Massachusetts Financial Services Co. MA lowered its position in ALLETE, Inc. (NYSE:ALE) by 42.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 443,226 shares of the utilities provider’s stock after selling 330,992 shares during the period. Massachusetts Financial Services Co. MA owned approximately 0.85% of ALLETE worth $29,780,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Harbour Investments Inc. acquired a new stake in shares of ALLETE in the 1st quarter worth approximately $33,000. Berman Capital Advisors LLC grew its holdings in shares of ALLETE by 333.1% in the 1st quarter. Berman Capital Advisors LLC now owns 589 shares of the utilities provider’s stock worth $39,000 after acquiring an additional 453 shares during the period. Huntington National Bank grew its holdings in shares of ALLETE by 1,346.2% in the 1st quarter. Huntington National Bank now owns 752 shares of the utilities provider’s stock worth $51,000 after acquiring an additional 700 shares during the period. CI Investments Inc. grew its holdings in shares of ALLETE by 83.9% in the 4th quarter. CI Investments Inc. now owns 945 shares of the utilities provider’s stock worth $59,000 after acquiring an additional 431 shares during the period. Finally, Inspire Advisors LLC acquired a new stake in shares of ALLETE in the 4th quarter worth approximately $66,000. Institutional investors and hedge funds own 72.68% of the company’s stock.
ALE stock opened at $68.55 on Friday. ALLETE, Inc. has a 52-week low of $49.91 and a 52-week high of $72.60. The business’s fifty day simple moving average is $69.70. The company has a quick ratio of 0.53, a current ratio of 0.66 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $3.58 billion, a PE ratio of 22.12, a price-to-earnings-growth ratio of 3.48 and a beta of 0.47.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 1st. Stockholders of record on Friday, May 14th were issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 3.68%. The ex-dividend date was Thursday, May 13th. ALLETE’s dividend payout ratio (DPR) is 75.22%.
ALE has been the topic of a number of research reports. Zacks Investment Research upgraded ALLETE from a “sell” rating to a “hold” rating in a report on Wednesday, June 16th. Mizuho increased their target price on ALLETE from $55.00 to $62.00 and gave the company a “neutral” rating in a report on Tuesday, March 2nd. Williams Capital reiterated a “buy” rating on shares of ALLETE in a report on Friday, April 23rd. Finally, Wells Fargo & Company lowered their target price on ALLETE from $76.00 to $74.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 28th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the stock. ALLETE presently has a consensus rating of “Hold” and an average target price of $68.50.
ALLETE Company Profile
ALLETE, Inc operates as an energy company. The company operates through Regulated Operations, ALLETE Clean Energy, and Corporate and Other segments. It generates electricity from coal-fired, biomass co-fired / natural gas, hydroelectric, wind, and solar. The company provides regulated utility electric 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 15 non-affiliated municipal customers.
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