Strs Ohio trimmed its position in shares of ALLETE, Inc. (NYSE:ALE – Get Rating) by 7.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,900 shares of the utilities provider’s stock after selling 300 shares during the quarter. Strs Ohio’s holdings in ALLETE were worth $195,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in ALE. Asset Management One Co. Ltd. purchased a new position in ALLETE in the second quarter valued at $1,165,000. Envestnet Asset Management Inc. raised its position in ALLETE by 7.3% during the second quarter. Envestnet Asset Management Inc. now owns 50,706 shares of the utilities provider’s stock worth $2,981,000 after acquiring an additional 3,461 shares during the period. MQS Management LLC purchased a new position in ALLETE during the second quarter valued at $249,000. Russell Investments Group Ltd. lifted its holdings in ALLETE by 15.1% during the second quarter. Russell Investments Group Ltd. now owns 308,569 shares of the utilities provider’s stock valued at $18,134,000 after purchasing an additional 40,557 shares in the last quarter. Finally, American International Group Inc. grew its position in shares of ALLETE by 5.1% in the second quarter. American International Group Inc. now owns 120,392 shares of the utilities provider’s stock valued at $7,077,000 after purchasing an additional 5,813 shares during the period. 77.52% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several equities research analysts recently issued reports on ALE shares. Mizuho lifted their price objective on ALLETE from $50.00 to $65.00 and gave the stock a “neutral” rating in a report on Friday, December 9th. TheStreet raised ALLETE from a “c+” rating to a “b-” rating in a research note on Friday, December 2nd. Bank of America upgraded ALLETE from a “neutral” rating to a “buy” rating and raised their price objective for the company from $53.00 to $66.00 in a report on Monday, November 14th. Wells Fargo & Company upped their target price on shares of ALLETE from $60.00 to $67.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 14th. Finally, JPMorgan Chase & Co. raised shares of ALLETE from an “underweight” rating to a “neutral” rating and set a $65.00 price target on the stock in a research note on Thursday, November 17th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, ALLETE has an average rating of “Hold” and an average price target of $63.20.
ALLETE Stock Up 1.0 %
ALLETE (NYSE:ALE – Get Rating) last announced its quarterly earnings results on Wednesday, November 9th. The utilities provider reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.11). ALLETE had a net margin of 12.92% and a return on equity of 6.23%. The firm had revenue of $388.30 million for the quarter, compared to analyst estimates of $361.20 million. On average, research analysts expect that ALLETE, Inc. will post 3.75 earnings per share for the current year.
ALLETE Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, December 1st. Stockholders of record on Tuesday, November 15th were given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 4.05%. The ex-dividend date of this dividend was Monday, November 14th. ALLETE’s payout ratio is presently 70.65%.
ALLETE, Inc engages in the provision of electric and natural gas utility services. It operates through the following business segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. The Regulated Operations segment includes regulated utilities, Minnesota Power, SWL&P, and investment in ATC, which regulates utilities that own and maintain electric transmission assets.
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