Signet Financial Management LLC bought a new position in ALLETE Inc (NYSE:ALE) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 2,063 shares of the utilities provider’s stock, valued at approximately $160,000.
A number of other large investors have also recently added to or reduced their stakes in the business. Meeder Asset Management Inc. purchased a new position in shares of ALLETE in the second quarter valued at $114,000. Northwestern Mutual Wealth Management Co. grew its position in shares of ALLETE by 1,051.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,601 shares of the utilities provider’s stock valued at $124,000 after purchasing an additional 1,462 shares in the last quarter. Bruderman Asset Management LLC purchased a new position in shares of ALLETE in the first quarter valued at $184,000. Eqis Capital Management Inc. purchased a new position in shares of ALLETE in the second quarter valued at $201,000. Finally, Zeke Capital Advisors LLC purchased a new position in shares of ALLETE in the second quarter valued at $202,000. 73.26% of the stock is owned by institutional investors and hedge funds.
In related news, Director James J. Hoolihan sold 800 shares of the business’s stock in a transaction dated Thursday, July 26th. The stock was sold at an average price of $77.62, for a total transaction of $62,096.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last 90 days, insiders have sold 2,400 shares of company stock valued at $185,064. 0.41% of the stock is owned by company insiders.
ALLETE stock opened at $75.42 on Wednesday. ALLETE Inc has a 52 week low of $66.64 and a 52 week high of $81.24. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.21 and a quick ratio of 0.80. The stock has a market cap of $3.86 billion, a P/E ratio of 23.64, a price-to-earnings-growth ratio of 3.74 and a beta of 0.18.
ALLETE (NYSE:ALE) last posted its earnings results on Thursday, August 2nd. The utilities provider reported $0.61 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.72 by ($0.11). ALLETE had a return on equity of 8.04% and a net margin of 12.02%. The business had revenue of $344.10 million for the quarter, compared to analysts’ expectations of $343.00 million. During the same quarter in the previous year, the firm earned $0.72 earnings per share. ALLETE’s quarterly revenue was down 2.6% compared to the same quarter last year. equities research analysts predict that ALLETE Inc will post 3.34 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Saturday, September 1st. Investors of record on Wednesday, August 15th were given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 2.97%. The ex-dividend date of this dividend was Tuesday, August 14th. ALLETE’s payout ratio is 70.22%.
Several brokerages have recently weighed in on ALE. Zacks Investment Research upgraded ALLETE from a “hold” rating to a “buy” rating and set a $85.00 price target for the company in a research report on Tuesday, May 15th. Guggenheim reiterated a “hold” rating and issued a $71.00 price target on shares of ALLETE in a research report on Monday, July 23rd. Williams Capital cut ALLETE from a “buy” rating to a “hold” rating and reduced their price target for the company from $76.00 to $73.00 in a research report on Monday, June 11th. Finally, ValuEngine cut ALLETE from a “buy” rating to a “hold” rating in a research report on Friday, August 24th. Two research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. The company has an average rating of “Hold” and an average target price of $73.64.
ALLETE, Inc operates as an energy company. The company operates through three segments: Regulated Operations, ALLETE Clean Energy, and U.S. Water Services. It generates electricity from coal-fired, natural gas-fired, biomass co-fired, hydroelectric, wind, solar, and other sources. The company provides regulated electric, natural gas, and water 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 145,000 retail customers and 16 non-affiliated municipal customers.
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