Texas Permanent School Fund lowered its position in shares of ALLETE Inc (NYSE:ALE) by 2.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,317 shares of the utilities provider’s stock after selling 774 shares during the quarter. Texas Permanent School Fund’s holdings in ALLETE were worth $2,424,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. raised its holdings in shares of ALLETE by 8.3% during the second quarter. Schwab Charles Investment Management Inc. now owns 389,164 shares of the utilities provider’s stock valued at $30,126,000 after acquiring an additional 29,731 shares during the period. Bank of Montreal Can raised its holdings in shares of ALLETE by 56.1% during the second quarter. Bank of Montreal Can now owns 4,599 shares of the utilities provider’s stock valued at $355,000 after acquiring an additional 1,653 shares during the period. Mesirow Financial Investment Management Equity Management raised its holdings in shares of ALLETE by 1.8% during the second quarter. Mesirow Financial Investment Management Equity Management now owns 292,912 shares of the utilities provider’s stock valued at $22,674,000 after acquiring an additional 5,180 shares during the period. Arizona State Retirement System raised its holdings in shares of ALLETE by 3.5% during the second quarter. Arizona State Retirement System now owns 35,596 shares of the utilities provider’s stock valued at $2,755,000 after acquiring an additional 1,196 shares during the period. Finally, PNC Financial Services Group Inc. raised its holdings in shares of ALLETE by 14.7% during the second quarter. PNC Financial Services Group Inc. now owns 6,959 shares of the utilities provider’s stock valued at $538,000 after acquiring an additional 894 shares during the period. Institutional investors and hedge funds own 73.53% of the company’s stock.
A number of research firms have recently issued reports on ALE. Zacks Investment Research upgraded shares of ALLETE from a “sell” rating to a “hold” rating in a report on Tuesday, September 11th. Guggenheim restated a “hold” rating and set a $71.00 price target on shares of ALLETE in a report on Monday, July 23rd. ValuEngine lowered shares of ALLETE from a “buy” rating to a “hold” rating in a report on Friday, August 24th. Finally, Wells Fargo & Co boosted their price target on shares of ALLETE from $76.00 to $77.00 and gave the company a “market perform” rating in a report on Monday, September 17th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $74.25.
ALLETE stock opened at $73.59 on Monday. The company has a market capitalization of $3.78 billion, a price-to-earnings ratio of 23.07, a P/E/G ratio of 3.61 and a beta of 0.17. The company has a current ratio of 1.09, a quick ratio of 0.71 and a debt-to-equity ratio of 0.69. ALLETE Inc has a twelve month low of $66.64 and a twelve month high of $81.24.
ALLETE (NYSE:ALE) last released its quarterly earnings data on Thursday, November 1st. The utilities provider reported $0.67 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by ($0.08). The company had revenue of $348.00 million during the quarter, compared to analyst estimates of $366.00 million. ALLETE had a net margin of 11.12% and a return on equity of 7.46%. The firm’s quarterly revenue was down 4.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.72 EPS. Equities research analysts forecast that ALLETE Inc will post 3.4 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, December 1st. Shareholders of record on Thursday, November 15th will be paid a $0.56 dividend. The ex-dividend date is Wednesday, November 14th. This represents a $2.24 annualized dividend and a yield of 3.04%. ALLETE’s dividend payout ratio is presently 70.22%.
In other ALLETE news, Director James J. Hoolihan sold 800 shares of the company’s stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $76.49, for a total value of $61,192.00. Following the transaction, the director now owns 13,632 shares in the company, valued at approximately $1,042,711.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Alan R. Hodnik sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, September 13th. The shares were sold at an average price of $75.70, for a total transaction of $302,800.00. The disclosure for this sale can be found here. 0.41% of the stock is currently owned by corporate insiders.
ALLETE Company Profile
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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