AdvisorNet Financial Inc Sells 876 Shares of ALLETE, Inc. (NYSE:ALE)

AdvisorNet Financial Inc lessened its stake in shares of ALLETE, Inc. (NYSE:ALEGet Rating) by 12.6% during the second quarter, reports. The institutional investor owned 6,055 shares of the utilities provider’s stock after selling 876 shares during the period. AdvisorNet Financial Inc’s holdings in ALLETE were worth $356,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. IFM Investors Pty Ltd bought a new stake in shares of ALLETE during the first quarter worth $464,000. Van ECK Associates Corp grew its stake in shares of ALLETE by 8.0% during the first quarter. Van ECK Associates Corp now owns 10,070 shares of the utilities provider’s stock worth $674,000 after buying an additional 743 shares during the last quarter. Exchange Traded Concepts LLC acquired a new position in shares of ALLETE during the first quarter worth $623,000. Mirabella Financial Services LLP acquired a new position in shares of ALLETE during the fourth quarter worth $617,000. Finally, Heartland Advisors Inc. acquired a new position in shares of ALLETE during the first quarter worth $15,164,000. Institutional investors own 77.64% of the company’s stock.

ALLETE Price Performance

Shares of NYSE ALE opened at $58.97 on Tuesday. The firm’s 50-day moving average price is $60.47 and its 200-day moving average price is $61.43. ALLETE, Inc. has a 1-year low of $56.55 and a 1-year high of $68.61. The firm has a market capitalization of $3.37 billion, a P/E ratio of 16.29, a P/E/G ratio of 1.91 and a beta of 0.61. The company has a current ratio of 0.93, a quick ratio of 0.43 and a debt-to-equity ratio of 0.48.

ALLETE (NYSE:ALEGet Rating) last announced its quarterly earnings data on Wednesday, August 3rd. The utilities provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.14. ALLETE had a net margin of 12.89% and a return on equity of 6.29%. During the same quarter last year, the company earned $0.53 EPS. Equities research analysts anticipate that ALLETE, Inc. will post 3.74 earnings per share for the current fiscal year.

ALLETE Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Monday, August 15th were given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 4.41%. The ex-dividend date was Friday, August 12th. ALLETE’s payout ratio is presently 71.82%.

Analyst Upgrades and Downgrades

ALE has been the topic of a number of recent research reports. Bank of America initiated coverage on shares of ALLETE in a report on Wednesday, May 25th. They set a “neutral” rating and a $63.00 price target on the stock. Mizuho cut their price target on shares of ALLETE from $60.00 to $58.00 and set a “neutral” rating on the stock in a report on Friday. Finally, upgraded shares of ALLETE from a “sell” rating to a “hold” rating in a report on Thursday, September 15th.


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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.

See Also

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Institutional Ownership by Quarter for ALLETE (NYSE:ALE)

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