O Shares Investment Advisers LLC cut its position in shares of ALLETE Inc (NYSE:ALE) by 10.5% during the 1st quarter, Holdings Channel reports. The firm owned 3,460 shares of the utilities provider’s stock after selling 404 shares during the period. O Shares Investment Advisers LLC’s holdings in ALLETE were worth $285,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently made changes to their positions in the company. BlackRock Inc. lifted its stake in ALLETE by 2.6% in the fourth quarter. BlackRock Inc. now owns 6,117,904 shares of the utilities provider’s stock valued at $466,306,000 after buying an additional 154,336 shares during the last quarter. Vanguard Group Inc increased its holdings in shares of ALLETE by 1.4% during the third quarter. Vanguard Group Inc now owns 5,108,607 shares of the utilities provider’s stock valued at $383,197,000 after purchasing an additional 71,585 shares during the period. Northern Trust Corp increased its holdings in shares of ALLETE by 1.3% during the first quarter. Northern Trust Corp now owns 1,066,106 shares of the utilities provider’s stock valued at $87,665,000 after purchasing an additional 13,584 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of ALLETE by 0.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 984,166 shares of the utilities provider’s stock valued at $75,012,000 after purchasing an additional 3,176 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of ALLETE by 4.6% during the fourth quarter. Geode Capital Management LLC now owns 659,457 shares of the utilities provider’s stock valued at $50,263,000 after purchasing an additional 29,026 shares during the period. Hedge funds and other institutional investors own 71.75% of the company’s stock.
A number of brokerages have recently commented on ALE. ValuEngine raised ALLETE from a “hold” rating to a “buy” rating in a report on Monday, May 13th. Zacks Investment Research raised ALLETE from a “strong sell” rating to a “hold” rating and set a $92.00 price target on the stock in a report on Monday, May 20th. Finally, Williams Capital raised ALLETE from a “sell” rating to a “hold” rating and raised their price target for the company from $69.00 to $76.00 in a report on Tuesday, February 19th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $79.06.
Shares of ALE opened at $84.73 on Friday. The firm has a market cap of $4.37 billion, a PE ratio of 23.47, a price-to-earnings-growth ratio of 3.24 and a beta of 0.27. The company has a current ratio of 1.73, a quick ratio of 1.50 and a debt-to-equity ratio of 0.69. ALLETE Inc has a one year low of $72.06 and a one year high of $86.52.
ALLETE (NYSE:ALE) last issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $1.18 EPS for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.01). The business had revenue of $357.20 million for the quarter, compared to analyst estimates of $364.00 million. ALLETE had a net margin of 12.93% and a return on equity of 9.11%. ALLETE’s revenue for the quarter was down .3% on a year-over-year basis. During the same period last year, the business posted $0.99 earnings per share. Sell-side analysts anticipate that ALLETE Inc will post 3.63 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Investors of record on Wednesday, May 15th were issued a dividend of $0.5875 per share. This represents a $2.35 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date of this dividend was Tuesday, May 14th. ALLETE’s payout ratio is currently 65.10%.
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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, wind, hydroelectric, natural gas-fired, biomass co-fired, solar, and other sources. The company provides regulated utility 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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