Commonwealth Equity Services LLC Increases Stake in ALLETE, Inc. (NYSE:ALE)

Commonwealth Equity Services LLC increased its holdings in ALLETE, Inc. (NYSE:ALEFree Report) by 18.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,031 shares of the utilities provider’s stock after acquiring an additional 2,035 shares during the quarter. Commonwealth Equity Services LLC’s holdings in ALLETE were worth $777,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of ALLETE by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 6,579,504 shares of the utilities provider’s stock worth $402,402,000 after purchasing an additional 176,709 shares during the period. Dimensional Fund Advisors LP boosted its position in ALLETE by 2.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 888,731 shares of the utilities provider’s stock valued at $54,355,000 after acquiring an additional 24,690 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of ALLETE by 3.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 716,941 shares of the utilities provider’s stock valued at $43,848,000 after acquiring an additional 22,139 shares during the period. American Century Companies Inc. raised its position in shares of 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 acquiring an additional 129,104 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its position in shares of ALLETE by 112.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 504,362 shares of the utilities provider’s stock worth $30,847,000 after acquiring an additional 266,505 shares in the last quarter. 76.55% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ALE has been the topic of several analyst reports. StockNews.com assumed coverage on ALLETE in a research note on Wednesday. They issued a “hold” rating on the stock. Mizuho boosted their price objective on shares of ALLETE from $57.00 to $67.00 and gave the stock a “neutral” rating in a research note on Thursday, May 16th. Five investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $62.00.

Check Out Our Latest Stock Analysis on ALE

ALLETE Stock Performance

ALE opened at $62.66 on Wednesday. The company has a market cap of $3.61 billion, a P/E ratio of 15.06 and a beta of 0.80. The company has a quick ratio of 0.96, a current ratio of 1.66 and a debt-to-equity ratio of 0.52. The firm’s 50-day moving average price is $62.75 and its 200-day moving average price is $60.36. ALLETE, Inc. has a 52-week low of $49.29 and a 52-week high of $65.86.

ALLETE (NYSE:ALEGet Free Report) last issued its quarterly earnings results on Thursday, May 9th. The utilities provider reported $0.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.12). ALLETE had a net margin of 13.94% and a return on equity of 7.21%. The company had revenue of $403.30 million for the quarter, compared to analyst estimates of $581.26 million. As a group, equities analysts anticipate that ALLETE, Inc. will post 3.75 EPS for the current fiscal year.

ALLETE Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Wednesday, May 15th were paid a dividend of $0.705 per share. The ex-dividend date was Tuesday, May 14th. This represents a $2.82 annualized dividend and a yield of 4.50%. ALLETE’s payout ratio is presently 67.79%.

About ALLETE

(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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