Credit Suisse AG raised its position in shares of ALLETE, Inc. (NYSE:ALE – Get Rating) by 2.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 65,709 shares of the utilities provider’s stock after buying an additional 1,282 shares during the period. Credit Suisse AG owned about 0.12% of ALLETE worth $3,289,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of ALE. Millennium Management LLC increased its holdings in shares of ALLETE by 281.8% during the second quarter. Millennium Management LLC now owns 735,787 shares of the utilities provider’s stock worth $43,250,000 after buying an additional 543,068 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of ALLETE by 80.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 696,198 shares of the utilities provider’s stock valued at $40,923,000 after purchasing an additional 311,295 shares in the last quarter. Invesco Ltd. increased its holdings in shares of ALLETE by 61.6% in the first quarter. Invesco Ltd. now owns 759,218 shares of the utilities provider’s stock valued at $50,852,000 after purchasing an additional 289,528 shares in the last quarter. State Street Corp increased its holdings in shares of ALLETE by 12.3% in the first quarter. State Street Corp now owns 2,195,210 shares of the utilities provider’s stock valued at $147,035,000 after purchasing an additional 240,252 shares in the last quarter. Finally, ATLAS Infrastructure Partners UK Ltd. increased its holdings in shares of ALLETE by 10.2% in the third quarter. ATLAS Infrastructure Partners UK Ltd. now owns 1,954,376 shares of the utilities provider’s stock valued at $106,151,000 after purchasing an additional 181,626 shares in the last quarter. Institutional investors and hedge funds own 77.52% of the company’s stock.
Analyst Ratings Changes
A number of brokerages recently weighed in on ALE. Mizuho lowered their price target on shares of ALLETE from $66.00 to $64.00 and set a “neutral” rating for the company in a report on Tuesday, January 24th. JPMorgan Chase & Co. raised shares of ALLETE from an “underweight” rating to a “neutral” rating and set a $65.00 price target for the company in a report on Thursday, November 17th. TheStreet raised shares of ALLETE from a “c+” rating to a “b-” rating in a report on Friday, December 2nd. Wells Fargo & Company lowered their price target on shares of ALLETE from $67.00 to $65.00 and set an “equal weight” rating for the company in a report on Monday, January 30th. Finally, Bank of America raised shares of ALLETE from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $53.00 to $66.00 in a report on Monday, November 14th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $62.80.
ALLETE Stock Up 0.6 %
ALLETE (NYSE:ALE – Get Rating) last issued its quarterly earnings results on Thursday, February 16th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.11 by ($0.21). The business had revenue of $425.80 million during the quarter, compared to analyst estimates of $404.81 million. ALLETE had a net margin of 12.05% and a return on equity of 5.73%. The firm’s quarterly revenue was up 6.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.18 earnings per share. On average, equities analysts predict that ALLETE, Inc. will post 3.61 EPS for the current fiscal year.
ALLETE Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 1st. Stockholders of record on Wednesday, February 15th were paid a dividend of $0.678 per share. The ex-dividend date of this dividend was Tuesday, February 14th. This is a positive change from ALLETE’s previous quarterly dividend of $0.65. This represents a $2.71 annualized dividend and a dividend yield of 4.40%. ALLETE’s payout ratio is currently 79.71%.
ALLETE Company Profile
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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