,938,000 after buying an additional 12,153 shares in the last quarter. 73.34% of the stock is owned by institutional investors.
In other ALLETE news, Chairman Alan R. Hodnik sold 4,000 shares of the company’s 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James J. Hoolihan sold 800 shares of the company’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $76.49, for a total value of $61,192.00. Following the completion of the transaction, the director now directly owns 13,632 shares of the company’s stock, valued at approximately $1,042,711.68. The disclosure for this sale can be found here. 0.42% of the stock is owned by corporate insiders.
Shares of ALE opened at $74.57 on Friday. ALLETE Inc has a 12-month low of $66.64 and a 12-month high of $81.24. The company has a quick ratio of 0.80, a current ratio of 1.21 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $3.91 billion, a price-to-earnings ratio of 23.38, a PEG ratio of 3.78 and a beta of 0.18.
ALLETE (NYSE:ALE) last issued its earnings results on Thursday, November 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.16). ALLETE had a return on equity of 8.04% and a net margin of 12.02%. The firm had revenue of $348.00 million during the quarter, compared to analyst estimates of $366.00 million. During the same period in the previous year, the company earned $0.72 EPS. ALLETE’s revenue for the quarter was down 4.0% on a year-over-year basis. As a group, research analysts forecast that ALLETE Inc will post 3.4 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Saturday, December 1st. Shareholders of record on Thursday, November 15th will be issued a $0.56 dividend. The ex-dividend date is Wednesday, November 14th. This represents a $2.24 dividend on an annualized basis and a yield of 3.00%. ALLETE’s payout ratio is presently 70.22%.
ALE has been the subject of a number of research analyst reports. Zacks Investment Research raised ALLETE from a “hold” rating to a “buy” rating and set a $87.00 price target for the company in a report on Thursday, October 11th. ValuEngine raised ALLETE from a “hold” rating to a “buy” rating in a report on Monday, October 8th. Guggenheim reissued a “hold” rating and set a $71.00 price target on shares of ALLETE in a report on Monday, July 23rd. Finally, Wells Fargo & Co boosted their price target on ALLETE from $76.00 to $77.00 and gave the stock a “market perform” rating in a report on Monday, September 17th. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $74.25.
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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