Federated Hermes Inc. Sells 893 Shares of ALLETE, Inc. (NYSE:ALE)

Federated Hermes Inc. lowered its stake in ALLETE, Inc. (NYSE:ALE) by 0.9% in the 4th quarter, Holdings Channel reports. The firm owned 95,275 shares of the utilities provider’s stock after selling 893 shares during the quarter. Federated Hermes Inc.’s holdings in ALLETE were worth $5,827,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in ALLETE by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 6,402,795 shares of the utilities provider’s stock worth $338,068,000 after purchasing an additional 130,113 shares during the period. FMR LLC boosted its stake in ALLETE by 0.5% in the 3rd quarter. FMR LLC now owns 1,254,365 shares of the utilities provider’s stock worth $66,230,000 after purchasing an additional 6,421 shares during the period. Invesco Ltd. boosted its stake in ALLETE by 13.9% in the 3rd quarter. Invesco Ltd. now owns 829,564 shares of the utilities provider’s stock worth $43,801,000 after purchasing an additional 101,229 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in ALLETE by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 694,802 shares of the utilities provider’s stock worth $36,686,000 after purchasing an additional 21,938 shares during the period. Finally, American Century Companies Inc. boosted its stake in ALLETE by 29.7% in the 3rd quarter. American Century Companies Inc. now owns 564,120 shares of the utilities provider’s stock worth $29,786,000 after purchasing an additional 129,104 shares during the period. Institutional investors own 76.55% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on ALE shares. Sidoti cut ALLETE from a “buy” rating to a “neutral” rating and set a $64.00 price target on the stock. in a report on Wednesday, January 10th. Guggenheim raised ALLETE from a “sell” rating to a “neutral” rating and set a $58.00 price target on the stock in a report on Monday, January 22nd. Finally, Wells Fargo & Company raised their price target on ALLETE from $57.00 to $59.00 and gave the company 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 stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $58.60.

ALLETE Stock Performance

NYSE:ALE opened at $59.57 on Friday. The stock has a market cap of $3.43 billion, a P/E ratio of 13.85 and a beta of 0.75. The company has a quick ratio of 0.78, a current ratio of 1.24 and a debt-to-equity ratio of 0.49. ALLETE, Inc. has a twelve month low of $49.29 and a twelve month high of $63.71. The business’s 50-day moving average price is $58.31 and its two-hundred day moving average price is $57.95.

ALLETE (NYSE:ALE) last announced its quarterly earnings data on Tuesday, February 20th. The utilities provider reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.08). The firm had revenue of $402.70 million for the quarter, compared to analysts’ expectations of $425.21 million. ALLETE had a net margin of 13.15% and a return on equity of 7.31%. The business’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 earnings per share. As a group, equities analysts predict that ALLETE, Inc. will post 3.75 EPS for the current fiscal year.

ALLETE Company Profile

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.