ALLETE, Inc. (NYSE:ALE) Shares Sold by Sei Investments Co.

Sei Investments Co. cut its holdings in shares of ALLETE, Inc. (NYSE:ALE) by 46.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 165,713 shares of the utilities provider’s stock after selling 142,587 shares during the quarter. Sei Investments Co. owned 0.29% of ALLETE worth $10,332,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Parallel Advisors LLC grew its stake in shares of ALLETE by 139.4% during the fourth quarter. Parallel Advisors LLC now owns 699 shares of the utilities provider’s stock worth $43,000 after purchasing an additional 407 shares in the last quarter. Lazard Asset Management LLC boosted its position in shares of ALLETE by 4,157.1% during the 1st quarter. Lazard Asset Management LLC now owns 1,192 shares of the utilities provider’s stock worth $71,000 after acquiring an additional 1,164 shares in the last quarter. Hantz Financial Services Inc. purchased a new position in shares of ALLETE in the 2nd quarter valued at about $75,000. Clear Street Markets LLC acquired a new stake in shares of ALLETE during the 4th quarter worth about $92,000. Finally, GAMMA Investing LLC lifted its stake in ALLETE by 43.7% during the first quarter. GAMMA Investing LLC now owns 1,869 shares of the utilities provider’s stock worth $111,000 after purchasing an additional 568 shares during the last quarter. 76.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, StockNews.com initiated coverage on shares of ALLETE in a research note on Saturday. They issued a “hold” rating on the stock. Five investment analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $62.00.

ALLETE Stock Up 0.2 %

ALE opened at $64.36 on Friday. ALLETE, Inc. has a one year low of $49.29 and a one year high of $65.86. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.83 and a current ratio of 1.45. The stock has a market capitalization of $3.72 billion, a P/E ratio of 15.47 and a beta of 0.80. The business’s 50-day simple moving average is $63.89 and its 200-day simple moving average is $62.25.

ALLETE (NYSE:ALE) last announced its earnings results on Thursday, August 1st. The utilities provider reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.30). The firm had revenue of $354.50 million during the quarter, compared to analyst estimates of $547.24 million. ALLETE had a net margin of 14.36% and a return on equity of 7.07%. The firm’s revenue for the quarter was down 33.6% compared to the same quarter last year. During the same period last year, the company earned $0.90 earnings per share.

ALLETE Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Thursday, August 15th were given a $0.7005 dividend. The ex-dividend date was Thursday, August 15th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 4.35%. ALLETE’s dividend payout ratio (DPR) is presently 67.79%.

ALLETE 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.