Monarch Partners Asset Management LLC lowered its stake in shares of ALLETE Inc (NYSE:ALE) by 52.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 41,410 shares of the utilities provider’s stock after selling 46,340 shares during the period. Monarch Partners Asset Management LLC’s holdings in ALLETE were worth $3,106,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Meeder Asset Management Inc. acquired a new position in shares of ALLETE during the second quarter valued at about $114,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of ALLETE by 1,051.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,601 shares of the utilities provider’s stock valued at $124,000 after purchasing an additional 1,462 shares during the period. Signet Financial Management LLC acquired a new position in shares of ALLETE during the second quarter valued at about $160,000. Eqis Capital Management Inc. acquired a new position in shares of ALLETE during the second quarter valued at about $201,000. Finally, Zeke Capital Advisors LLC acquired a new position in shares of ALLETE during the second quarter valued at about $202,000. Hedge funds and other institutional investors own 73.53% of the company’s stock.
ALE opened at $75.14 on Tuesday. The company has a current ratio of 1.09, a quick ratio of 0.71 and a debt-to-equity ratio of 0.69. ALLETE Inc has a fifty-two week low of $66.64 and a fifty-two week high of $81.24. The stock has a market capitalization of $3.78 billion, a P/E ratio of 23.55, a price-to-earnings-growth ratio of 3.61 and a beta of 0.17.
ALLETE (NYSE:ALE) last posted its earnings results on Thursday, November 1st. The utilities provider reported $0.67 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.75 by ($0.08). ALLETE had a return on equity of 7.46% and a net margin of 11.12%. The business had revenue of $348.00 million during the quarter, compared to analyst estimates of $366.00 million. During the same quarter in the prior year, the company earned $0.72 EPS. The company’s revenue was down 4.0% on a year-over-year basis. Equities analysts forecast that ALLETE Inc will post 3.4 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, December 1st. Investors of record on Thursday, November 15th will be issued a $0.56 dividend. The ex-dividend date of this dividend is Wednesday, November 14th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.98%. ALLETE’s dividend payout ratio is presently 70.22%.
Several equities analysts have recently weighed in on ALE shares. Zacks Investment Research upgraded shares of ALLETE from a “hold” rating to a “buy” rating and set a $87.00 price objective on the stock in a report on Thursday, October 11th. ValuEngine upgraded shares of ALLETE from a “hold” rating to a “buy” rating in a report on Monday, October 8th. Guggenheim restated a “hold” rating and issued a $71.00 target price on shares of ALLETE in a report on Monday, July 23rd. Finally, Wells Fargo & Co upped their target price on shares of 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 has a consensus rating of “Hold” and an average price target of $74.25.
In other ALLETE news, Chairman Alan R. Hodnik sold 4,000 shares of the stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $75.70, for a total value of $302,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James J. Hoolihan sold 800 shares of the stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $76.49, for a total transaction of $61,192.00. Following the completion of the sale, the director now 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. Corporate insiders own 0.41% of the company’s stock.
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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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