Vanguard Group Inc. Increases Holdings in ALLETE, Inc. (NYSE:ALE)

Vanguard Group Inc. grew its holdings in shares of ALLETE, Inc. (NYSE:ALEFree Report) by 2.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,402,795 shares of the utilities provider’s stock after purchasing an additional 130,113 shares during the quarter. Vanguard Group Inc. owned approximately 0.11% of ALLETE worth $338,068,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in ALE. Zimmer Partners LP purchased a new stake in shares of ALLETE during the 2nd quarter valued at $35,376,000. Invesco Ltd. increased its position in shares of ALLETE by 61.6% during the 1st 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 during the last quarter. AQR Capital Management LLC increased its position in shares of ALLETE by 263.7% during the 3rd quarter. AQR Capital Management LLC now owns 395,962 shares of the utilities provider’s stock valued at $20,907,000 after purchasing an additional 287,088 shares during the last quarter. State Street Corp increased its holdings in ALLETE by 12.3% in the 1st quarter. State Street Corp now owns 2,195,210 shares of the utilities provider’s stock worth $147,035,000 after acquiring an additional 240,252 shares during the last quarter. Finally, Jupiter Asset Management Ltd. increased its holdings in ALLETE by 214.3% in the 3rd quarter. Jupiter Asset Management Ltd. now owns 339,627 shares of the utilities provider’s stock worth $17,932,000 after acquiring an additional 231,582 shares during the last quarter. 76.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ALE has been the subject of several recent research reports. Sidoti lowered ALLETE from a “buy” rating to a “neutral” rating and set a $64.00 price objective for the company. in a report on Wednesday, January 10th. Guggenheim raised ALLETE from a “sell” rating to a “neutral” rating and set a $58.00 price objective for the company in a report on Monday, January 22nd. Finally, Wells Fargo & Company lifted their price objective on ALLETE from $57.00 to $59.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 21st. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $58.60.

Get Our Latest Analysis on ALLETE

ALLETE Stock Down 1.6 %

Shares of NYSE ALE opened at $57.58 on Wednesday. ALLETE, Inc. has a 52 week low of $49.29 and a 52 week high of $66.69. The business has a 50-day simple moving average of $58.10 and a two-hundred day simple moving average of $57.23. The company has a quick ratio of 0.78, a current ratio of 1.24 and a debt-to-equity ratio of 0.49. The company has a market cap of $3.32 billion, a P/E ratio of 13.39, a P/E/G ratio of 1.93 and a beta of 0.75.

ALLETE (NYSE:ALEGet Free Report) last issued its earnings results on Tuesday, February 20th. The utilities provider reported $0.89 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.08). ALLETE had a return on equity of 7.31% and a net margin of 13.15%. The company had revenue of $402.70 million during the quarter, compared to the consensus estimate of $425.21 million. During the same quarter in the prior year, the business earned $0.90 EPS. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. Research analysts anticipate that ALLETE, Inc. will post 3.75 earnings per share for the current fiscal year.

ALLETE Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Thursday, February 15th were given a dividend of $0.705 per share. This represents a $2.82 dividend on an annualized basis and a dividend yield of 4.90%. The ex-dividend date was Wednesday, February 14th. This is an increase from ALLETE’s previous quarterly dividend of $0.68. ALLETE’s dividend payout ratio (DPR) is 65.58%.

ALLETE Profile

(Free Report)

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. In addition, 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 150,000 retail customers and 14 non-affiliated municipal customers.

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Institutional Ownership by Quarter for ALLETE (NYSE:ALE)

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